<SEC-DOCUMENT>0000950123-12-009374.txt : 20120622
<SEC-HEADER>0000950123-12-009374.hdr.sgml : 20120622
<ACCEPTANCE-DATETIME>20120622145702
ACCESSION NUMBER:		0000950123-12-009374
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20120622
DATE AS OF CHANGE:		20120622
EFFECTIVENESS DATE:		20120622

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:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-180599
		FILM NUMBER:		12922147

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>h86305de497.htm
<DESCRIPTION>497
<TEXT>
<HTML>
<HEAD>
<TITLE>e497</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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<BR>
    <BR>
    <FONT style="font-size: 10pt">1555 Peachtree Street, N.E.<BR>
    Atlanta, GA 30309<BR>
    <FONT style="white-space: nowrap">(800)&#160;341-2929</FONT></FONT></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><FONT style="font-size: 12pt">NOTICE OF JOINT ANNUAL MEETING
    OF SHAREHOLDERS</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 12pt">To Be Held on July&#160;17,
    2012</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notice is hereby given to holders of common shares of beneficial
    interest (&#147;Common 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&#160;17, 2012,
    at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. The
    Meeting will begin at 2:00&#160;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 Common Shares
    (&#147;Common Shareholders&#148;) will be asked to vote on the
    following proposals:
</DIV>

<DIV style="margin-top: 2pt; 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">
    1)&#160;For each Fund, approval of an Agreement and Plan of
    Redomestication that provides for the reorganization of such
    Fund as a Delaware statutory trust.
</DIV>

<DIV style="margin-top: 1pt; 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">
    2)&#160;Approval of the merger of each Target Fund into the
    Acquiring Fund, which shall require the following shareholder
    actions:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;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 style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;For the Acquiring Fund, approval of the following
    <FONT style="white-space: nowrap">sub-proposals:</FONT>
</DIV>

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

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

<TR>
    <TD width="14%"></TD>
    <TD width="3%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;&#160;
</TD>
    <TD align="left">
    Approval of an Agreement and Plan of Merger that provides for
    VMV to merge with and into the Acquiring Fund.
</TD>
</TR>


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


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (ii)&#160;
</TD>
    <TD align="left">
    Approval of an Agreement and Plan of Merger that provides for
    VOQ to merge with and into the Acquiring Fund.
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="14%"></TD>
    <TD width="4%"></TD>
    <TD width="82%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    (iii)&#160;
</TD>
    <TD align="left">
    Approval of an Agreement and Plan of Merger that provides for
    VTJ to merge with and into the Acquiring Fund.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 1pt; 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">
    3)&#160;For each Fund, the election of Trustees to its Board of
    Trustees, as follows:
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;For VMV, the election of three Trustees to its Board of
    Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 7%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;For VTJ, VOQ and the Acquiring Fund, the election of
    one Trustee to its Board of Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Fund may also transact such other business as may properly
    come before the Meeting or any adjournment or postponement
    thereof.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Common Shareholders of record as of the close of business on
    May&#160;25, 2012, are entitled to notice of, and to vote at,
    the Meeting or any adjournment or postponement thereof. Holders
    of the Funds&#146; preferred shares of beneficial interest,
    whose voting instructions are being separately solicited, will
    also vote on certain matters at the Meeting.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Board of Trustees of each Fund requests that you vote your
    shares by either (i)&#160;completing the enclosed proxy card and
    returning it in the enclosed postage paid return envelope, or
    (ii)&#160;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 style="margin-top: 2pt; 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 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 style="margin-top: 2pt; 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">
    <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/Prospectus.</B>
</DIV>

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

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    By order of the Board of Trustees:
</DIV>

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

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="h86305dzerr.gif" alt="">
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    John M. Zerr
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Senior Vice President, Secretary and</I>
</DIV>

<DIV align="left" style="margin-left: 50%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Chief Legal Officer</I>
</DIV>

<DIV style="margin-top: 12pt; 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">
    June&#160;8, 2012
</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">IMPORTANT
    NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
    JOINT<BR>
    ANNUAL MEETING OF SHAREHOLDERS TO BE HELD JULY 17,
    2012:</FONT></B>
</DIV>

<DIV style="margin-top: 2pt; 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">The proxy
    statement and annual report to shareholders are available at
    www.invesco.com/us.</FONT></B>
</DIV>
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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 style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">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<BR>
    <BR>
    <FONT style="font-size: 10pt">1555 Peachtree Street, N.E.<BR>
    Atlanta, GA 30309<BR>
    <FONT style="white-space: nowrap">(800)&#160;341-2929</FONT></FONT></FONT></B>
</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">JOINT
    PROXY STATEMENT/PROSPECTUS<BR>
    June&#160;8, 2012<BR>
    <FONT style="font-size: 10pt">Introduction</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 1pt; 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 Joint Proxy Statement/Prospectus (the &#147;Proxy
    Statement&#148;) contains information that holders of common
    shares of beneficial interest (&#147;Common 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 style="margin-top: 1pt; 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">
    A joint annual meeting of the shareholders of the Funds (the
    &#147;Meeting&#148;) will be held on July&#160;17, 2012 at 1555
    Peachtree Street, N.E., Atlanta, Georgia 30309. The Meeting will
    begin at 2:00&#160;p.m. Eastern time. The following describes
    the proposals to be voted on by holders of Common Shares
    (&#147;Common Shareholders&#148;) at the Meeting:
</DIV>

<DIV style="margin-top: 1pt; 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">
    1)&#160;For each Fund, approval of an Agreement and Plan of
    Redomestication that provides for the reorganization of such
    Fund as a Delaware statutory trust.
</DIV>

<DIV style="margin-top: 1pt; 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">
    2)&#160;Approval of the merger of each Target Fund into the
    Acquiring Fund, which shall require the following shareholder
    actions:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;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 style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;For the Acquiring Fund, approval of the following
    <FONT style="white-space: nowrap">sub-proposals:</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (i)&#160;&#160;Approval of an Agreement and Plan of Merger that
    provides for VMV to merge with and into the Acquiring Fund.
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (ii)&#160;Approval of an Agreement and Plan of Merger that
    provides for VOQ to merge with and into the Acquiring Fund.
</DIV>

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

<DIV align="left" style="margin-left: 10%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (iii)&#160;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: 1pt; 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">
    3)&#160;For each Fund, the election of Trustees to its Board of
    Trustees, as follows:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (a)&#160;For VMV, the election of three Trustees to its Board of
    Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (b)&#160;For VTJ, VOQ and the Acquiring Fund, the election of
    one Trustee to its Board of Trustees.
</DIV>

<DIV style="margin-top: 1pt; 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 may also transact such other business as may properly
    come before the Meeting or any adjournment or postponement
    thereof.
</DIV>

<DIV style="margin-top: 1pt; 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 redomestications contemplated by Proposal&#160;1 are
    referred to herein each individually as a
    &#147;Redomestication&#148; and together as the
    &#147;Redomestications.&#148; The mergers contemplated by
    Proposal&#160;2 are referred to herein each individually as a
    &#147;Merger&#148; and together as the &#147;Mergers.&#148;
</DIV>

<DIV style="margin-top: 1pt; 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 Boards of Trustees of the Funds (the &#147;Boards&#148;)
    have fixed the close of business on May&#160;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 preferred shares of beneficial interest
    (&#147;Preferred Shares&#148;) of the Funds, whose voting
    instructions are being separately solicited, will also vote on
    certain matters at the Meeting.
</DIV>

<DIV style="margin-top: 1pt; 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 Proxy Statement, the enclosed Notice of Joint Annual
    Meeting of Shareholders, and the enclosed proxy card will be
    mailed on or about June&#160;18, 2012, to all Common
    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;). This document is both a proxy statement
    for Common Shares of each Fund and also a prospectus for Common
    Shares of the Acquiring Fund.
</DIV>

<DIV style="margin-top: 1pt; 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 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 style="margin-top: 1pt; 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">
    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 and because it will
    be the only prospectus you receive for your Acquiring
    Fund&#160;Common Shares. 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. The
    statement of additional information to this Proxy Statement (the
    &#147;SAI&#148;), dated the same date as this Proxy Statement,
    includes additional information about the Funds that is
    incorporated by reference and is deemed to be part of this Proxy
    Statement. These documents are on file with the
    U.S.&#160;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&#160;Greenway Plaza, Suite&#160;1000, Houston, Texas 77046,
    or by calling
    <FONT style="white-space: nowrap">(800)&#160;341-2929.</FONT>
</DIV>

<DIV style="margin-top: 1pt; 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">
    You also may view or obtain these documents from the SEC&#146;s
    Public Reference Room, which is located at
    100&#160;F&#160;Street, N.E., Washington,&#160;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
    <FONT style="white-space: nowrap">(202)&#160;551-8090.</FONT>
    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
    <FONT style="white-space: nowrap">e-mail</FONT>
    address (publicinfo@sec.gov) or by writing to the Public
    Reference Branch, Office of Consumer Affairs and Information
    Services, U.S.&#160;Securities and Exchange Commission,
    Washington,&#160;D.C.
    <FONT style="white-space: nowrap">20549-1520.</FONT>
    You may also inspect reports, proxy material and other
    information concerning each of the Funds at the Exchanges.
</DIV>

<DIV style="margin-top: 1pt; 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">
    <B>These securities have not been approved or disapproved by the
    SEC nor has the SEC passed upon the accuracy or adequacy of this
    Proxy Statement. Any representation to the contrary is a
    criminal offense. An investment in the Funds is not a deposit
    with a bank and is not insured or guaranteed by the Federal
    Deposit Insurance Corporation (&#147;FDIC&#148;) or any other
    government agency. You may lose money by investing in the
    Funds.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

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

</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 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">TABLE OF
    CONTENTS</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305101'>PROPOSAL&#160;1: APPROVAL OF REDOMESTICATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305102'>On what am I being asked to vote?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305103'>Has my Fund&#146;s Board of Trustees approved the
    Redomestication?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305104'>What are the reasons for the proposed
    Redomestications?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305105'>What effect will a Redomestication have on me as
    a shareholder?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305106'>How do the laws governing each Fund pre- and
    post- Redomestication compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305107'>How do the governing documents of each Fund pre-
    and post- Redomestication compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305108'>Will there be any tax consequences resulting from
    a Redomestication?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305109'>When are the Redomestications expected to
    occur?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305110'>What will happen if shareholders of a Fund do not
    approve Proposal&#160;1?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305111'>PROPOSAL&#160;2: APPROVAL OF MERGERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305112'>On what am I being asked to vote?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305113'>SUMMARY OF KEY INFORMATION REGARDING THE
    MERGERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305114'>Has my Fund&#146;s Board of Trustees approved the
    Merger(s)?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305115'>What are the reasons for the proposed Mergers?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305116'>What effect will a Merger have on me as a
    shareholder?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305117'>How do the Funds&#146; investment objectives and
    principal investment strategies compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305118'>How do the Funds&#146; principal risks
    compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305119'>How do the Funds&#146; expenses compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305120'>How do the performance records of the Funds
    compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305121'>How do the management, investment adviser and
    other service providers of the Funds compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305122'>Does the Acquiring Fund have the same portfolio
    managers as the Target Funds?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305123'>How do the distribution policies of the Funds
    compare?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305124'>Will there be any tax consequences resulting from
    the Mergers?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305125'>When are the Mergers expected to occur?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305126'>What will happen if shareholders of a Fund do not
    approve a Merger?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305127'>What if I do not wish to participate in the
    Merger?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305128'>Where can I find more information about the Funds
    and the Mergers?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305129'>ADDITIONAL INFORMATION ABOUT THE FUNDS AND THE
    MERGERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305130'>Principal Investment Strategies</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305131'>Principal Risks of an Investment in the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305132'>Portfolio Managers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305133'>Trading of Common Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305134'>Capital Structures of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305135'>Description of Securities to be Issued</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305136'>Pending Litigation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305137'>Share Price Data</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305138'>Portfolio Turnover</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305139'>Portfolio Guidelines of Preferred Share Rating
    Agencies and Certificates of Designation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305140'>Terms and Conditions of the Mergers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305141'>Additional Information About the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305142'>Federal Income Tax Matters Associated with
    Investment in the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305143'>Board Considerations in Approving the Mergers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305144'>Federal Income Tax Considerations of the
    Mergers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305145'>Costs of the Mergers</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305146'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305147'>Where to Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305148'>PROPOSAL&#160;3: ELECTION OF TRUSTEES BY VMV,
    VTJ, VOQ AND THE ACQUIRING FUND</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305149'>VOTING INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305150'>How to Vote Your Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305151'>Why are you sending me the Proxy Statement?</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305152'>About the Proxy Statement and the Meeting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305153'>Quorum Requirement and Adjournment</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305154'>Votes Necessary to Approve the Proposals</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305155'>Proxy Solicitation</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305156'>OTHER MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305157'>Share Ownership by Large Shareholders, Management
    and Trustees</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305158'>Annual Meetings of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305159'>Shareholder Proposals</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305160'>Shareholder Communications</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305161'>Section&#160;16(a) Beneficial Ownership Reporting
    Compliance</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <A HREF='#H86305162'>Other Meeting Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305163'>WHERE TO FIND ADDITIONAL INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>
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    <BR>
    i
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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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<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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</TR>
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305164'><B>Exhibits</B></A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305165'>Exhibit&#160;A&#160;Form of Agreement and Plan of
    Redomestication</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    A-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305166'>Exhibit&#160;B&#160;Comparison of Governing
    Documents</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    B-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305167'>Exhibit&#160;C&#160;Comparison of State Laws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    C-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305168'>Exhibit&#160;D&#160;Form of Agreement and Plan of
    Merger</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    D-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305169'>Exhibit&#160;E&#160;Executive Officers of the
    Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    E-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305170'>Exhibit&#160;F&#160;Information Regarding the
    Trustees</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    F-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305171'>Exhibit&#160;G&#160;Board Leadership Structure,
    Role in Risk Oversight and Committees and Meetings</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    G-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305172'>Exhibit&#160;H&#160;Remuneration of Trustees</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    H-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305173'>Exhibit&#160;I&#160;Independent Auditor
    Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    I-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305174'>Exhibit&#160;J&#160;Outstanding Shares of the
    Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    J-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#H86305175'>Exhibit&#160;K&#160;Ownership of the Funds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    K-1
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV align="left">
<!-- /TOC -->
</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>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>
<!-- XBRL Pagebreak Begin -->

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    <BR>
    ii
</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 -->
<!-- XBRL Pagebreak End -->

<A name='H86305101'>
<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">PROPOSAL&#160;1:
    APPROVAL OF REDOMESTICATION</FONT></B>
</DIV>

</A>
<A name='H86305102'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">On what
    am I being asked to vote?</FONT></B>
</DIV>
</A>
<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&#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. 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 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&#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&#160;A.
</DIV>

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

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

<A name='H86305103'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Has my
    Fund&#146;s Board of Trustees approved the
    Redomestication?</FONT></B>
</DIV>
</A>
<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">
    Yes. Each Fund&#146;s Board has reviewed and unanimously
    approved the Plan of Redomestication and this Proposal&#160;1.
    <B>The Board of each Fund recommends that shareholders vote for
    Proposal&#160;1.</B>
</DIV>

<A name='H86305104'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">What are
    the reasons for the proposed Redomestications?</FONT></B>
</DIV>
</A>
<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 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 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 Redomestications are also a necessary step for the
    completion of the Mergers described in Proposal&#160;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&#160;2 are not approved.
</DIV>

<A name='H86305105'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">What
    effect will a Redomestication have on me as a
    shareholder?</FONT></B>
</DIV>
</A>
<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">
    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 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 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 Preferred Shares, the Fund
    will continue to be required to maintain minimum asset coverage
    of 225%.
</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">
    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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    <BR>
    1
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<A name='H86305106'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">How do
    the laws governing each Fund pre- and post- Redomestication
    compare?</FONT></B>
</DIV>
</A>
<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">
    After the Redomestications, each Fund will be a Delaware
    statutory trust governed by the Delaware Statutory
    Trust&#160;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&#160;C.
</DIV>

<A name='H86305107'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">How do
    the governing documents of each Fund pre- and post-
    Redomestication compare?</FONT></B>
</DIV>
</A>
<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 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 by-laws may be altered,
    amended, or repealed by the Trustees, without the vote or
    approval of shareholders. The Fund&#146;s current by-laws 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 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 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
    Preferred Shares (&#147;Preferred 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>

<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 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
    <FONT style="white-space: nowrap">and/or</FONT> set
    off against any distributions due to the shareholder for such
    amounts.
</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">
    A comparison of the current and proposed governing documents of
    the Funds is available in Exhibit&#160;B.
</DIV>
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    <BR>
    2
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<A name='H86305108'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Will
    there be any tax consequences resulting from a
    Redomestication?</FONT></B>
</DIV>
</A>
<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 following is a general summary of the material
    U.S.&#160;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.&#160;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 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 Redomestication is intended to be a tax-free reorganization
    pursuant to Section&#160;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.&#160;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; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no gain or loss will be recognized by the DE-Fund as a result of
    the Redomestication;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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

<A name='H86305109'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">When are
    the Redomestications expected to occur?</FONT></B>
</DIV>
</A>
<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">
    If shareholders of a Fund approve Proposal&#160;1, it is
    anticipated that such Fund&#146;s Redomestication will occur in
    the third quarter of 2012.
</DIV>

<A name='H86305110'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">What will
    happen if shareholders of a Fund do not approve
    Proposal&#160;1?</FONT></B>
</DIV>
</A>
<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">
    If Proposal&#160;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&#160;2. If Acquiring Fund&#160;Shareholders do not
    approve Proposal&#160;1 or if the Acquiring Fund&#146;s
    Redomestication is for any other reason not completed, no
    Mergers would be completed. If Proposal&#160;1 is not approved
    by shareholders, the applicable Fund&#146;s Board will consider
    other possible courses of action for that Fund.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF
    PROPOSAL&#160;1.</FONT></B>
</DIV>

<A name='H86305111'>
<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">PROPOSAL&#160;2:
    APPROVAL OF MERGERS</FONT></B>
</DIV>

</A>
<A name='H86305112'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">On what
    am I being asked to vote?</FONT></B>
</DIV>
</A>
<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">
    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 Preferred Shares by the Acquiring Fund. If a Merger is
    approved, Common Shares of the Target Fund will be exchanged for
    newly issued Acquiring Fund&#160;Common Shares of equal
    aggregate net asset value. Preferred Shares of a Target Fund
    will be exchanged for newly issued Acquiring Fund&#160;Preferred
    Shares with substantially identical terms, including equal
    aggregate liquidation preferences.
</DIV>
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    <BR>
    3
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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">
    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&#160;Act. A form of the
    Merger Agreement is attached hereto as Exhibit&#160;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 the other Target Fund 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>

<A name='H86305113'>
<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">SUMMARY
    OF KEY INFORMATION REGARDING THE MERGERS</FONT></B>
</DIV>
</A>
<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 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>

<A name='H86305114'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Has my
    Fund&#146;s Board of Trustees approved the Merger(s)?</FONT></B>
</DIV>
</A>
<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">
    Yes. Each Fund&#146;s Board has reviewed and unanimously
    approved the Merger Agreement and this Proposal&#160;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&#160;2.</B>
</DIV>

<A name='H86305115'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">What are
    the reasons for the proposed Mergers?</FONT></B>
</DIV>
</A>
<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 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 and that are managed by substantially the same
    portfolio management team.
</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 considering the Mergers and the Merger Agreements, the Board
    of each Fund considered that the 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 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 addition to the benefits mentioned above, the Board of the
    Acquiring Fund also considered that the combined fund on a pro
    forma 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 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 Board of each Target Fund also considered that, in addition
    to the benefits mentioned above:
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the combined fund is anticipated to have lower total operating
    expenses than each Target Fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the combined fund on a pro forma basis had more than a 0.20%
    higher 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund had traded at an
    average premium of 1.72% to its net asset value over the
    preceding 52&#160;week period and, over the same period, the
    Target Funds had traded at average premiums of 4.39% (VMV),
    1.11% (VOQ) and 2.32% (VTJ);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund 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 had
    traded at average discounts of -1.30% (VMV), -0.50% (VOQ) and
    -3.50 (VTJ);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the average daily trading volume for the Acquiring Fund was more
    than 20 times greater than the average daily trading volume of
    VMV, more than 11 times greater than the average daily trading
    volume of VOQ and more than eight times greater than the average
    daily trading volumes of VTJ; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund owned 434 different
    municipal bonds and the Target Funds owned 73 (VMV), 102 (VOQ)
    and 99 (VTJ), which means that the combined fund would provide
    shareholders with a more diverse investment portfolio.
</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">
    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 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 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 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 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 addition, each Board considered the allocation of expenses of
    the Mergers, including the Adviser paying all of the Merger
    costs.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</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 -->
<!-- XBRL Pagebreak End -->

<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 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&#160;&#151; Board Considerations in Approving the
    Mergers.&#148;
</DIV>

<A name='H86305116'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">What
    effect will a Merger have on me as a shareholder?</FONT></B>
</DIV>
</A>
<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">
    If you own Target Fund&#160;Common Shares, you will, after the
    Merger, own Common Shares of the Acquiring Fund with an
    aggregate net asset value equal to the net asset value of the
    Target Fund&#160;Common Shares you held immediately before the
    Merger. It is likely, however, that the market value of such
    Common Shares will differ because market value reflects trading
    activity on the Exchanges and tends to vary from net asset value.
</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">
    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&#160;&#151; Will there be any tax consequences resulting
    from the Mergers?&#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">
    If you are a Common Shareholder of the Acquiring Fund, your
    Common Shares of the Acquiring Fund will not be changed by a
    Merger, but will represent a smaller percentage interest in a
    larger fund.
</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 principal differences between the Target Funds and the
    Acquiring Fund are described in the following sections.
</DIV>

<A name='H86305117'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">How do
    the Funds&#146; investment objectives and principal investment
    strategies compare?</FONT></B>
</DIV>
</A>
<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 Funds have similar investment objectives, as 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>

<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">Investment
    Objectives</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: 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 -->
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>VTJ</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>Acquiring Fund (VKQ)</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
    To provide a high level of current income exempt from federal
    income taxes and New Jersey gross income taxes, consistent with
    preservation of capital.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    To provide a high level of current income exempt from federal
    income tax, consistent with preservation of capital.
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>VMV</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
    To provide a high level of current income exempt from federal
    income taxes and Massachusetts personal income tax, consistent
    with preservation of capital.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>VOQ</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
    To provide a high level of current income exempt from federal
    and Ohio income taxes, consistent with preservation of capital.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

</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 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.&#160;federal income
    tax, issued by issuers throughout the nation.
</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 section below entitled &#147;Additional Information About
    the Funds and the Mergers&#160;&#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>

<A name='H86305118'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">How do
    the Funds&#146; principal risks compare?</FONT></B>
</DIV>
</A>
<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 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 pro
    forma basis after giving effect to the Mergers, based on the
    Funds&#146; portfolio investments as of February&#160;29, 2012,
    the Acquiring Fund&#146;s investments in issuers located in
    Massachusetts, New Jersey and Ohio would
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</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: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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">
    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 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">
    Additional information on the principal risks of each Fund is
    included below under &#147;Additional Information About the
    Funds and the Mergers&#160;&#151; Principal Risks of an
    Investment in the Funds&#148; and in the SAI.
</DIV>

<A name='H86305119'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">How do
    the Funds&#146; expenses compare?</FONT></B>
</DIV>
</A>
<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 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 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">
    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&#160;Total Annual Fund&#160;Operating Expenses on a pro
    forma 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.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Current<SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<B><I><FONT style="font-family: Arial, Helvetica">Pro
Forma</FONT></I><FONT style="font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<B><I><FONT style="font-family: Arial, Helvetica">Pro
Forma</FONT></I><FONT style="font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Invesco<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VMV<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Invesco<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Van Kampen<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">+<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VMV, VOQ VTJ<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Van Kampen<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Invesco<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Trust for<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Acquiring Fund<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">+<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Massachusetts<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Van Kampen<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Investment
    Grade<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Invesco<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(assumes only<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Acquiring Fund<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Value
    Municipal<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Ohio Quality<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">New Jersey<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Van Kampen<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Merger with<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(assumes all of
    the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Income Trust<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Municipal
    Trust<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Municipals<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Municipal
    Trust<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VMV is<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Mergers are<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(VMV)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(VOQ)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(VTJ)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(Acquiring
    Fund)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">completed)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">completed)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Shareholder Fees <BR>
    </B>(Fees paid directly from your investment)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Maximum Sales Charge (Load) Imposed on Purchases (as a
    percentage of offering
    price)<SUP style="font-size: 85%; vertical-align: top">(c)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Dividend Reinvestment
    Plan<SUP style="font-size: 85%; vertical-align: top">(d)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<TD colspan="25">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="25" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Annual Fund&#160;Operating Expenses <BR>
    </B>(expenses that you pay each year as a percentage of the
    value of your investment)
</DIV>
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Management Fees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.94
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Interest and Related
    Expenses<SUP style="font-size: 85%; vertical-align: top">(e)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Other Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Total Annual Fund&#160;Operating Expenses
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.58
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.76
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.78
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(a)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Expense
    ratios reflect estimated amounts for the current fiscal year.
    Preferred Shares do not bear any transaction or operating
    expenses of the Funds.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(b)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Pro
    forma
    </FONT></I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">numbers
    are estimated as if the Mergers had been completed as of
    March&#160;1, 2011. The Funds are not bearing any Merger costs.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(c)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">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.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(d)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">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.
    </FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(e)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">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.
    </FONT></TD>
</TR>

</TABLE>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Expense
    Example</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 example compares the cost of investing in Acquiring
    Fund&#160;Common Shares with the cost of investing in Target
    Fund&#160;Common Shares based on the expense table set out
    above. The example also provides information on a <I>pro forma
    </I>basis giving effect to the proposed Merger with VMV and
    giving effect to all of the Mergers. It also assumes an
    investment at net asset value (&#147;NAV&#148;) of $1,000 for
    the periods shown; a 5% investment return each year; the
    Funds&#146; operating expenses remain the same each year; that
    any contractual fee
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</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: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    limits or waivers are terminated after their current terms
    expire; and that all dividends and distributions are reinvested
    at NAV. Based on these assumptions the costs would be:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">10&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    137
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    291
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    103
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    223
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    63
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    108
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    234
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    207
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Pro Forma (Target Fund + Acquiring Fund, assuming only Merger
    with VMV is completed)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    56
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    211
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Pro Forma (Target Funds + Acquiring Fund, assuming all of the
    Mergers are completed)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    56
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    96
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    209
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</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 Example is not a representation of past or future expenses.
    Each Fund&#146;s actual expenses, and an investor&#146;s direct
    and indirect expenses, may be more or less than those shown. The
    table and the assumption in the Example of a 5% annual return
    are required by regulations of the SEC applicable to all
    registered funds. The 5% annual return is not a prediction of
    and does not represent the Funds&#146; projected or actual
    performance.
</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">
    As noted above, Acquired Fund&#160;Total Annual
    Fund&#160;Operating Expenses on a <I>pro forma </I>basis will be
    higher than its current expenses because of an increase in
    financial leverage as a result of the higher leverage levels of
    certain Target Funds.
</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">
    For further discussion regarding the Boards&#146; consideration
    of the fees and expenses of the Funds in approving the Mergers,
    see the section entitled &#147;Additional Information About the
    Funds and the Mergers&#160;&#151; Board Considerations in
    Approving the Mergers&#148; in this Proxy Statement.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='H86305120'>
<DIV align="left" 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">How do
    the performance records of the Funds compare?</FONT></B>
</DIV>
</A>
<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">
    Annualized total return figures based on NAV and based on market
    price for each Fund&#146;s Common Shares as of February&#160;29,
    2012 are shown below. The returns shown below reflect
    reinvestment of all distributions, do not reflect the effect of
    any applicable taxes, and are not indicative of a Fund&#146;s
    future performance.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">1&#160;Year</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">3&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">5&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">10&#160;Years</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV (at NAV)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    27.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV (market price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    24.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.67
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ (at NAV)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    23.09
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.68
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ (market price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    26.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ (at NAV)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    26.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.94
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ (market price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    31.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    21.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.64
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ) (at NAV)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    23.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.67
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ) (market price)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    30.97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Barclays Capital Municipal Bond Index
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.42
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.94
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.32
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Barclays Capital Massachusetts Municipal Index
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.75
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Barclays Capital Ohio Municipal Index
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Barclays Capital New Jersey Municipal Index
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

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

</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">
    Based on each Fund&#146;s February 2012 distribution and the
    closing market price of each Fund&#146;s shares on
    February&#160;29, 2012, VMV had an annualized monthly
    distribution yield of 5.63% per share, VOQ had an annualized
    monthly distribution yield of 6.24% per share, VTJ had an
    annualized monthly distribution yield of 6.23% per share and the
    Acquiring Fund had an annualized monthly distribution yield of
    6.44% per share.
</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">
    Target Fund shareholders residing in Massachusetts, New Jersey
    or Ohio who become shareholders of the Acquiring Fund will no
    longer benefit from their respective state tax exemptions to the
    same extent that they presently do, which may impact after-tax
    performance, returns and yield. Additional performance and yield
    information is included in each Fund&#146;s most recent report
    to shareholders.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='H86305121'>
<DIV align="left" 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">How do
    the management, investment adviser and other service providers
    of the Funds compare?</FONT></B>
</DIV>
</A>
<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 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&#160;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 investment adviser since its
    organization in 1976. As of March&#160;31, 2012, the Adviser had
    $309.2&#160;billion in assets under management. The Adviser is
    located at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309.
</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 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
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
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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">
    enduring solutions for retail, institutional and
    <FONT style="white-space: nowrap">high-net-worth</FONT>
    clients around the world. Invesco had $672.8&#160;billion in
    assets under management as of March&#160;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 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">
    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 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">
    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&#160;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&#160;31,
    2012, if any.
</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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Acquiring Fund<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VMV</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VOQ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VTJ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(VKQ)</FONT></B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Contractual Fee Rate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.55% of managed assets
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.55% of managed assets
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.55% of managed assets
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.55% of managed assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net Effective Fee Rate*
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.94%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.87%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.92%
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="font-family: Arial, Helvetica">
    0.90%
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Varies
    based on the amount of financial leverage used by the Fund.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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&#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
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    (the &#147;Invesco
    <FONT style="white-space: nowrap">Sub-Advisers&#148;).</FONT>
    Pursuant to each Fund&#146;s Master Intergroup
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Contract, the Invesco
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    may be appointed by the Adviser from time to time to provide
    discretionary investment management services, investment advice,
    <FONT style="white-space: nowrap">and/or</FONT> order
    execution services. Each Invesco
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    is registered with the SEC as an investment adviser.
</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">
    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&#160;Company, 225 Franklin Street, Boston, Massachusetts
    <FONT style="white-space: nowrap">02110-2801.</FONT>
    The transfer agent and dividend paying agent for the Funds is
    Computershare Trust&#160;Company, N.A.,
    P.O.&#160;Box&#160;43078, Providence, Rhode Island
    <FONT style="white-space: nowrap">02940-3078.</FONT>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='H86305122'>
<DIV align="left" 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">Does the
    Acquiring Fund have the same portfolio managers as the Target
    Funds?</FONT></B>
</DIV>
</A>
<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 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&#160;&#151; Portfolio Managers&#148; and in the SAI.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='H86305123'>
<DIV align="left" 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">How do
    the distribution policies of the Funds compare?</FONT></B>
</DIV>
</A>
<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 declares and pays dividends monthly from net
    investment income on Common Shares. Each Fund declares daily and
    pays monthly dividends from net investment income on Preferred
    Shares. Distributions from net realized capital gain, if any,
    are generally paid annually and are distributed on a pro rata
    basis to Common and Preferred 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 Common Shareholders, which is more fully
    described in the Fund&#146;s shareholder reports.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<A name='H86305124'>
<DIV align="left" 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">Will
    there be any tax consequences resulting from the
    Mergers?</FONT></B>
</DIV>
</A>
<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 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
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
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    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 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">
    Prior to the closing of each Merger, each Target Fund will
    declare one or more dividends, and the Acquiring Fund may, but
    is not required to, declare 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. Any such final distribution paid to Common
    Shareholders by a Target Fund will be made in cash and not
    reinvested in additional Common Shares of the Target Fund. See
    &#147;Additional Information About the Funds and the
    Mergers&#160;&#151; Description of Securities to be
    Issued&#160;&#151; Dividend Reinvestment Plan&#148; and
    &#147;Additional Information About the Funds and the
    Mergers&#160;&#151; Federal Income Tax Considerations of the
    Mergers.&#148;
</DIV>

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<DIV align="left" 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">When are
    the Mergers expected to occur?</FONT></B>
</DIV>
</A>
<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">
    If shareholders of a Target Fund and the Acquiring Fund approve
    the Merger and the Redomestication (Proposal&#160;1), it is
    anticipated that the Merger will occur in the third quarter of
    2012.
</DIV>

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<DIV align="left" 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">What will
    happen if shareholders of a Fund do not approve a
    Merger?</FONT></B>
</DIV>
</A>
<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">
    If a Merger is not approved by shareholders or is for other
    reasons unable to be completed, the applicable Fund will
    continue to operate and the Fund&#146;s Board will consider
    other possible courses of action for the Fund.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">What if I
    do not wish to participate in the Merger?</FONT></B>
</DIV>
</A>
<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">
    If the Mergers are approved, if you are a Target
    Fund&#160;Common Shareholder and you do not wish to have your
    Target Fund&#160;Common Shares exchanged for Common Shares of
    the Acquiring Fund, you may sell your Target Fund&#160;Common
    Shares on an Exchange prior to the consummation of the Merger.
    Acquiring Fund&#160;Common Shareholders may also sell their
    Common Shares if they do not want to continue to own Common
    Shares in the combined fund following a Merger. If you sell your
    Common Shares, you will incur any applicable brokerage charges,
    and if you hold Common Shares in a taxable account, you will
    recognize a taxable gain or loss based on the difference between
    your tax basis in the Common Shares and the amount you receive
    for them. After the Merger, you may sell your Common Shares of
    the Acquiring Fund on an Exchange.
</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 Target Fund&#146;s governing documents provide that
    shareholders do not have the right to dissent and obtain payment
    of the fair value of their shares, and each Target Fund believes
    that its Common Shareholders will not have such rights.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Where can
    I find more information about the Funds and the
    Mergers?</FONT></B>
</DIV>
</A>
<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 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 SAI
    and in the 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
    <FONT style="white-space: nowrap">(800)&#160;341-2929.</FONT>
</DIV>

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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">ADDITIONAL
    INFORMATION ABOUT THE FUNDS AND THE MERGERS</FONT></B>
</DIV>

</A>
<A name='H86305130'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    Investment Strategies</FONT></B>
</DIV>
</A>
<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 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 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>Investment Strategies.</I>&#160;&#160;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
</DIV>
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    <BR>
    9
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    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 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 defines investment grade securities as:
    (i)&#160;securities rated BBB- or higher by Standard&#160;&#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)&#160;comparably rated short term
    securities, or (iii)&#160;unrated municipal securities
    determined by the Adviser to be of comparable quality at the
    time of purchase.
</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">
    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 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 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 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 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 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 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 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 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 Adviser employs a
    <FONT style="white-space: nowrap">bottom-up,</FONT>
    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)&#160;a deterioration or likely deterioration of an
    individual issuer&#146;s capacity to meet its debt obligations
    on a timely basis; (ii)&#160;a deterioration or likely
    deterioration of the broader fundamentals of a particular
    industry or sector; and (iii)&#160;opportunities in the
    secondary or primary market to purchase a security with better
    relative value.
</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>Municipal Securities.</I>&#160;&#160;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 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 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 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 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 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 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
</DIV>
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    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>

<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 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 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">
    Within these principal classifications of municipal securities,
    there are a variety of types of municipal securities, including:
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Private activity bonds, which are issued by, or on behalf of,
    public authorities to finance privately operated facilities.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Municipal securities that may not be backed by the faith, credit
    and taxing power of the issuer.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Municipal securities that are insured by financial insurance
    companies.
</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">
    <I>Derivatives.</I>&#160;&#160;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 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">
    Derivative instruments and techniques that each Fund may use
    include:
</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><U>Futures.</U></I>&#160;&#160;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 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><U>Swaps.</U></I>&#160;&#160;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 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 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>Inverse Floating Rate Obligations.</I>&#160;&#160;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
</DIV>
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    11
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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">
    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 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>When-Issued and Delayed Delivery
    Transactions.</I>&#160;&#160;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 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>Preferred Shares.</I>&#160;&#160;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 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">
    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 its
    Preferred Shares, of 200% of the aggregate liquidation value of
    its Preferred Shares. In addition, under the terms of each
    Fund&#146;s outstanding Preferred Shares, the Fund is required
    to maintain minimum asset coverage of 225%. The liquidation
    value of Preferred Shares is their aggregate original purchase
    price, plus any accrued and unpaid dividends.
</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>Portfolio Turnover.</I>&#160;&#160;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 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>Temporary Defensive Strategy.</I>&#160;&#160;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.&#160;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 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>Zero Coupon/PIK Bonds.</I>&#160;&#160;The Funds may invest in
    securities not producing immediate cash income, including zero
    coupon securities or
    <FONT style="white-space: nowrap">pay-in-kind</FONT>
    (&#147;PIK&#148;) securities, when their effective yield over
    comparable 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 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">
    As required by
    <FONT style="white-space: nowrap">Rule&#160;35d-1</FONT>
    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 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">
    More information on these and other investment strategies of the
    Funds is available in the SAI.
</DIV>
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    <BR>
    12
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<A name='H86305131'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Principal
    Risks of an Investment in the Funds</FONT></B>
</DIV>
</A>
<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">
    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 of an investment in the Funds.
</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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Municipal Securities Risk.</I>&#160;&#160;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:
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Lease Obligations</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Private Activity Bonds</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    In 2011, S&#038;P lowered its long-term sovereign credit rating
    on the U.S. to &#147;AA+&#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 result in significant adverse
    impacts on municipal issuers and the Fund.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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    <BR>
    13
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Insurance Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Market Risk.</I>&#160;&#160;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 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Interest Rate Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Credit Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    All Funds
</TD>
</TR>
</TABLE>
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    14
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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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<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Income Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Call Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Market Segment Risk.</I>&#160;&#160;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 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Tax Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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    15
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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 Preferred Shares to offset the
    tax effects of a taxable distribution.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Risks of Using Derivative Instruments.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Counterparty Risk</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Futures Risk</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Swaps Risk</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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    16
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: 20pt; margin-left: 0pt">
    <U>Tax Risk</U>.&#160;&#160;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 nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Inverse Floating Rate Obligations Risk.</I>&#160;&#160;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 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Risks of Investing in Lower-Grade
    Securities.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    All Funds
</TD>
</TR>
</TABLE>
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    17
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Liquidity Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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    18
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<!-- XBRL Table Pagebreak -->

<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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Preferred Shares&#160;Risk.</I>&#160;&#160;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
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    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
    Preferred 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 Preferred Shares from
    time to time to maintain an asset coverage of the Preferred
    Shares of at least 225%.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    If a determination were made by the IRS to treat the 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Unrated Securities Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>When-Issued and Delayed Delivery
    Risks.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    All Funds
</TD>
</TR>
</TABLE>
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    19
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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 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="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="7%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Principal Risk</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Funds Subject to Risk</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    In addition, the Fund is subject to counterparty risk because it
    relies on the buyer or seller, 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Zero Coupon/PIK Bond Risk.</I>&#160;&#160;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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    All Funds
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <I>Special Risk Considerations Regarding State Municipal
    Securities.</I>&#160;&#160;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.
</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">
<TD align="left" valign="top">
    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 Funds 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.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

</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">
    Additional information on these and other risks is available in
    the SAI.
</DIV>

<A name='H86305132'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Managers</FONT></B>
</DIV>
</A>
<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">
    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 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">
    Mr.&#160;Byron, Portfolio Manager, has been associated with
    Invesco and/or its affiliates since 2010. Mr.&#160;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.&#160;Byron
    earned a B.S. in finance from Marquette University and an M.B.A.
    in finance from DePaul University.
</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">
    Mr.&#160;Stryker, Portfolio Manager, has been associated with
    Invesco and/or its affiliates since 2010. Mr.&#160;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.&#160;Stryker earned a
    B.S. in finance from the University of Illinois, Chicago.
</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">
    Mr.&#160;Williams, Portfolio Manager, has been associated with
    Invesco and/or its affiliates since 2010. Mr.&#160;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.&#160;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>

<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">
    Mr.&#160;Wimmel, Portfolio Manager, has been associated with
    Invesco and/or  its affiliates since 2010. Mr.&#160;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.&#160;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 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 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>

<A name='H86305133'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Trading
    of Common Shares</FONT></B>
</DIV>
</A>
<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&#146;s Common Shares trade on the Exchanges.
    Generally, an investor purchasing a Fund&#146;s Common Shares
    enters into a purchase transaction on an Exchange through a
    broker-dealer and, thus, indirectly purchases the Common Shares
    from a selling Fund shareholder. A shareholder who sells a
    Fund&#146;s Common Shares generally sells them on an Exchange
    through a broker-dealer, and
</DIV>
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    20
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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">
    indirectly to another investor. Unlike a mutual fund (also
    called an &#147;open-end&#148; fund), holders of Common Shares
    of a Fund generally do not purchase and sell such Common Shares
    from and to the Fund, either directly or through an intermediary
    such as a broker-dealer. No brokerage charges will be imposed on
    any Fund&#146;s shareholders in connection with the Mergers.
</DIV>

<A name='H86305134'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Capital
    Structures of the Funds</FONT></B>
</DIV>
</A>
<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 is currently organized as a Massachusetts business
    trust. The Acquiring Fund was organized on July&#160;19, 1991,
    VMV was organized on August&#160;6, 1992, VOQ was organized on
    July&#160;24, 1991 and VTJ was organized on January&#160;21,
    1992. As discussed under Proposal&#160;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&#160;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>

<A name='H86305135'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Securities to be Issued</FONT></B>
</DIV>
</A>
<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">
    Before any Merger can be completed, each merging Fund must have
    completed a redomestication to a Delaware statutory trust, as
    discussed in Proposal&#160;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&#160;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">
    <I>Common Shares.</I>&#160;&#160;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 Preferred 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 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">
    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&#160;Common Shares, with no par value.
</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>Dividends and Distributions.</I>&#160;&#160;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 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">
    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)&#160;all accrued Preferred
    Shares dividends have been paid, (ii)&#160;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)&#160;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 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 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 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 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">
    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 Preferred 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
</DIV>
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    <BR>
    21
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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">
    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 Preferred Shares.
</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">
    Holders of the Acquiring Fund&#146;s Common Shares will
    automatically have all dividends and distributions reinvested in
    Common Shares issued by the Fund or Common Shares of the Fund
    purchased in the open market in accordance with the Fund&#146;s
    Automatic Dividend Reinvestment Plan, unless an election is made
    to receive cash.
</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">
    For information concerning the manner in which dividends and
    distributions to holders of a Fund&#146;s common shares may be
    reinvested automatically in such Fund&#146;s Common Shares, see
    &#147;Dividend Reinvestment Plan&#148; below.
</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">
    Target Fund&#160;Common Shareholders who own certificated shares
    will not receive their Acquiring Fund&#160;Common Shares or any
    dividend payments from the Acquiring Fund until their
    certificates are tendered. Target Fund&#160;Common Shareholders
    will, shortly after the closing of their Fund&#146;s Merger,
    receive instructions on how to tender any outstanding share
    certificates.
</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>Dividend Reinvestment Plan.</I>&#160;&#160;Each Fund offers a
    substantially similar dividend reinvestment plan for Common
    Shareholders. Target Fund&#160;Common Shareholders that are
    enrolled in a dividend reinvestment plan will be automatically
    enrolled in the Acquiring Fund&#146;s dividend reinvestment plan
    upon the closing of the Merger. Each Fund&#146;s dividend
    reinvestment plan is more fully described in the Fund&#146;s
    shareholder reports.
</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">
    Any final distribution preceding a Merger made by a Target Fund
    or the Acquiring Fund will be made in cash, notwithstanding any
    shareholder&#146;s enrollment in the Fund&#146;s dividend
    reinvestment plan. Each Fund expects to amend its dividend
    reinvestment plan to provide for distributions to be made in
    cash in the event of transactions such as a 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">
    <I>Provisions for Delaying or Preventing Changes in
    Control.</I>&#160;&#160;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)&#160;the Board,
    followed by the affirmative vote of the holders of not less than
    75% of the outstanding shares entitled to vote; or (ii)&#160;the
    affirmative vote of at least two thirds
    (66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%)
    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 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>Preferred Shares.</I>&#160;&#160;Each Fund has outstanding a
    class of preferred shares, designated as Variable Rate Muni Term
    Preferred Shares (&#147;VMTP Shares&#148;). The VMTP Shares of
    each Fund have substantially identical liquidation preferences,
    rights, and privileges. In connection with the Mergers, the
    Acquiring Fund will issue additional VMTP Shares equal in number
    and aggregate liquidation preference to the VMTP Shares of the
    Target Funds, in exchange for such Target Fund&#160;VMTP Shares.
    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&#160;Preferred Shares, with no par value.
</DIV>

<A name='H86305136'>
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<DIV align="left" 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">Pending
    Litigation</FONT></B>
</DIV>
</A>
<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">
    On January&#160;17, 2011, a Consolidated Amended Shareholder
    Derivative Complaint (the &#147;Complaint&#148;) entitled
    Clifford Rotz, et al.&#160;v. Van Kampen Asset Management et
    al., was filed on behalf of Invesco Van Kampen Advantage
    Municipal Income Trust&#160;II (VKI), Invesco Van Kampen High
    Income Trust&#160;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 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,&#160;Jr., Robert Fast and Gene
    Turban on July&#160;22, 2010, and by Harry Suleski, Leon
    McDermott, Marilyn Morrison and John Johnson on August&#160;3,
    2010. Each of the Trusts initially received a demand letter from
    the plaintiffs on April&#160;8, 2010. Plaintiffs seek judgment
    that: 1)&#160;orders Defendants to refrain from redeeming any
    ARPS at their
</DIV>
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    <BR>
    22
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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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    liquidation value using Trust assets; 2)&#160;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)&#160;grants appropriate equitable
    relief to remedy the Defendants&#146; breaches of fiduciary
    duties; and 4)&#160;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&#160;24, 2011, that it had
    adopted the SLC&#146;s recommendation to seek dismissal of the
    action. On October&#160;4, 2011, the Trusts filed a motion to
    dismiss, which remains pending. On November&#160;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 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">
    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>

<A name='H86305137'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    Price Data</FONT></B>
</DIV>
</A>
<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 New York Stock Exchange is the principal trading market for
    each of the Acquiring Fund&#146;s, VTJ&#146;s and VOQ&#146;s
    Common Shares. NYSE MKT is the principal trading market for
    VMV&#146;s Common Shares. The following tables set forth the
    high and low sales prices and maximum premium/discount for each
    Fund&#146;s Common Shares for the periods indicated. Common
    Shares of each Fund have historically traded at both a premium
    and discount to net asset value.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Acquiring
    Fund (VKQ)</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Premium/<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Net Asset
    Value</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Quarterly Period
    Ending</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/29/2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.77
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    08/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.56
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.42
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -6.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    05/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -0.97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/28/2011<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -3.98
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.70
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.76
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -4.44
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.05
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    07/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.43
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    04/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    01/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.69
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.98
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
    fiscal year end for the Acquiring Fund changed from October 31
    to the last day of February effective February&#160;28, 2011.
    </FONT></TD>
</TR>

</TABLE>

<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">VMV</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Premium/<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Net Asset
    Value</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Quarterly Period
    Ending</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/29/2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.39
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.45
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.20
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.99
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    08/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.59
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.31
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -5.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    05/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.04
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/28/2011<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.68
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.86
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.55
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.80
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.47
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.92
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.35
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    07/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.11
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.75
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.72
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    04/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.99
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.82
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    01/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    12.06
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.42
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
    fiscal year end for VMV changed from October 31 to the last day
    of February effective February&#160;28, 2011.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    23
</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 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">VOQ</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="67%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Premium/<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Net Asset
    Value</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Quarterly Period
    Ending</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/29/2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.75
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.30
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.68
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.50
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.39
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -5.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    08/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.02
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -4.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    05/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.51
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.42
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/28/2011<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.73
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.10
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.14
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.59
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.36
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.87
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.08
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.89
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -5.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.89
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.81
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.66
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    07/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.98
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.26
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.74
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -0.93
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    04/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.59
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.12
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.89
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.54
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.01
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    01/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.52
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.24
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.89
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.72
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.43
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -3.65
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
    fiscal year end for VOQ changed from October 31 to the last day
    of February effective February&#160;28, 2011.
    </FONT></TD>
</TR>

</TABLE>

<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">VTJ</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Premium/<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Net Asset
    Value</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Discount</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Quarterly Period
    Ending</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">High</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Low</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/29/2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.85
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.83
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.69
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.95
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -5.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    08/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.60
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.22
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.13
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -6.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    05/31/2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.21
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.17
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.56
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -2.57
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    02/28/2011<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.16
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.41
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.25
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0.97
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    11/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.27
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.99
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -0.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    10/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.39
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.91
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.58
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.98
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    8.48
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.03
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    07/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.15
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.37
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.99
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.67
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.51
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    04/30/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.59
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.08
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.79
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.61
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.38
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.94
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    01/31/2010
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.07
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.40
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.62
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.53
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.88
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -0.84
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">The
    fiscal year end for VTJ changed from October 31 to the last day
    of February effective February&#160;28, 2011.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table shows, as of February&#160;29, 2012, the NAV
    per share, market price, and premium or discount for Common
    Shares of each Fund.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Premium<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">NAV</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Market
    Price</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(Discount)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Acquiring Fund (VKQ)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.90
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4.71
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>VMV</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.33
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    -1.19
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>VOQ</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.02
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.34
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2.00
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>VTJ</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18.29
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6.46
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
</TABLE>

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

</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">
    Common Shares of each Fund trade at a market price that is
    determined by current supply and demand conditions. The market
    price of a Fund&#146;s Common Shares may or may not be the same
    as the Fund&#146;s NAV per share&#160;&#151; that is, the value
    of the portfolio securities owned by the Fund less its
    liabilities. When the market price of a Fund&#146;s Common
    Shares exceeds its NAV per share, they are said to be
    &#147;trading at a premium.&#148; When the market price of a
    Fund&#146;s Common Shares is lower than its NAV per share, they
    are said to be &#147;trading at a discount.&#148; It is very
    difficult to identify all of the factors that may cause a
    closed-end fund&#146;s common shares to trade at a discount. It
    is often difficult to reduce or eliminate a closed-end
    fund&#146;s discount over the long term. Some short-term
    measures, such as share repurchases and tender offers, tend to
    reduce a closed-end fund&#146;s assets (and thereby potentially
    increase expense ratios), but do not typically have a long-term
    effect on the discount. Other measures, such as managed dividend
    programs, may not have a consistent long-term effect on
    discounts.
</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">
    While the Board of each Fund has determined that the Merger is
    in the best interests of each Fund, there is no guarantee that
    the Mergers will have any long-term effect or influence on
    whether the Acquiring Fund&#160;Common Shares trade at a
    discount or a premium after the Mergers. Whether Common Shares
    had been trading at a premium or discount was not a significant
    factor in each Board&#146;s approval of the Merger Agreement and
    recommendation for approval to Fund shareholders. The Acquiring
    Fund&#146;s Board will continue to monitor any discount or
    premium at which the Acquiring Fund&#160;Common Shares trade
    after the Mergers and will evaluate what (if any) further action
    is appropriate at that time to address any discount or premium.
</DIV>

<A name='H86305138'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Turnover</FONT></B>
</DIV>
</A>
<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 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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</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: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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>

<A name='H86305139'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Portfolio
    Guidelines of Preferred Share Rating Agencies and Certificates
    of Designation</FONT></B>
</DIV>
</A>
<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 has issued and outstanding Preferred Shares that are
    rated by one or more rating agencies. In order to maintain
    attractive credit quality ratings for Preferred Shares, a Fund
    must meet certain investment quality, diversification, industry
    concentration asset coverage, liquidity, and other criteria
    established by such ratings agencies. These guidelines may vary
    between rating agencies and may be modified by a rating agency
    at any time. In addition, each Fund&#146;s Preferred Shares were
    issued pursuant to a certificate of designation that imposes
    certain additional restrictions on the Funds, including a
    requirement that each Fund maintain minimum asset coverage of
    225% with respect to its Preferred Shares. These rating agency
    guidelines and certificates of designation could affect
    portfolio decisions and may have requirements more stringent
    than those imposed by the 1940 Act or otherwise by a Fund&#146;s
    investment policies.
</DIV>

<A name='H86305140'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Terms and
    Conditions of the Mergers</FONT></B>
</DIV>
</A>
<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 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&#160;D.
</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 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&#160;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 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">
    Under the terms of the Merger Agreement, the Acquiring Fund will
    issue new Acquiring Fund&#160;Common Shares in exchange for
    Target Fund&#160;Common Shares. The number of Acquiring
    Fund&#160;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&#160;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&#160;Common Shares to be issued in each Merger will be
    identical to the terms of the Acquiring Fund&#160;Common Shares
    already outstanding.
</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">
    Under the terms of the Merger Agreement, the Acquiring Fund will
    also issue new Acquiring Fund&#160;Preferred Shares in exchange
    for Target Fund&#160;Preferred Shares. The number of additional
    Acquiring Fund&#160;Preferred Shares issued for each Merger will
    equal the number of outstanding Target Fund&#160;Preferred
    Shares, and such Acquiring Fund&#160;Preferred Shares will have
    liquidation preferences, rights, and privileges substantially
    identical to those of the then outstanding Preferred Shares for
    the merging Target Fund.
</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">
    Prior to the closing of each Merger, each Target Fund will
    declare one or more dividends, and the Acquiring Fund may, but
    is not required to, declare 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. Any such final distribution paid to Common
    Shareholders by a Target Fund will be made in cash and not
    reinvested in additional Common Shares of the Target Fund. See
    the discussion under &#147;Description of Securities to be
    Issued&#160;&#151; Dividend Reinvestment Plan&#148; for further
    information.
</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">
    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&#160;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 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">
    At the Closing, Acquiring Fund&#160;Common Shares will be
    credited to Target Fund&#160;Common Shareholders on a book-entry
    basis only. The Acquiring Fund will not issue certificates
    representing Common Shares in connection with the Mergers,
    irrespective of whether Target Fund shareholders currently hold
    such shares in certificated form. At the Closing, all
    outstanding certificates representing Common Shares of the
    merging Target Fund will be cancelled. Target Fund shareholders
    who own certificated Common Shares will not receive their
    Acquiring Fund&#160;Common Shares or dividend payments from the
    Acquiring Fund until their certificates are tendered to the
    Acquiring Fund. Target Fund&#160;Common Shareholders will,
    shortly after the closing of their Fund&#146;s Merger, receive
    instructions on how to tender any outstanding share certificates.
</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 Fund will be required to make representations and
    warranties in the Merger Agreement that are customary in matters
    such as the Mergers.
</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">
    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>
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<A name='H86305141'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information About the Funds</FONT></B>
</DIV>
</A>
<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">
    As of the time of the Mergers, each Fund will be a newly
    organized Delaware statutory trust, as discussed in
    Proposal&#160;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&#160;&#151; the Adviser in the case of the
    Funds&#160;&#151; that buys and sells portfolio securities on
    behalf of the investment company.
</DIV>

<A name='H86305142'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Federal
    Income Tax Matters Associated with Investment in the
    Funds</FONT></B>
</DIV>
</A>
<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 following information is meant as a general summary of
    certain federal income tax matters for U.S.&#160;shareholders.
    Please see the SAI for additional information. 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 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 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.&#160;corporation subject to U.S.&#160;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 not willful neglect, for taxable years of the Fund with
    respect to which the extended due date of the return is after
    December&#160;22, 2010.
</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 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)&#160;98% of its taxable ordinary
    income for that year, and (ii)&#160;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 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 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 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 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">
    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 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 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&#160;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 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">
    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 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">
    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
</DIV>
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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">
    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)&#160;will be required to
    include in income for federal income tax purposes, as long-term
    capital gain, their share of such undistributed amount;
    (ii)&#160;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)&#160;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 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&#160;(ii) of the preceding sentence.
</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 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 Preferred Shares as consisting of particular types of income
    (e.g., exempt interest, net capital gain and ordinary income) in
    accordance with each class&#146; 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 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">
    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 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">
    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 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 shareholder will receive an annual statement summarizing
    the shareholder&#146;s dividend and capital gains distributions.
</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 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&#160;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&#160;days beginning
    30&#160;days before and ending 30&#160;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 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">
    Under Treasury regulations, if a shareholder recognizes a loss
    with respect to Fund shares of $2&#160;million or more for an
    individual shareholder, or $10&#160;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&#160;8886.
</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">
    Shareholders that are exempt from U.S.&#160;federal income tax,
    such as retirement plans that are qualified under
    Section&#160;401 of the Code, generally are not subject to
    U.S.&#160;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 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 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.&#160;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>

<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">
    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 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">
    If the Fund invests in certain
    <FONT style="white-space: nowrap">pay-in-kind</FONT>
    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
</DIV>
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    <BR>
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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">
    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 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 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 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">
    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&#160;31, 2012, the rate is scheduled to rise to 31%
    unless the 28% rate is extended or made permanent).
</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">
    For taxable years beginning after December&#160;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 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 description of certain federal tax provisions above relates
    only to U.S.&#160;federal income tax consequences for
    shareholders who are U.S.&#160;persons, i.e., generally,
    U.S.&#160;citizens or residents or U.S.&#160;corporations,
    partnerships, trusts or estates, and who are subject to
    U.S.&#160;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.&#160;persons may
    be subject to different U.S.&#160;federal income tax treatment,
    including a non-resident alien U.S.&#160;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.&#160;backup withholding
    and claim any treaty benefits and U.S.&#160;estate tax.
    Shareholders should consult their own tax advisors on these
    matters and on state, local, foreign and other applicable tax
    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">
    Under recently enacted legislation and administrative guidance,
    the relevant withholding agent may be required to withhold 30%
    of any (a)&#160;income dividends paid after December&#160;31,
    2013 and (b)&#160;certain capital gains distributions and the
    proceeds of a sale of shares paid after December&#160;31, 2014
    to (i)&#160;a foreign financial institution unless such foreign
    financial institution agrees to verify, report and disclose
    certain of its U.S.&#160;accountholders and meets certain other
    specified requirements or (ii)&#160;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.&#160;owners or provides the name, address and taxpayer
    identification number of each substantial U.S.&#160;owner and
    such entity meets certain other specified requirements.
</DIV>

<A name='H86305143'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Considerations in Approving the Mergers</FONT></B>
</DIV>
</A>
<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">
    On June&#160;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 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 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&#160;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&#160;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&#160;15, 2011 and November&#160;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 pro forma estimated basis, and
    comparative portfolio composition and performance data.
</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 Boards reviewed, among other information they deemed
    relevant, information comparing the following for each Fund on a
    current and pro forma basis: (1)&#160;investment objective,
    policies and restrictions; (2)&#160;portfolio management;
    (3)&#160;portfolio composition; (4)&#160;comparative short-term
    and long-term investment performance and distribution yields;
    (5)&#160;expense ratios and expense structures, including
    contractual investment advisory fees and fee waiver agreements;
    (6)&#160;expected federal income tax consequences to the Funds,
    including any impact on capital loss carry forwards;
    (7)&#160;relative asset size; (8)&#160;trading information such
    as trading premiums/discounts for the Funds&#146; Common Shares;
    and (9)&#160;use of leverage and outstanding Preferred 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 standalone funds,
    among other alternatives. The Boards also discussed with the
</DIV>
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    <BR>
    28
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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">
    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 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 potential benefits to the Funds of the Mergers considered by
    the Boards included (1)&#160;potential benefits resulting from
    the larger size of the combined fund, including the potential
    for (i)&#160;increased attention from the investment community,
    (ii)&#160;increased trading volume and tighter spreads and
    improved premium/discount levels for the combined fund&#146;s
    Common Shares, (iii)&#160;improved purchasing power and more
    efficient transaction costs, and (iv)&#160;increased
    diversification of portfolio investments; (2)&#160;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)&#160;reducing market confusion caused by similar product
    offerings.
</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 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)&#160;the Acquiring Fund&#146;s management
    fee schedule will apply to the combined fund; (2)&#160;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)&#160;the Funds have
    substantially similar portfolio management teams;
    (4)&#160;shareholders would become shareholders of the larger
    combined fund; and (5)&#160;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>

<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 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 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 yield (as a percentage of
    net asset value) of the Acquiring Fund was within 0.50% of the
    after federal and state tax equivalent 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 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">
    After considering the foregoing, the Board noted that:
</DIV>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the combined fund is anticipated to have lower total operating
    expenses than each Target Fund;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the combined fund on a pro forma basis had more than a 0.20%
    higher 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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund had traded at an
    average premium of 1.72% to its net asset value over the
    preceding 52&#160;week period and, over the same period, the
    Target Funds had traded at average premiums of 4.39% (VMV),
    1.11% (VOQ) and 2.32% (VTJ);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund 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 had
    traded at average discounts of -1.30% (VMV), -0.50% (VOQ) and
    -3.50 (VTJ);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the average daily trading volume for the Acquiring Fund was more
    than 20 times greater than the average daily trading volume of
    VMV, more than 11 times greater than the average daily trading
    volume of VOQ and more than eight times greater than the average
    daily trading volumes of VTJ;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as of July&#160;31, 2011, the Acquiring Fund owned 434 different
    municipal bonds and the Target Funds owned 73 (VMV), 102 (VOQ)
    and 99 (VTJ), which means that the combined fund would provide
    shareholders with a more diverse portfolio.
</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">
    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&#160;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 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 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 Fund&#146;s trading at a premium
    or discount, remains accurate as of the date hereof or at the
    closing of the Mergers.
</DIV>

<A name='H86305144'>
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<DIV align="left" 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">Federal
    Income Tax Considerations of the Mergers</FONT></B>
</DIV>
</A>
<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 following is a general summary of the material
    U.S.&#160;federal income tax considerations of the Mergers and
    is based upon the current provisions of the Code, the existing
    U.S.&#160;Treasury Regulations thereunder, current
    administrative rulings of the IRS and published
</DIV>
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    <BR>
    29
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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">
    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 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 Merger is intended to be a tax-free reorganization pursuant
    to Section&#160;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; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    no gain or loss will be recognized by the Acquiring Fund as a
    result of the Merger;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    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 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">
    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&#160;&#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&#160;&#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
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    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;
</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">
    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 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">
    Prior to the closing of each Merger, each Target Fund will
    declare one or more dividends, and the Acquiring Fund may, but
    is not required to, declare 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. Any such final distribution paid to Common
    Shareholders by a Target Fund will be made in cash and not
    reinvested in additional Common Shares of the Target Fund. See
    the discussion under &#147;Description of Securities to be
    Issued&#160;&#151; Dividend Reinvestment Plan&#148; for further
    information.
</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 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&#160;29, 2012.
</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 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&#160;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
</DIV>
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    <BR>
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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">
    (i.e.,&#160;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 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 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&#160;22, 2010)&#160;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 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 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>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VMV<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VOQ<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VTJ<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">VKQ<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(Target Fund)<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(Target Fund)<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(Target Fund)<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(Acquiring
    Fund)<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(000,000s)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(000,000s)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(000,000s)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">(000,000s)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <FONT style="font-family: Arial, Helvetica">at 2/29/2012
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <FONT style="font-family: Arial, Helvetica">at 2/29/2012
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <FONT style="font-family: Arial, Helvetica">at 2/29/2012
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <FONT style="font-family: Arial, Helvetica">at 2/29/2012
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Aggregate Capital Loss Carryovers on a Tax Basis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (6.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (7.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (7.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (90.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Unrealized Net Appreciation (Depreciation) in Investments on a
    Tax Basis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11.4
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    15.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    56.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Aggregate Net Asset Value
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36.5
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    93.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    104.3
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    556.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Approximate Annual
    Limitation<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1.2
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3.4
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    N/A
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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

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

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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Based
    on the long-term tax-exempt rate for ownership changes during
    May 2012 of 3.26%.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Based upon each Target Fund&#146;s capital loss position at
    February&#160;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 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">
    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&#160;29, 2012, the unrealized appreciation
    (depreciation) 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 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">
    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>

<A name='H86305145'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Costs of
    the Mergers</FONT></B>
</DIV>
</A>
<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 estimated total costs of the Merger for each Fund, as well
    as the estimated proxy solicitation costs for each Fund (which
    are part of the total Merger costs), are set forth in the table
    below.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="10%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Estimated
    Merger<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Portion of
    Merger<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Estimated
    Proxy<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Costs
    (includes<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Costs to be<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Solicitation
    Costs</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Proxy
    Solicitation)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Paid by the
    Funds</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    140,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    140,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    140,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    40,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    140,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</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 Adviser will bear all Merger costs. The costs of the Mergers
    include legal counsel fees, independent accountant fees,
    expenses related to the printing and mailing of this Proxy
    Statement, listing fees for additional shares on the Exchanges,
    and fees associated with the proxy solicitation. Each Fund bears
    the cost of its annual meeting, including proxy solicitation
    costs of approximately $3,000.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</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 -->

<A name='H86305146'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Capitalization</FONT></B>
</DIV>
</A>
<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 following table sets forth as of February&#160;29, 2012 each
    Fund&#146;s total net assets, number of shares outstanding of
    each class, and net asset value per Common Share. This
    information is generally referred to as the
    &#147;capitalization&#148; of a Fund. The term &#147;<I>pro
    forma </I>capitalization&#148; means the expected capitalization
    of the Acquiring Fund after the Mergers. The table shows <I>pro
    forma</I> capitalization giving effect to the proposed Mergers.
    The capitalizations of the Funds are likely to be different on
    the Closing Date as a result of daily market activity.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Acquiring<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Fund <I>pro<BR>
    </I></FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><I><FONT style="font-family: Arial, Helvetica">forma<BR>
    </FONT></I></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">(assumes all
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Acquiring<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><I><FONT style="font-family: Arial, Helvetica">Pro Forma<BR>
    </FONT></I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">the Mergers<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VMV</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VOQ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VTJ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fund
    (VKQ)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Adjustments</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">are
    completed)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Net assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36,508,342
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    93,158,210
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    104,337,789
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    556,183,964
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    790,188,305
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common Shares&#160;Outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,706,661
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,814,449
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,073,443
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    39,092,346
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    (1,849,725
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )<SUP style="font-size: 85%; vertical-align: top">1</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    55,536,624
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Common Share NAV Per Share
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    13.49
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    16.02
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    17.18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    14.23
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Preferred Shares&#160;Outstanding
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    598
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,132
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,639
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,150
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10.519
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">1</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">Pro
    forma
    </FONT></I><FONT style="font-size: 8pt; font-family: Arial, Helvetica">shares
    outstanding have been adjusted for the accumulated change in the
    number of shares of each Target Fund&#146;s shareholder accounts
    based on the relative net asset value per Common Share of each
    Target Fund and the Acquiring Fund.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of the time of the Mergers (by which time each Fund will have
    been reorganized as a Delaware statutory trust, as discussed in
    Proposal&#160;1), each Fund will be authorized to issue an
    unlimited number of preferred shares of beneficial interest and
    an unlimited number of common shares of beneficial interest, and
    no Fund will hold any of its shares for its own account.
</DIV>

<A name='H86305147'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Where to
    Find More Information</FONT></B>
</DIV>
</A>
<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 SAI contains further information on the Funds, including
    their investment policies, strategies and risks. Additional
    information is available in each Fund&#146;s shareholder reports.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    BOARDS UNANIMOUSLY RECOMMEND THAT YOU VOTE FOR THE APPROVAL OF
    PROPOSAL&#160;2.</FONT></B>
</DIV>

<A name='H86305148'>
<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">PROPOSAL&#160;3:
    ELECTION OF TRUSTEES BY VMV, VTJ, VOQ AND THE ACQUIRING
    FUND</FONT></B>
</DIV>
</A>
<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">
    At the Meeting, Common Shareholders and Preferred Shareholders
    of the Funds, voting together as a single class, will vote to
    elect Trustees as follows:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    a.&#160;With respect to VMV, to elect three Class&#160;I
    Trustees (David C. Arch, Jerry D. Choate, and Suzanne H. Woolsey
    are the nominees).
</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">
    b.&#160;With respect to VOQ, VTJ and the Acquiring Fund, to
    elect one Class&#160;II Trustee (Wayne W. Whalen is the nominee).
</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">
    At the Meeting, the Preferred Shareholders of VOQ, VTJ, and the
    Acquiring Fund, whose voting instructions are being separately
    solicited, will also vote as a separate class with respect to
    one Class&#160;II Trustee (Linda Hutton Heagy is the nominee)
    designated to be elected solely by Preferred Shareholders.
</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">
    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 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 Trustees who make up the various classes of the Boards of
    the Funds are shown in the chart below:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="29%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Class I</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Class
    II</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Class
    III</FONT></B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Wayne W. Whalen
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Colin D. Meadows
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jerry D. Choate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
    Rodney
    Dammeyer<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    R. Craig Kennedy
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Howard J
    Kerr<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Linda Hutton
    Heagy<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Jack E.
    Nelson<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Suzanne H. Woolsey,&#160;Ph.D.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top" style="font-family: Arial, Helvetica">
    Hugo F.
    Sonnenschein<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Linda
    Hutton Heagy and Hugo F. Sonnenschein are designated to be
    elected solely by the Preferred Shareholders voting as a
    separate class.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">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.&#160;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.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;&#151; protecting and promoting shareholders&#146;
    interests. While the Board does not require that its members
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
</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: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;&#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;
    <FONT style="white-space: nowrap">not-for-profit</FONT>
    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 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 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>David C. Arch.</I>&#160;&#160;Formerly, Mr.&#160;Arch was the
    Chairman and Chief Executive Officer of Blistex, Inc., a
    consumer health care products manufacturer. Mr.&#160;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.&#160;Arch is also a member of the Board of Visitors,
    Institute for the Humanities, University of Michigan. From 1984
    to 2010, Mr.&#160;Arch served as Director or Trustee of
    investment companies in the Van Kampen Funds complex. The Board
    believes that Mr.&#160;Arch&#146;s experience as the CEO of a
    public company and his experience with investment companies
    benefits the Funds.
</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>Jerry D. Choate.</I>&#160;&#160;Mr.&#160;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.&#160;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 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>Rodney F. Dammeyer.</I>&#160;&#160;Since 2001,
    Mr.&#160;Dammeyer has been Chairman of CAC, LLC, a private
    company offering capital investment and management advisory
    services. Previously, Mr.&#160;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.&#160;Dammeyer was a Partner of
    Arthur Andersen&#160;&#038; Co., an international accounting
    firm. Mr.&#160;Dammeyer currently serves as a Director of Quidel
    Corporation and Stericycle, Inc. Previously, Mr.&#160;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.&#160;Dammeyer served as Director or
    Trustee of investment companies in the Van Kampen Funds complex.
    The Board believes that Mr.&#160;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.&#160;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.&#160;Dammeyer is also stepping down from the
    Board of VMV effective as of the Meeting.
</DIV>

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

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

<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>R.&#160;Craig Kennedy.</I>&#160;&#160;Mr.&#160;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.&#160;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 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>Howard J Kerr.</I>&#160;&#160;Mr.&#160;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.&#160;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.&#160;Kerr is
    retiring from the Board effective as of the Meeting.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Jack E. Nelson.</I>&#160;&#160;Mr.&#160;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.&#160;Nelson&#146;s experience in executive positions at a
    number of companies and as a member of several financial and
</DIV>
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    <BR>
    33
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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">
    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.&#160;Nelson
    is retiring from the Board effective as of the Meeting.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Hugo F. Sonnenschein.</I>&#160;&#160;Mr.&#160;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 2000, Mr.&#160;Sonnenschein
    served as President of the University of Chicago.
    Mr.&#160;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.&#160;Sonnenschein
    served as Director or Trustee of investment companies in the Van
    Kampen Funds complex. The Board believes that
    Mr.&#160;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 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>Suzanne H. Woolsey.</I>&#160;&#160;Ms.&#160;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.&#160;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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Colin D. Meadows.</I>&#160;&#160;Mr.&#160;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.&#160;Meadows&#146; financial services and asset management
    experience benefits the Funds.
</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>Wayne W. Whalen.</I>&#160;&#160;Mr.&#160;Whalen is Of Counsel
    and, prior to 2010, was a partner in the law firm of Skadden,
    Arps, Slate, Meagher&#160;&#038; Flom LLP. Mr.&#160;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.&#160;Whalen served as Director
    and Trustee of investment companies in the Van Kampen Funds
    complex. The Board believes that Mr.&#160;Whalen&#146;s
    experience as a law firm partner and his experience as a
    director of investment companies benefits the Funds.
</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">
    Additional biographical information regarding the Trustees can
    be found in Exhibit&#160;F. Information on each Board&#146;s
    leadership structure, role in risk oversight, and committees and
    meetings can be found in Exhibit&#160;G. Information on the
    remuneration of Trustees can be found in Exhibit&#160;H.
    Information on the executive officers of the Funds is available
    in Exhibit&#160;E. Information on the Funds&#146; independent
    registered public accounting firm is available in Exhibit&#160;I.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    BOARDS UNANIMOUSLY RECOMMEND A VOTE FOR ALL OF THE
    NOMINEES.</FONT></B>
</DIV>

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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">VOTING
    INFORMATION</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">How to
    Vote Your Shares</FONT></B>
</DIV>
</A>
<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">
    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 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">
    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>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Why are
    you sending me the Proxy Statement?</FONT></B>
</DIV>
</A>
<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">
    You are receiving this Proxy Statement because you own Common
    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. This document is both a proxy statement of each Fund
    and also a prospectus for Common Shares of the Acquiring Fund.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">About the
    Proxy Statement and the Meeting</FONT></B>
</DIV>
</A>
<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">
    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 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">
    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&#160;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 Preferred Shares will also be voted at the
    Meeting. This Proxy Statement is not a solicitation for any
    votes of the Preferred Shares of any Fund.
</DIV>
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    <BR>
    34
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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">
    Attendance at the Meeting is generally limited to shareholders
    and their authorized representatives. All shareholders must
    bring an acceptable form of identification, such as a
    driver&#146;s license, in order to attend the Meeting in person.
    If your shares are held through a broker-dealer or other
    financial intermediary you will need to obtain a &#147;legal
    proxy&#148; from them in order to attend or vote your shares at
    the Meeting.
</DIV>

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Quorum
    Requirement and Adjournment</FONT></B>
</DIV>
</A>
<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">
    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 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">
    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 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 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 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 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">
    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&#160;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&#160;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 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">
    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&#160;1 and 2. No broker non-votes are anticipated with
    respect to Proposal&#160;3 because it is considered a routine
    proposal on which brokers typically may vote in their discretion.
</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">
    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>

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<DIV align="left" 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">Votes
    Necessary to Approve the Proposals</FONT></B>
</DIV>
</A>
<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">
    Common Shares and Preferred Shares of each Fund are entitled to
    vote at the Meeting. This Proxy Statement is not a solicitation
    for any votes of the Preferred Shares of any Fund. Each Fund
    will solicit the vote of its Preferred Shares via a separate
    proxy statement. Preferred Shares are subject to a voting trust
    requiring that certain voting rights of the Preferred Shares
    must be exercised as directed by an unaffiliated third party.
    Votes by Preferred 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 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&#146;s Board has unanimously approved the Fund&#146;s
    Plan of Redomestication discussed in Proposal&#160;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 Preferred Shares outstanding and entitled to vote,
    voting as separate classes, of such Fund. Proposal&#160;1 may be
    approved and implemented for a Fund regardless of whether
    shareholders approve any other Proposal applicable to the Fund.
</DIV>
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    <BR>
    35
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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">
    Each Fund&#146;s Board has unanimously approved the Fund&#146;s
    Plan of Merger discussed in Proposal&#160;2. Shareholder
    approval of each Plan of Merger requires the vote of a majority
    of the Common Shares and the Preferred Shares outstanding,
    voting as separate classes, of the applicable Target Fund and
    the Acquiring Fund. Proposal&#160;2 may be approved and
    implemented for a Target Fund only if Proposal&#160;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 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 Proposal&#160;3, the affirmative vote of a
    plurality of the Common Shares and Preferred 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 Trustee for such
    Fund. Proposal&#160;3 may be approved and implemented for a Fund
    regardless of whether shareholders approve any other Proposal
    applicable to the Fund.
</DIV>

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<DIV align="left" 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">Proxy
    Solicitation</FONT></B>
</DIV>
</A>
<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 Funds have engaged the services of Computershare
    Fund&#160;Services (the &#147;Solicitor&#148;) to assist in the
    solicitation of proxies for the Meeting. The Solicitor&#146;s
    costs are described under the &#147;Costs of the Merger&#148;
    section of this Proxy Statement. Proxies are expected to be
    solicited principally by mail, but the Funds or the Solicitor
    may also solicit proxies by telephone, facsimile or personal
    interview. The Funds&#146; officers may also solicit proxies but
    will not receive any additional or special compensation for any
    such solicitation.
</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">
    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>

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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">OTHER
    MATTERS</FONT></B>
</DIV>

</A>
<A name='H86305157'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Share
    Ownership by Large Shareholders, Management and
    Trustees</FONT></B>
</DIV>
</A>
<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">
    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&#160;K.
    Information regarding Trustee ownership of shares of the Funds
    and of shares of all registered investment companies in the
    Fund&#160;Complex overseen by such Trustee can be found at
    Exhibit&#160;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>

<A name='H86305158'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<A name='H86305159'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Proposals</FONT></B>
</DIV>
</A>
<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">
    Shareholder proposals intended to be presented at the year 2013
    annual meeting of shareholders for a Fund pursuant to
    <FONT style="white-space: nowrap">Rule&#160;14a-8</FONT>
    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&#160;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&#160;19, 2013 and not later than April&#160;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>

<A name='H86305160'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Shareholder
    Communications</FONT></B>
</DIV>
</A>
<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">
    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
    <FONT style="white-space: nowrap">and/or</FONT>
    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&#160;F. Other shareholder communications
    received by any Fund not directly 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>

<A name='H86305161'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;16(a)
    Beneficial Ownership Reporting Compliance</FONT></B>
</DIV>
</A>
<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">
    Section&#160;30(h) of the 1940 Act and Section&#160;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
</DIV>
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    <BR>
    36
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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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    securities to file forms with the SEC and 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>

<A name='H86305162'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Meeting Matters</FONT></B>
</DIV>
</A>
<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">
    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>

<A name='H86305163'>
<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">WHERE TO
    FIND ADDITIONAL INFORMATION</FONT></B>
</DIV>
</A>
<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 Proxy Statement and the SAI do 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&#160;29, 2012 and the description of the Fund&#146;s
    automatic dividend reinvestment plans are incorporated by
    reference into this Proxy Statement from the Fund&#146;s annual
    report for the year ended February&#160;29, 2012 on
    <FONT style="white-space: nowrap">Form&#160;N-CSR.</FONT>
    Such financial highlights and financial statements have been
    audited by PricewaterhouseCoopers LLP, an independent registered
    public accounting firm, as stated in their reports, which are
    incorporated herein by reference, and have been so incorporated
    in reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing. The SAI
    includes additional information about the Funds that is
    incorporated herein by reference and is deemed to be part of
    this Proxy Statement. The SEC file number of each Fund, which
    contains the Fund&#146;s shareholder reports and other filings
    with the SEC, is
    <FONT style="white-space: nowrap">811-06362</FONT>
    for the Acquiring Fund,
    <FONT style="white-space: nowrap">811-07088</FONT>
    for VMV,
    <FONT style="white-space: nowrap">811-06364</FONT>
    for VOQ and
    <FONT style="white-space: nowrap">811-06536</FONT>
    for VOQ.
</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 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 (including the registration statement relating to the
    Funds on
    <FONT style="white-space: nowrap">Form&#160;N-14</FONT>
    of which this Proxy Statement is a part) may be inspected
    without charge and copied at the public reference facilities
    maintained by the SEC at Room&#160;1580, 100&#160;F&#160;Street,
    N.E., Washington,&#160;D.C. 20549. Copies of such material may
    also be obtained from the Public Reference Section of the SEC at
    100&#160;F&#160;Street, N.E., Washington,&#160;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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    <BR>
    37
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<A name='H86305164'>
<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">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">FORM&#160;OF
    AGREEMENT AND PLAN OF REDOMESTICATION</FONT></B>
</DIV>
</A>
<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;&#160;&#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>

<DIV align="left" 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">1.&#160;TRANSFER
    OF ASSETS OF THE PREDECESSOR FUNDS IN EXCHANGE FOR ASSUMPTION OF
    LIABILITIES AND ISSUANCE OF SUCCESSOR FUND&#160;SHARES</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">
    1.1.&#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;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;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
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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: 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;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;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;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;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>

<DIV align="left" 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">2.&#160;VALUATION</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">
    2.1.&#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;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>

<DIV align="left" 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">3.&#160;CLOSING
    AND CLOSING DATE</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">
    3.1.&#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;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;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>

<DIV align="left" 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">4.&#160;REPRESENTATIONS
    AND WARRANTIES</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">
    4.1.&#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;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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    <BR>
    A-2
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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;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;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;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;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;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;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;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;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;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;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;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;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>

<DIV align="left" 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">5.&#160;CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE PREDECESSOR FUNDS AND THE
    SUCCESSOR FUNDS</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">
    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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.1.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.2.&#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 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>
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    <BR>
    A-3
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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">
    5.3.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.4.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.5.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.6.&#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>

<DIV align="left" 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">6.&#160;POST-CLOSING
    COVENANTS</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">
    6.1.&#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;If the Predecessor Fund has outstanding Predecessor
    Fund&#160;Preferred Shares designated as VMTP Shares,
    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>

<DIV align="left" 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">7.&#160;FEES
    AND EXPENSES</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">
    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>

<DIV align="left" 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">8.&#160;TERMINATION</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">
    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>

<DIV align="left" 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">9.&#160;AMENDMENT</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 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>

<DIV align="left" 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">10.&#160;HEADINGS;
    COUNTERPARTS; GOVERNING LAW; ASSIGNMENT; SURVIVAL;
    WAIVER</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">
    10.1.&#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;This Agreement may be executed in any number of
    counterparts, each of which shall be deemed 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">
    10.3.&#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>
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    <BR>
    A-4
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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">
    10.4.&#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;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;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;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>

<DIV align="left" 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">11.&#160;NOTICES</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">
    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 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>[<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>],
    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: 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>[<U>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</U>]
    a Delaware statutory trust<BR>
    </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: 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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<A name='H86305165'>
<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">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>
</A>

<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>
<!-- Table Width Row END -->
<!-- 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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    <BR>
    A-7
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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;5.4</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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<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;5.5</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">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="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">EXHIBIT&#160;B</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">COMPARISON
    OF GOVERNING DOCUMENTS</FONT></B>
</DIV>
</A>
<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 is a Massachusetts business trust. Under
    Proposal&#160;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 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>Shares.</I>&#160;&#160;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 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 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 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>Organization.</I>&#160;&#160;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
    By-Laws, each as may be amended, and its business and affairs
    are managed under the supervision of its Board of 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">
    Each DE Trust is organized as a Delaware statutory trust
    pursuant to the Delaware Statutory Trust&#160;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 By-Laws, and
    its business and affairs are managed under the supervision of
    its Board of 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">
    <I>Composition of the Board of Trustees.</I>&#160;&#160;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 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>Shareholder Meetings and Rights of Shareholders to Call a
    Meeting.</I>&#160;&#160;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 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 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
    <FONT style="white-space: nowrap">and/or</FONT>
    preferred shares, if any (depending on whether they are voting
    as a single class or separately).
</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 By-Laws of the DE Trusts authorize the Trustees to call a
    meeting of the shareholders for the election of Trustees. The
    By-Laws of the DE Trusts also authorize a meeting of
    shareholders for any purpose determined by the Trustees. The
    By-Laws of the DE Trusts state that shareholders have no power
    to call a special meeting of shareholders.
</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>Submission of Shareholder Proposals.</I>&#160;&#160;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 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 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 By-Laws 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 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 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 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&#160;days, nor
    more than 120&#160;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&#160;days before such anniversary and ends 30&#160;days after
    such anniversary (an &#147;Other Annual Meeting Date&#148;), the
    written notice must be delivered by the later of the 90th day
    prior to the meeting or the 10th 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&#160;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 10th 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 10th date after such
    meeting is publicly announced or disclosed. Specific
    information, as set forth in the
</DIV>
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    <BR>
    B-1
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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">
    <FONT style="white-space: nowrap">By-Laws,</FONT>
    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 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>Quorum.</I>&#160;&#160;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 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 By-Laws 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 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>Number of Votes; Aggregate Voting.</I>&#160;&#160;The
    governing instruments of the Funds and the Declaration and
    By-Laws 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 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 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 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 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 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>Derivative Actions.</I>&#160;&#160;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 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 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 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 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>Right to Vote.</I>&#160;&#160;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)&#160;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)&#160;more than 50% of a fund&#146;s
    outstanding shares.
</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><U>Election and Removal of Trustees</U>.</I>&#160;&#160;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 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 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 By-Laws of the DE
    Trusts do not provide shareholders with the ability to remove
    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">
    <I><U>Amendment of Governing
    Instruments</U>.</I>&#160;&#160;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 By-Laws or
    adopt new By-Laws, provided that By-Laws adopted by shareholders
    may only be altered, amended or repealed by the shareholders.
    For the DE Trusts, the By-Laws may be altered, amended, or
    repealed by the Trustees, without the vote or approval of
    shareholders.
</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">
    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
</DIV>
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    <BR>
    B-2
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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">
    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 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">
    For the DE Trusts, the Board generally may amend the Declaration
    without shareholder approval, except: (i)&#160;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)&#160;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<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    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 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><U>Mergers, Reorganizations, and
    Conversions</U>.</I>&#160;&#160;The governing instruments of the
    Funds provide that a merger, consolidation, sale, lease or
    exchange requires the affirmative vote of not less than
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    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 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">
    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 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><U>Principal Shareholder Transactions.</U></I>&#160;&#160;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 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 Acquiring Fund requires a vote or consent of
    66<FONT style="vertical-align: text-top; font-size: 70%;">2</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    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 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 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 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><U>Termination of a Trust</U>.</I>&#160;&#160;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 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 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 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>Liability of Shareholders.</I>&#160;&#160;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&#160;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 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>Liability of Trustees and Officers.</I>&#160;&#160;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 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 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>Indemnification.</I>&#160;&#160;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,
</DIV>
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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">
    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 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 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 By-Laws
    and other applicable law. The By-Laws 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 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">
    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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    B-4
</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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<A name='H86305167'>
<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">EXHIBIT&#160;C</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">COMPARISON
    OF STATE LAWS</FONT></B>
</DIV>
</A>
<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 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 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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: 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>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Delaware Statutory Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Massachusetts Business Trust</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Governing Documents/Governing 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. <BR>
    <BR>
    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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Ownership Shares of Interest</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    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>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    C-1
</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 -->
<!-- XBRL Table Pagebreak -->

<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>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Delaware Statutory Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Massachusetts Business Trust</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Shareholder Voting 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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Shareholder Meetings</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Neither the DE Statute nor the MA Statute mandates an annual
    shareholders&#146; meeting.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Organization of Meetings</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Neither the DE Statute nor the MA Statute contain provisions
    relating to the organization of shareholder meetings.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Restrictions on Transfer</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    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" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B><I>Preemptive Rights and Redemption of Shares</I></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    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" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B><I>Liquidation Upon Dissolution or Termination Events</I></B>
</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>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    C-2
</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 -->
<!-- XBRL Table Pagebreak -->

<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>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Delaware Statutory Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Massachusetts Business Trust</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Shareholder 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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Trustee/Director 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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B><I>Insurance</I></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" valign="top">
    Neither the DE Statute nor the MA Statute contain provisions
    regarding insurance.
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</TR>
</TABLE>
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    C-3
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<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>
<!-- Table Width Row END -->
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<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Delaware Statutory Trust</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Massachusetts Business Trust</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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) 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" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <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>
</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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    C-4
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<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
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<A name='H86305168'>
<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">EXHIBIT&#160;D</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">FORM OF
    AGREEMENT AND PLAN OF MERGER</FONT></B>
</DIV>
</A>
<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;&#160;&#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>

<DIV align="left" 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">1.&#160;DESCRIPTION
    OF THE MERGERS</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">
    1.1.&#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;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;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;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<B>, </B>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,
    deferred or prepaid expenses shown as an asset on the books of
    the Merging Fund on the Closing Date, goodwill, contractual
    rights,
</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">
    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>

<DIV align="left" 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">2.&#160;VALUATION</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">
    2.1.&#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;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>

<DIV align="left" 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">3.&#160;CLOSING
    AND CLOSING DATE</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">
    3.1.&#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;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 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>
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    <BR>
    D-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">
    (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>

<DIV align="left" 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">4.&#160;REPRESENTATIONS
    AND WARRANTIES</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">
    4.1.&#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>

<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 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>
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    <BR>
    D-3
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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">
    (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>

<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 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>
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    <BR>
    D-4
</DIV><!-- END 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">
    (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;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</U> <U>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 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
</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">
    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>

<DIV align="left" 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">5.&#160;COVENANTS
    OF THE SURVIVING FUND&#160;AND THE MERGING FUND</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">
    5.1.&#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 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
</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">
    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>

<DIV align="left" 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">6.&#160;CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE MERGING FUND</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">
    6.1.&#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>

<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;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
</DIV>
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    <BR>
    D-7
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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">
    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>

<DIV align="left" 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">7.&#160;CONDITIONS
    PRECEDENT TO OBLIGATIONS OF THE SURVIVING FUND</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">
    7.1.&#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>

<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="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">8.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.1.&#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>
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    <BR>
    D-8
</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: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.2.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.3.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.4.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.5.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.6.&#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: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.7.&#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>

<DIV align="left" 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">9.&#160;FEES
    AND EXPENSES</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">
    9.1.&#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>

<DIV align="left" 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">10.&#160;FINAL
    TAX RETURNS AND FORMS&#160;1099 OF MERGING FUND</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">
    10.1.&#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>

<DIV align="left" 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">11.&#160;ENTIRE
    AGREEMENT; SURVIVAL OF WARRANTIES AND COVENANTS</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">
    11.1.&#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>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">12.&#160;TERMINATION</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">
    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>
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    <BR>
    D-9
</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%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">13.&#160;AMENDMENTS</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 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>

<DIV align="left" 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">14.&#160;HEADINGS;
    GOVERNING LAW; COUNTERPARTS; ASSIGNMENT; LIMITATION OF
    LIABILITY</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">
    14.1.&#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;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;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;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;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;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
</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: 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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-11
</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="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: 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">CHART OF
    MERGERS</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="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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-12
</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="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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-13
</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 -->
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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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    D-14
</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 -->

<A name='H86305169'>
<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;E</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">EXECUTIVE
    OFFICERS OF THE FUNDS</FONT></B>
</DIV>
</A>
<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 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Year of Birth and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position(s) Held with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Officer Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    John M. Zerr&#160;&#151; 1962<BR>
    Senior Vice President, Chief Legal <BR>
    Officer and Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" 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&#160;Trust, PowerShares
    Exchange-Traded Fund&#160;Trust&#160;II, PowerShares India
    Exchange-Traded Fund&#160;Trust and PowerShares Actively Managed
    Exchange-Traded Fund&#160;Trust.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" 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&#160;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&#160;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&#160;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" style="line-height: 6pt">
<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 align="left" valign="top">
    Sheri Morris&#160;&#151; 1964<BR>
    Vice President, Treasurer and <BR>
    Principal Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" 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).
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Treasurer, PowerShares Exchange-Traded Fund&#160;Trust,
    PowerShares Exchange-Traded Fund&#160;Trust&#160;II, PowerShares
    India Exchange-Traded Fund&#160;Trust and PowerShares Actively
    Managed Exchange-Traded Fund&#160;Trust.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" 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 Assistant Vice President,
    Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and
    Invesco Aim Private Asset Management, Inc.
</TD>
</TR>
</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    E-1
</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 -->
<!-- XBRL Table Pagebreak -->

<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="31%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Year of Birth and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Position(s) Held with the Fund</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Officer Since</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Karen Dunn Kelley&#160;&#151; 1960<BR>
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2010
</TD>
<TD nowrap align="left" 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&#160;Trust (Invesco
    Treasurer&#146;s Series&#160;Trust) and Short-Term Investments
    Trust); and President and Principal Executive Officer, The
    Invesco Funds (AIM Treasurer&#146;s Series&#160;Trust (Invesco
    Treasurer&#146;s Series&#160;Trust) and Short-Term Investments
    Trust only).
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" 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&#160;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&#160;Trust (Invesco Treasurer&#146;s Series&#160;Trust),
    Short-Term Investments Trust and Tax-Free Investments Trust
    only).
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Yinka Akinsola&#160;&#151; 1977<BR>
    Anti-Money Laundering<BR>
    Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2011
</TD>
<TD nowrap align="left" 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" style="line-height: 6pt">
<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 nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" 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" style="line-height: 6pt">
<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 align="left" valign="top">
    Valinda Arnett-Patton&#160;&#151; 1959<BR>
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    2011
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Compliance Officer, Invesco Van Kampen Closed-End Funds.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Compliance Director, Invesco Fixed Income, Invesco;
    Deputy Compliance Officer, AIG Sun America Asset Management
    Corp.
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    E-2
</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 -->

<A name='H86305170'>
<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;F</FONT></B>
</DIV>
</A>

<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">INFORMATION
    REGARDING THE TRUSTEES</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Year of Birth,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Address of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During the Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee During the Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Independent Trustees:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    David C.
    Arch<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP>1945<BR>
    Blistex Inc.<BR>
    1800 Swift Drive<BR>
    Oak Brook, IL 60523
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    151
</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" style="line-height: 6pt">
<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 align="left" valign="top">
    Jerry D.
    Choate<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP>1938<BR>
    33971 Selva Road<BR>
    Suite&#160;130<BR>
    Dana Point, CA 92629
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    18
</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" style="line-height: 6pt">
<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 align="left" valign="top">
    Rodney F.
    Dammeyer***<SUP style="font-size: 85%; vertical-align: top">2,4<BR>

    </SUP>1940<BR>
    CAC, LLC<BR>
    4370 La&#160;Jolla Village<BR>
    Drive<BR>
    Suite&#160;685<BR>
    San&#160;Diego, CA
    <FONT style="white-space: nowrap">92122-1249</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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
    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
    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="left" valign="top">
    151
</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
    2008, Trustee of The Scripps Research Institute. Prior to
    February 2008, Director of Ventana Medical Systems, Inc. Prior
    to April 2007, Director of GATX Corporation. Prior to April
    2004, Director of TheraSense, Inc.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-1
</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 -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Year of Birth,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Address of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During the Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee During the Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Linda Hutton
    Heagy<SUP style="font-size: 85%; vertical-align: top">2,4<BR>

    </SUP>1948<BR>
    4939 South Greenwood<BR>
    Chicago, IL 60615
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    &#134;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired. Prior to June 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="left" valign="top">
    18
</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" style="line-height: 6pt">
<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 align="left" valign="top">
    R. Craig
    Kennedy<SUP style="font-size: 85%; vertical-align: top">3</SUP>

    <BR>
    1952<BR>
    1744&#160;R&#160;Street, N.W.<BR>
    Washington,&#160;D.C. 20009
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    18
</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>
</TABLE>
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    F-2
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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 -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Year of Birth,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Address of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During the Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee During the Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Howard J
    Kerr***<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP>1935<BR>
    14 Huron Trace<BR>
    Galena, IL 61036
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    18
</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>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Jack E.
    Nelson***<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP>1936<BR>
    423 Country Club Drive<BR>
    Winter Park, FL 32789
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Managing General Partner of funds in the Fund Complex.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Hugo F.
    Sonnenschein<SUP style="font-size: 85%; vertical-align: top">3,4<BR>

    </SUP>1940<BR>
    1126&#160;E.&#160;59th&#160;Street<BR>
    Chicago, IL 60637
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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 2000, President of the University of
    Chicago.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    151
</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>
</TABLE>
<!-- XBRL Pagebreak Begin -->

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    F-3
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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 -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Year of Birth,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Address of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During the Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee During the Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Suzanne H. Woolsey,<BR>
    Ph.D.<SUP style="font-size: 85%; vertical-align: top">1<BR>

    </SUP>1941<BR>
    815 Cumberstone Road<BR>
    Harwood, MD 20776
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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 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="left" valign="top">
    18
</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 2008. Independent Director and member of audit and
    governance committees of Fluor Corp., a global engineering,
    construction and management company, since January 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 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>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    F-4
</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 -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="29%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="21%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Term of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Office and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Portfolios in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Name, Year of Birth,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other Directorships Held by<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>and Address of Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Funds</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Served</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During the Past Five Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee During the Past Five Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Interested Trustees:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Colin D.
    Meadows*<SUP style="font-size: 85%; vertical-align: top">3<BR>

    </SUP>1971<BR>
    1555 Peachtree Street, N.E. Atlanta, GA 30309
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee; President and Principal Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    18
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None.
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="top">
    Wayne W.
    Whalen**<SUP style="font-size: 85%; vertical-align: top">2<BR>

    </SUP>1939<BR>
    155 North Wacker Drive Chicago, IL 60606
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" 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="left" valign="top">
    158
</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>
</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>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">1</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Designated as a Class&#160;I
    trustee.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">2</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Designated as a Class&#160;II
    trustee.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">3</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Designated as a Class&#160;III
    trustee.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt"><SUP style="font-size: 85%; vertical-align: top">4</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">With respect to Funds with
    Preferred Shares outstanding, Mr.&#160;Sonnenschein and
    Ms.&#160;Heagy are elected by the Preferred Shareholders.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Meadows is an interested
    person (within the meaning of Section 2(a)(19) of the 1940 Act)
    of the funds in the Fund&#160;Complex because he is an officer
    of the Adviser. The Board of Trustees of the Funds appointed
    Mr.&#160;Meadows as Trustee of the Funds effective June&#160;1,
    2010.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Whalen is an interested
    person (within the meaning of Section 2(a)(19) of the 1940 Act)
    of certain funds in the Fund&#160;Complex because he and his
    firm currently provide legal services as legal counsel to such
    funds in the Fund&#160;Complex.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">***
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">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.&#160;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.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#134;
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">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.
    </FONT></TD>
</TR>

</TABLE>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="19%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=10 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=10 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=10 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=10 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=11 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=11 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=11 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=11 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=12 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=12 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=12 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=12 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="34" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Independent
    Trustees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Interested
    Trustees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Arch</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Choate</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Dammeyer</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Heagy</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Kennedy</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Kerr</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Nelson</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Sonnenschein</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Woolsey</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Meadows</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Whalen</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1994
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1993
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VKQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1994
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1994
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1991
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1994
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2003
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2010
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1992
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    F-5
</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: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Trustee
    Ownership of Fund&#160;Shares</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 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&#160;Complex
    as of December&#160;31, 2011.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="80%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate
    Dollar<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Range of
    Equity<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Securities in<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">All Registered<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Dollar Range
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Investment
    Companies<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Dollar Range
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Dollar Range
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Dollar Range
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Equity
    Securities<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Overseen by
    Board<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Equity
    Securities<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Equity
    Securities<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Equity
    Securities<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">in the
    Acquiring<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Member in Family
    of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">in VMV</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">in VOQ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">in VTJ</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fund
    (VKQ)</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Investment
    Companies</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,001-$50,000<BR>
    (1126.39 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jerry D. Choate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,001-$50,000<BR>
    (2400 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rodney F. Dammeyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000<BR>
    (150,084.47 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Linda Hutton Heagy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1-$10,000<BR>
    (162.29 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $50,001-$100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    R. Craig Kennedy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $10,001-$50,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Howard J Kerr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $1-$10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jack E. Nelson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $1-$10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1-$10,000<BR>
    (688 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Suzanne H. Woolsey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $10,001-$50,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Interested Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Colin D. Meadows
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $1-$10,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Wayne W. Whalen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    None
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,001-$50,000<BR>
    (1539 Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Over $100,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    F-6
</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 -->
<!-- XBRL Pagebreak End -->

<A name='H86305171'>
<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;G</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">BOARD
    LEADERSHIP STRUCTURE, ROLE IN RISK OVERSIGHT AND COMMITTEES AND
    MEETINGS</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Leadership Structure</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 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&#160;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
    <FONT style="white-space: nowrap">and/or</FONT>
    reviewed (i)&#160;the Funds&#146; organizational documents,
    (ii)&#160;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)&#160;the background,
    experience and skills of the Chairman (including his
    independence from the Adviser), (iv)&#160;alternative structures
    (including combined principal executive officer/chairman,
    selecting one of the Independent Trustees as chairman
    <FONT style="white-space: nowrap">and/or</FONT>
    appointing an independent lead trustee), (v)&#160;rule proposals
    in recent years that would have required all fund complexes to
    have an independent chairman, (vi)&#160;the Chairman&#146;s past
    and current performance, and (vii)&#160;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.&#160;Whalen as
    Chairman.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Committees and Meetings</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">
    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)&#160;are not
    &#147;interested persons&#148; of the Fund as defined by the
    1940 Act and (2)&#160;are &#147;independent&#148; of the
    respective Fund as defined by Exchange listing standards.
</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 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 www.invesco.com/us.
    Each member of the Audit Committee is deemed an audit committee
    financial expert.
</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 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 nominations from shareholders to the Board. Nominations
    from shareholders should be in writing and sent to the
    Independent Trustees as described 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">
    During the Funds&#146; last fiscal year, the Board held seven
    (7)&#160;meetings, the Board&#146;s Audit Committee held seven
    (7)&#160;meetings, and the Board&#146;s Governance Committee met
    five (5)&#160;times. The Board previously had a brokerage and
    services committee, which met two (2)&#160;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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Board
    Role in Risk Oversight</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 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
    <FONT style="white-space: nowrap">sub-component</FONT>
    of delivering this goal is risk management&#160;&#151;
    understanding, monitoring and controlling the various risks in
    making investment decisions at the individual security level as
    well as portfolio
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    G-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 -->
<!-- XBRL Pagebreak End -->

<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">
    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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    G-2
</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 -->
<!-- XBRL Pagebreak End -->

<A name='H86305172'>
<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;H</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">REMUNERATION
    OF TRUSTEES</FONT></B>
</DIV>

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

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

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Total<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Number of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Aggregate<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Compensation<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Compensation<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Portfolios in<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Compensation<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Compensation<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Compensation<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">from<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">from
    Portfolios<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Fund Complex<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">from<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">from<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">from<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">the Acquiring<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">in the<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Overseen by<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Name</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VMV<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VTJ<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">VOQ<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fund
    (VKQ)<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fund
    Complex<SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></B>

</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Trustee</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Independent Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    412,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    151
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jerry D. Choate
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,512
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,118
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,016
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,187
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    83,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Rodney F. Dammeyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    412,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    151
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Linda Hutton Heagy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    95,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    R. Craig Kennedy
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,622
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,273
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,161
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,635
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    89,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Howard J Kerr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    95,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Jack E. Nelson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    95,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    412,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    151
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Suzanne H. Woolsey
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    95,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    <B>Interested Trustees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Colin D. Meadows
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    18
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Wayne W. Whalen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,730
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,423
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,306
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,074
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    399,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    151
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
    the fiscal year ended February&#160;29, 2012.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">For
    the fiscal year ended December&#160;31, 2011.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    H-1
</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 -->

<A name='H86305173'>
<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;I</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">INDEPENDENT
    AUDITOR INFORMATION</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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&#160;31, 2010. Prior to May&#160;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&#160;1, 2010, the Prior Auditor resigned as the independent
    registered public accounting firm of the Fund.
</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 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 style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Funds and &#147;Covered Entities&#148; (the Adviser,
    excluding
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    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&#160;28, 2011, the fiscal year end of
    each Fund was changed to the last day in February.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="40%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="14" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Non-Audit
    Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Audit Related<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">All Other<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Total Non-<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fiscal Year
    End</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Audit
    Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Tax
    Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Audit
    Fees</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Total</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    02/29/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    11,100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    $
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    47,400
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/2010 to 02/28/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    27,217
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    02/29/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,700
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    47,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/2010 to 02/28/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    27,217
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    02/29/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    47,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/2010 to 02/28/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    27,217
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    02/29/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    36,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    10,900
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    47,200
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/2010 to 02/28/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    19,250
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    4,000
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,300
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,667
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    <SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7,967
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    27,217
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Covered Entities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    02/29/12
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    10/31/2010 to 02/28/11
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    0
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(1)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Includes
    fees billed for agreed upon procedures related to auction rate
    preferred securities.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(2)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Includes
    fees billed for reviewing tax returns.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica"><SUP style="font-size: 85%; vertical-align: top">(3)</SUP></FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Includes
    fees billed for completing professional services related to
    benchmark analysis.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    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 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 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 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.&#160;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&#160;&#038; Independence Rule&#160;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 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">
    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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    I-1
</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 -->

<A name='H86305174'>
<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;J</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">OUTSTANDING
    SHARES OF THE FUNDS</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">
    As of the Record Date, there were the following number of shares
    outstanding of each Fund:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Number of
    Shares<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Share
    Class</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Outstanding</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    39,107,729
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Acquiring Fund (VKQ)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,787
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    2,706,661
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VMV
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    149
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    5,816,353
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VOQ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    283
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    6,075,770
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    VTJ
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred Shares
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    409
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    J-1
</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 -->

<A name='H86305175'>
<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;K</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">OWNERSHIP
    OF THE FUNDS</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Significant
    Holders</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">
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B><FONT style="font-family: Arial, Helvetica">Number of<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B><FONT style="font-family: Arial, Helvetica">Name and
    Address</FONT></B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Fund</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Class of
    Shares</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Shares
    Owned</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B><FONT style="font-family: Arial, Helvetica">Percent
    Owned*</FONT></B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Wells Fargo Bank, National Association<BR>
    Wells Fargo&#160;&#038; Company<BR>
    375 Park Avenue<BR>
    New York, New York 10152
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VMV
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    149
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    **
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Wells Fargo Bank, National Association<BR>
    Wells Fargo&#160;&#038; Company<BR>
    375 Park Avenue<BR>
    New York, New York 10152
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VOQ
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    283
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    **
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Wells Fargo Bank, National Association<BR>
    Wells Fargo&#160;&#038; Company<BR>
    375 Park Avenue<BR>
    New York, New York 10152
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VTJ
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    409
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    **
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="bottom" style="font-family: Arial, Helvetica">
    Wells Fargo Bank, National Association<BR>
    Wells Fargo&#160;&#038; Company<BR>
    375 Park Avenue<BR>
    New York, New York 10152
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VKQ
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Preferred
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    1,787
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    **
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    100
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="bottom" style="font-family: Arial, Helvetica">
    First Trust&#160;Portfolios L.P., First Trust<BR>
    Advisors L.P., The Charger Corporation<BR>
    120 East Liberty Drive, Suite&#160;400<BR>
    Wheaton, Illinois 60187
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VTJ
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    452,393
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.5
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
<TR valign="bottom" style="line-height: 6pt">
<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 align="left" valign="bottom" style="font-family: Arial, Helvetica">
    First Trust&#160;Portfolios L.P., First Trust<BR>
    Advisors L.P., The Charger Corporation<BR>
    120 East Liberty Drive, Suite&#160;400<BR>
    Wheaton, Illinois 60187
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    VKQ
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    Common
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    3,039,942
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom" style="font-family: Arial, Helvetica">
    7.8
</TD>
<TD nowrap align="left" valign="bottom" style="font-family: Arial, Helvetica">
    %
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="1%"></TD>
    <TD width="1%"></TD>
    <TD width="98%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">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.
    </FONT></TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt; font-family: Arial, Helvetica">Preferred
    Shares are subject to a voting trust requiring that certain
    voting rights of the Preferred Shares must be exercised as
    directed by an unaffiliated third party.
    </FONT></TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    K-1
</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 style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    VK-CE-MUNI-PXY-1
</DIV>
<!-- XBRL Pagebreak Begin -->

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

</DIV><!-- END PAGE WIDTH -->
<!-- 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>STATEMENT OF ADDITIONAL INFORMATION<BR>
June&nbsp;8, 2012</B>
</DIV>


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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Registration Statement on Form N-14 Filed by the Following (&#147;Acquiring Funds&#148;):</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="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IIM</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: OIA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQI</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VCV</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen High Income Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VLT</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VMO</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VTN</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VKQ</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Relating to the July&nbsp;17, 2012 Joint Annual Meeting of Shareholders of the Above-Listed Funds and the<BR>
Following Funds (&#147;Target Funds&#148;):</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="83%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IMC</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IMS</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IMT</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: OIB</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: OIC</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQT</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQM</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IIC</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQC</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: ICS</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield Investments Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: MSY</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Premium Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: PIA</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE MKT: VKL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VIM</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: IQN</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE MKT: VMV</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VOQ</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NYSE: VTJ</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Statement of Additional Information (&#147;SAI&#148;), which is not a prospectus, supplements and
should be read in conjunction with the Joint Proxy Statement/Prospectus for each Acquiring Fund
(each, a &#147;Proxy Statement&#148; and together, the &#147;Proxy
Statements&#148;) dated June&nbsp;8, 2012, relating
specifically to the Joint Annual Meetings of Shareholders of the above listed funds (collectively,
the &#147;Funds&#148;) to be held on July&nbsp;17, 2012. Copies of the Proxy Statements may be obtained at no
charge by writing to Invesco Investment Services, Inc., 1555 Peachtree Street,
</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">N.E., Atlanta, Georgia 30309, or by calling (800)&nbsp;341-2929. You can also access this information
at http://www.invesco.com/us.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities and Exchange Commission has not approved or disapproved these securities or
determined if this SAI is truthful or complete. Any representation to the contrary is a criminal
offense.
</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">
<A name="H86298toc"></A>
</DIV>

<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></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298101">Incorporation by Reference of Certain Documents</A></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:15px; text-indent:-15px"><A href="#H86298102">General Information</A></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:15px; text-indent:-15px"><A href="#H86298103">Investment Strategies and Risks</A></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:15px; text-indent:-15px"><A href="#H86298104">Investment Policies and Restrictions</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298105">Portfolio Turnover</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298106">Management of the Funds</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298107">Ownership of Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298108">Investment Advisory and Other Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298109">Investment Adviser</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298110">Investment Sub-Advisers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298111">Portfolio Managers</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298112">Trading Practices and Brokerage</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298113">Tax Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#H86298114">Financial Statements and <I>Pro Forma </I>Financial Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</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="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;A
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Special State-Specific Investment Considerations</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;B
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ratings of Debt Securities</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;C
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Transactions; Options and Futures</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;D
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Portfolio Turnover</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;E
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Management Fees</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;F
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative Services Fees</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;G
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Portfolio Managers</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Appendix&nbsp;H
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brokerage Commissions</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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">
<A name="H86298101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Incorporation by Reference of Certain Documents</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s financial statements for the fiscal year ended February&nbsp;20, 2012 are incorporated
into this SAI by reference to the Fund&#146;s most recent Annual Report to Shareholders. The proxy
policies and procedures of Invesco Advisers, Inc. (&#147;Invesco&#148; or the &#147;Adviser&#148;) are also
incorporated into this SAI by reference to Appendix&nbsp;E to the Statement of Additional Information
for AIM Growth Series (Invesco Growth Series), filed as part of Post-Effective Amendment No.&nbsp;97 to
such registrant&#146;s Registration Statement. The accession numbers for these documents are listed
below, along with the dates they were filed via EDGAR. These documents will be provided to any
shareholder who requests this SAI and may also be obtained, without charge, by calling (800)
341-2929.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Annual Reports and Post-Effective Amendment that are not specifically
referenced above are not incorporated into this SAI.
</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="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="16%">&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" style="border-bottom: 1px solid #000000"><B>Annual Report Accession No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date Filed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007949
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008022
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007955
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIB
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008054
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008028
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007963
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007972
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IIC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007954
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007947
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">ICS
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008026
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">MSY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008048
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">PIA
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007956
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VKL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007984
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VIM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007986
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007958
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007971
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VOQ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007977
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VTJ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007987
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IIM
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007951
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIA
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008024
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007961
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VCV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007968
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VLT
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-008033
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;7, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007973
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VTN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007991
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">VKQ
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-007976
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May&nbsp;4, 2012</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Registrant</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Post-Effective Amendment
Accession No.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Date Filed</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">AIM Growth Series (Invesco Growth Series)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0000950123-12-006801
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">April&nbsp;26, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 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">
<A name="H86298102"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SAI relates to the proposed reorganization of each Target Fund, as identified below, into
the corresponding Acquiring Fund, as identified below. The table also reflects the former names of
the Funds during the past five years.
</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="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco
Value Municipal Bond Trust (NYSE: IMC)</B></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; Margin-top:6pt">Formerly: Invesco Insured Municipal Bond Trust
(through 1/23/2012); Morgan Stanley Insured Municipal
Bond Trust (through 5/6/2010)</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"><B>Invesco
Value Municipal Securities (NYSE: IMS)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Value Municipal Income Trust (NYSE: IIM)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; Margin-top:6pt">Formerly: Invesco Insured Municipal Securities
(through 12/1/2011); Morgan Stanley Insured Municipal
Securities (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; Margin-top:6pt">Formerly: Invesco Insured Municipal Income Trust
(through 1/6/2012); Morgan Stanley Insured
Municipal Income Trust (through 5/6/2010)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Value Municipal Trust (NYSE: IMT)</B></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; Margin-top:6pt">Formerly: Invesco Insured Municipal Trust (through
1/19/2012); Morgan Stanley Insured Municipal Trust
(through 5/6/2010)</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"><B>Invesco Municipal Income Opportunities Trust II
(NYSE: OIB)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Municipal Income Opportunities Trust
(NYSE: OIA)</B></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:6pt">Formerly: Morgan Stanley Municipal Income
Opportunities Trust II (through 5/7/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:6pt">Formerly: Morgan Stanley Municipal Income
Opportunities Trust (through 5/6/2010)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Municipal Income Opportunities Trust III
(NYSE: OIC)</B></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; margin-top:6pt">Formerly: Morgan Stanley Municipal Income
Opportunities Trust III (through 5/7/2010)</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"><B>Invesco Quality Municipal Investment Trust (NYSE: IQT)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Quality Municipal Income Trust (NYSE: IQI)</B></TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:6pt">Formerly: Morgan Stanley Quality Municipal Investment
Trust (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:6pt">Formerly: Morgan Stanley Quality Municipal Income
Trust (through 5/10/2010)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco Quality Municipal Securities (NYSE: IQM)</B></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; margin-top:6pt">Formerly: Morgan Stanley Quality Municipal Securities
(through 5/6/2010)</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"><B>Invesco California Municipal Income Trust (NYSE: IIC)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen California Value Municipal
Income Trust (NYSE: VCV)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Formerly: Invesco California Insured Municipal Income
Trust (through 1/23/2012); Morgan Stanley California
Insured Municipal Income Trust (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px; margin-top:6pt">Formerly: Van Kampen California Value Municipal
Income Trust (through 3/31/2010)</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco California Quality Municipal Securities
(NYSE: IQC)</B></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; margin-top:6pt">Formerly: Morgan Stanley California Quality Municipal
Securities (through 5/6/2010)</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 -->- 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="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Funds</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Invesco California Municipal Securities (NYSE: ICS)</B></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">Formerly: Invesco Insured California Municipal
Securities (through 1/23/2012); Morgan Stanley
Insured California Municipal Securities (through
5/6/2010)</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"><B>Invesco High Yield Investments Fund, Inc. (NYSE: MSY)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen High Income
Trust II (NYSE: VLT)</B></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">Formerly: Morgan Stanley High Yield Fund, Inc.
(through 5/27/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen High Income Trust II
(through 5/26/2010)</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"><B>Invesco Municipal Premium Income Trust (NYSE: PIA)</B></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">Formerly: Morgan Stanley Municipal Premium Income
Trust (through 5/10/2010)</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"><B>Invesco Van Kampen Select Sector Municipal Trust
(NYSE MKT: VKL)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Municipal Opportunity Trust
(NYSE: VMO)</B></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">Formerly: Van Kampen Select Sector Municipal Trust
(through 3/31/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Municipal Opportunity Trust
(through 3/31/2010)</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"><B>Invesco Van Kampen Trust for Value Municipals
(NYSE: VIM)</B></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">Formerly: Invesco Van Kampen Trust for Insured
Municipals (through 12/16/2011); Van Kampen Trust for
Insured Municipals (through 5/10/2010)</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"><B>Invesco New York Quality Municipal Securities
(NYSE: IQN)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Trust for Investment Grade New
York Municipals (NYSE: VTN)</B></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">Formerly: Morgan Stanley New York Quality Municipal
Securities (through 5/6/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Trust for Investment Grade
New York Municipals (through 4/12/2010)</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"><B>Invesco Van Kampen Massachusetts Value Municipal
Income Trust (NYSE MKT: VMV)</B></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">Formerly: Van Kampen Massachusetts Value Municipal
Income Trust (through 3/31/2010)</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"><B>Invesco Van Kampen Ohio Quality Municipal Trust
(NYSE: VOQ)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Invesco Van Kampen Municipal Trust (NYSE: VKQ)</B></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">Formerly: Van Kampen Ohio Quality Municipal Trust
(through 3/31/2010)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Formerly: Van Kampen Municipal Trust (through
4/21/2010)</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"><B>Invesco Van Kampen Trust for Investment Grade New
Jersey Municipals (NYSE: VTJ)</B></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">Formerly: Van Kampen Trust for Investment Grade New
Jersey Municipals (through 3/31/2010)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<A name="H86298103"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table on the following pages identifies various securities and investment techniques that
Invesco and/or the Sub-Advisers (as defined herein) may use in managing the Funds, including as
part of a temporary defensive strategy, as well as the risks associated with those types of
securities and investment techniques. The table has been marked to indicate those securities and
investment techniques that Invesco and/or a Sub-Adviser may, but is not
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 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="left" style="font-size: 10pt; margin-top: 6pt">required to, use to manage a Fund, including as part of a temporary defensive strategy. A Fund
may choose not to use any or all of these techniques and may use different techniques at different
times. Invesco and/or the Sub-Advisers may invest in other securities and may use other investment
techniques in managing the Funds, including those described below for Funds not specifically
mentioned as investing in the security or using the investment technique, as well as securities and
techniques not described. Each Fund&#146;s transactions in a particular security or use of a particular
technique is subject to the limitations imposed by a Fund&#146;s investment objective, principal
investment strategies, and fundamental and non-fundamental investment restrictions (and appendices
thereto) described in that Fund&#146;s Proxy Statement and/or this SAI, as well as federal securities
laws. Each Fund&#146;s investment policies, strategies and practices described below are
non-fundamental and may be changed without approval of the holders of the Fund&#146;s voting securities
unless otherwise indicated below, elsewhere in this SAI or in the Fund&#146;s Proxy Statement. The
descriptions of the securities and investment techniques in this section supplement the discussion
of principal investment strategies contained in each Fund&#146;s Proxy Statement and shareholder
reports; where a particular type of security or investment technique is not discussed in a Fund&#146;s
Proxy Statement or shareholder reports, that security or investment technique is not a principal
investment strategy.
</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="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&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">IIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQI</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VCV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VLT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VMO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VTN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VKQ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Debt Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt
Obligations (CDOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan
Obligations (CLOs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt
Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations
and Assignments</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and
Indexed Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt
Obligations</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government
Obligations</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange
Transactions</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate
Loans and Corporate Debt
Securities of Non-U.S.
Borrowers</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&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">IIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQI</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VCV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VLT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VMO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VTN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VKQ</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments,
When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase
Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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>
</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="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&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" style="border-bottom: 1px solid #000000">IMC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IMS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IMT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIB</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">IQC</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><I>Debt Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt
Obligations (CDOs)</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan
Obligations (CLOs)</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt
Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations
and Assignments</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and
Indexed Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt
Obligations</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&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" style="border-bottom: 1px solid #000000">IMC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IMS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IMT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIB</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">OIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IIC</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">IQC</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government
Obligations</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange
Transactions</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate
Loans and Corporate Debt
Securities of Non-U.S.
Borrowers</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments,
When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase
Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</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="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&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" style="border-bottom: 1px solid #000000">ICS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">MSY</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">PIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VKL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VMV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VOQ</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VTJ</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><I>Debt Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Government Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Temporary Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Debt
Obligations (CDOs)</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Collateralized Loan
Obligations (CLOs)</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Credit Linked Notes (CLNs)</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Synthetic Municipal
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /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="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&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" style="border-bottom: 1px solid #000000">ICS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">MSY</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">PIA</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VKL</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VIM</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">IQN</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VMV</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">VOQ</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VTJ</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Lease Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment Grade Debt
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-Investment Grade Debt
Obligations (Junk Bonds)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, Loan Participations
and Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Public Bank Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Structured Notes and
Indexed Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">U.S. Corporate Debt
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Equity Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Foreign Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Government
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign Exchange
Transactions</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Floating Rate Corporate
Loans and Corporate Debt
Securities of Non-U.S.
Borrowers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Other Investments:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exchange-Traded Funds (ETFs)</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other Investment Companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Limited Partnerships</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Defaulted Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Municipal Forward Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Variable or Floating Rate
Instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inverse Floating Rate
Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zero Coupon and Pay-in-Kind
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Premium Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Participation Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Investment Techniques:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Commitments,
When-Issued and Delayed
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Lending Portfolio Securities</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>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="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 align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Repurchase Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restricted and Illiquid
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reverse Repurchase
Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Standby Commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>Derivatives:</I></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Swap Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</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">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest Rate Locks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Futures Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Forward Currency Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">X</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>U.S. Government Obligations</B>. U.S. Government obligations are obligations issued or guaranteed
by the U.S. Government, its agencies and instrumentalities, and include, among other obligations,
bills, notes and bonds issued by the U.S. Treasury, as well as &#147;stripped&#148; or &#147;zero coupon&#148; U.S.
Treasury obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Government obligations may be (i)&nbsp;supported by the full faith and credit of the U.S.
Treasury, (ii)&nbsp;supported by the right of the issuer to borrow from the U.S. Treasury, (iii)
supported by the discretionary authority of the U.S. Government to purchase the agency&#146;s
obligations, or (iv)&nbsp;supported only by the credit of the instrumentality. There is a risk that the
U.S. Government may choose not to provide financial support to U.S. Government-sponsored agencies
or instrumentalities if it is not legally obligated to do so. In that case, if the issuer were to
default, a portfolio holding securities of such issuer might not be able to recover its investment
from the U.S. Government. For example, while the U.S. Government has recently provided financial
support to Federal National Mortgage Association (&#147;Fannie Mae&#148;) and Federal Home Loan Mortgage
Corporation (&#147;Freddie Mac&#148;), no assurance can be given that the U.S. Government will always do so,
since the U.S. Government is not so obligated by law. There also is no guarantee that the
government would support Federal Home Loan Banks. Accordingly, securities of Fannie Mae, Freddie
Mac and Federal Home Loan Banks, and other agencies, may involve a risk of non-payment of principal
and interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Temporary Investments</B>. A Fund may invest a portion of its assets in money market funds
(including affiliated money market funds affiliated with Invesco) and in the types of money market
instruments in which money market funds would invest or other short-term U.S. Government securities
for cash management purposes. The Fund may invest up to 100% of its assets in investments that may
be inconsistent with the Fund&#146;s principal investment strategies for temporary defensive purposes in
anticipation of or in response to adverse market, economic, political or other conditions, or other
atypical circumstances. As a result, the Fund may not achieve its investment objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Collateralized Debt Obligations (&#147;CDOs&#148;)</B>. A CDO is a security backed by a pool of bonds,
loans and other debt obligations. CDOs are not limited to investing in one type of debt and
accordingly, a CDO may own corporate bonds, commercial loans, asset-backed securities, residential
mortgage-backed securities, commercial mortgage-backed securities, and emerging market debt. The
CDO&#146;s securities are typically divided into several classes, or bond tranches, that have differing
levels of investment grade or credit tolerances. Most CDO issues are structured in a way that
enables the senior bond classes and mezzanine classes to receive investment-grade credit ratings.
Credit risk is shifted to the most junior class of securities. If any defaults occur in the assets
backing a CDO, the senior bond classes are first in line to receive principal and interest
payments, followed by the mezzanine classes and finally by the lowest rated (or non-rated) class,
which is known as the equity tranche. Similar in structure to a collateralized mortgage obligation
(described above) CDOs are unique in that they represent different types of debt and credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Collateralized Loan Obligations (&#147;CLOs&#148;)</B>. CLOs are debt instruments backed solely by a pool
of other debt securities. The risks of an investment in a CLO depend largely on the type of the
collateral securities and the class of the CLO in which a Fund invests. Some CLOs have credit
ratings, but are typically issued in various classes with various priorities. Normally, CLOs are
privately offered and sold (that is, they are not registered under the securities laws) and may be
characterized as illiquid securities; however, an active dealer market may exist for CLOs that
qualify for Rule&nbsp;144A transactions. In addition to the normal interest rate, default and other
risks of fixed income securities, CLOs carry additional risks, including the possibility that
distributions from collateral securities will not be adequate to make interest or other payments,
the quality of the collateral may decline in value or default, a Fund may invest in CLOs that are
subordinate to other classes , values may be volatile, and disputes with the issuer may produce
unexpected investment results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit Linked Notes (&#147;CLNs&#148;)</B>. A CLN is a security with an embedded credit default swap
allowing the issuer to transfer a specific credit risk to credit investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CLNs are created through a Special Purpose Company (&#147;SPC&#148;), or trust, which is collateralized
with AAA-rated securities. The CLN&#146;s price or coupon is linked to the performance of the reference
asset of the second party. Generally, the CLN holder receives either fixed or floating coupon rate
during the life of the CLN and par at
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">maturity. The cash flows are dependent on specified
credit-related events. Should the second party default or declare bankruptcy, the CLN holder will
receive an amount equivalent to the recovery rate. In return for these risks, the CLN holder
receives a higher yield. The Fund bears the risk of default by the second party and any unforeseen
movements in the reference asset, which could lead to loss of principal and receipt of interest
payments. As with most derivative instruments, valuation of a CLN may be difficult due to the
complexity of the security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Bank Instruments</B>. Bank instruments are unsecured interest bearing bank deposits. Bank
instruments include, but are not limited to, certificates of deposits, time deposits, and banker&#146;s
acceptances from U.S. or foreign banks as well as Eurodollar certificates of deposit (&#147;Eurodollar
CDs&#148;) and Eurodollar time deposits (&#147;Eurodollar time deposits&#148;) of foreign branches of domestic
banks. Some certificates of deposit are negotiable interest-bearing instruments with a specific
maturity issued by banks and savings and loan institutions in exchange for the deposit of funds,
and can typically be traded in the secondary market prior to maturity. Other certificates of
deposit, like time deposits, are non-negotiable receipts issued by a bank in exchange for the
deposit of funds which earns a specified rate of interest over a definite period of time; however,
it cannot be traded in the secondary market. A bankers&#146; acceptance is a bill of exchange or time
draft drawn on and accepted by a commercial bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An investment in Eurodollar CDs or Eurodollar time deposits may involve some of the same risks
that are described for Foreign Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Commercial Instruments</B>. Commercial instruments include commercial paper, master notes and
other short-term corporate instruments, that are denominated in U.S. dollars or foreign currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial instruments are a type of instrument issued by large banks and corporations to
raise money to meet their short term debt obligations, and are only backed by the issuing bank or
corporation&#146;s promise to pay the face amount on the maturity date specified on the note.
Commercial paper consists of short-term promissory notes issued by corporations. Commercial paper
may be traded in the secondary market after its issuance. Master notes are demand notes that
permit the investment of fluctuating amounts of money at varying rates of interest pursuant to
arrangements with issuers who meet the credit quality criteria of the Funds. The interest rate on
a master note may fluctuate based on changes in specified interest rates or may be reset
periodically according to a prescribed formula or may be a set rate. Although there is no
secondary market in master demand notes, if such notes have a demand feature, the payee may demand
payment of the principal amount of the note upon relatively short notice. Master notes are
generally illiquid and therefore subject to any applicable restrictions on investment in illiquid
securities. Commercial instruments may not be registered with the U.S. Securities and Exchange
Commission (&#147;SEC&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Synthetic Municipal Instruments</B>. Synthetic municipal instruments are instruments, the value
of and return on which are derived from underlying securities. Synthetic municipal instruments
include tender option bonds and variable rate trust certificates. Both types of instruments
involve the deposit into a trust or custodial account of one or more long-term tax-exempt bonds or
notes (&#147;Underlying Bonds&#148;), and the sale of certificates evidencing interests in the trust or
custodial account to investors such as the Fund. The trustee or custodian receives the long-term
fixed rate interest payments on the Underlying Bonds, and pays certificate holders short-term
floating or variable interest rates which are reset periodically. A &#147;tender option bond&#148; provides
a certificate holder with the conditional right to sell its certificate to the sponsor or some
designated third party at specified intervals and receive the par value of the certificate plus
accrued interest (a demand feature). A &#147;variable rate trust certificate&#148; evidences an interest in
a trust entitling the certificate holder to receive variable rate interest based on prevailing
short-term interest rates and also typically provides the certificate holder with the conditional
demand feature the right to tender its certificate at par value plus accrued interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Typically, a certificate holder cannot exercise the demand feature until the occurrence of
certain conditions, such as where the issuer of the Underlying Bond defaults on interest payments.
Moreover, because synthetic municipal instruments involve a trust or custodial account and a third
party conditional demand feature, they involve complexities and potential risks that may not be
present where a municipal security is owned directly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax-exempt character of the interest paid to certificate holders is based on the
assumption that the holders have an ownership interest in the Underlying Bonds; however, the IRS
has not issued a ruling addressing this issue. In the event the IRS issues an adverse ruling or
successfully litigates this issue, it is possible that the interest paid to the Fund on certain
synthetic municipal instruments would be deemed to be taxable. The Fund relies
</DIV>

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

<!-- PAGEBREAK -->
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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="left" style="font-size: 10pt; margin-top: 6pt">on opinions of
special tax counsel on this ownership question and opinions of bond counsel regarding the
tax-exempt character of interest paid on the Underlying Bonds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Securities</B>. Municipal securities generally include, among other things, debt
obligations of states, territories or possessions of the United States and the District of Columbia
and their political subdivisions, agencies and instrumentalities, issued to obtain funds for
various public purposes, including the construction of a wide range of public facilities such as
airports, bridges, highways, housing, hospitals, mass transportation, schools, streets and water
and sewer works. Other public purposes for which municipal securities may be issued include the
refunding of outstanding obligations, obtaining funds for general operating expenses and lending
such funds to other public institutions and facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal and interest payments for industrial development bonds or pollution control
bonds are often the sole responsibility of the industrial user and therefore may not be backed by
the taxing power of the issuing municipality. The interest paid on such bonds may be exempt from
federal income tax, although current federal tax laws place substantial limitations on the purposes
and size of such issues. Such obligations are considered to be municipal securities provided that
the interest paid thereon, in the opinion of bond counsel, qualifies as exempt from federal income
tax. However, interest on municipal securities may give rise to a federal alternative minimum tax
(AMT)&nbsp;liability and may have other collateral federal income tax consequences. There is a risk
that some or all of the interest received by the Fund from tax-exempt municipal securities might
become taxable as a result of tax law changes or determinations of the Internal Revenue Service
(&#147;IRS&#148;). See &#147;Tax Matters &#150; Taxation of Fund Distributions (Tax-Free Funds).&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two major classifications of municipal securities are bonds and notes. Bonds may be
further classified as &#147;general obligation&#148; or &#147;revenue&#148; issues. General obligation bonds are
secured by the issuer&#146;s pledge of its full faith, credit and taxing power for the payment of
principal and interest. Revenue bonds are payable from the revenues derived from a particular
facility or class of facilities, and in some cases, from the proceeds of a special excise or other
specific revenue source, but not from the general taxing power. Tax-exempt industrial development
bonds are in most cases revenue bonds and do not generally carry the pledge of the credit of the
issuing municipality. Notes are short-term instruments which usually mature in less than two
years. Most notes are general obligations of the issuing municipalities or agencies and are sold
in anticipation of a bond sale, collection of taxes or receipt of other revenues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal securities also include the following securities, among others:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bond Anticipation Notes usually are general obligations of state and local governmental
issuers which are sold to obtain interim financing for projects that will eventually be
funded through the sale of long-term debt obligations or bonds.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tax Anticipation Notes are issued by state and local governments to finance the current
operations of such governments. Repayment is generally to be derived from specific future
tax revenues. Tax anticipation notes are usually general obligations 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue Anticipation Notes are issued by governments or governmental bodies with the
expectation that future revenues from a designated source will be used to repay the notes.
In general, they also constitute general obligations 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Tax-Exempt Commercial Paper (&#147;Municipal Paper&#148;) is similar to taxable commercial paper,
except that tax-exempt commercial paper is issued by states, municipalities and their
agencies.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds also may purchase participation interests or custodial receipts from financial
institutions. These participation interests give the purchaser an undivided interest in one or
more underlying municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After purchase by a Fund, an issue of municipal securities may cease to be rated by Moody&#146;s
Investors Service, Inc. (&#147;Moody&#146;s&#148;) or Standard and Poor&#146;s Financial Services LLC, a subsidiary of
the McGraw-Hill Companies, Inc. (&#147;S&#038;P&#148;), or another nationally recognized statistical rating
organization (&#147;NRSRO&#148;), or the rating of such a security may be reduced below the minimum credit
quality rating required for purchase by the Fund. Neither event would require the Fund to dispose
of the security.
</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 Funds may invest in municipal securities that are insured by financial insurance
companies. Such 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. Since a limited number of entities provide such insurance, a Fund may invest
more than 25% of its assets in securities insured by the same insurance company. If a Fund invests
in municipal securities backed by insurance companies and other financial institutions, changes in
the financial condition of these institutions could cause losses to the Fund and affect share
price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxable municipal securities are debt securities issued by or on behalf of states and their
political subdivisions, the District of Columbia, and possessions of the United States, the
interest on which is not exempt from federal income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The yields on municipal securities are dependent on a variety of factors, including general
economic and monetary conditions, money market factors, conditions of the municipal securities
market, size of a particular offering, and maturity and rating of the obligation. Because many
municipal securities are issued to finance similar projects, especially those related to education,
health care, transportation and various utilities, conditions in those sectors and the financial
condition of an individual municipal issuer can affect the overall municipal market. The market
values of the municipal securities held by a Fund will be affected by changes in the yields
available on similar securities. If yields increase following the purchase of a municipal
security, the market value of such municipal security will generally decrease. Conversely, if
yields decrease, the market value of a municipal security will generally increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Lease Obligations</B>. Municipal lease obligations, a type of municipal security, may
take the form of a lease, an installment purchase contract or a conditional sales contract.
Municipal lease obligations are issued by state and local governments and authorities to acquire
land, equipment and facilities such as state and municipal vehicles, telecommunications and
computer equipment, and other capital assets. Interest payments on qualifying municipal lease
obligations are generally exempt from federal income taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal lease obligations are generally subject to greater risks than general obligation or
revenue bonds. State laws set forth requirements that states or municipalities must meet in order
to issue municipal obligations, and such obligations may contain a covenant by the issuer to budget
for, appropriate, and make payments due under the obligation. However, certain municipal lease
obligations may contain &#147;non-appropriation&#148; clauses which provide that the issuer is not obligated
to make payments on the obligation in future years unless funds have been appropriated for this
purpose each year. If not enough money is appropriated to make the lease payments, the leased
property may be repossessed as security for holders of the municipal lease obligation. In such an
event, there is no assurance that the property&#146;s private sector or re-leasing value will be enough
to make all outstanding payments on the municipal lease obligation or that the payments will
continue to be tax-free. Additionally, it may be difficult to dispose of the underlying capital
asset in the event of non-appropriation or other default. Direct investments by the Fund in
municipal lease obligations may be deemed illiquid and therefore subject to any applicable
percentage limitations for investments in illiquid securities and the risks of holding illiquid
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of the state-specific investment considerations regarding various states in
which certain Funds invest a substantial portion of their assets, see Appendix&nbsp;A to this SAI,
&#147;Special State-Specific Investment Considerations.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investment Grade Debt Obligations</B>. Debt obligations include, among others, bonds, notes,
debentures and variable rate demand notes. They may be U.S. dollar-denominated debt obligations
issued or guaranteed by U.S. corporations or U.S. commercial banks, U.S. dollar-denominated
obligations of foreign issuers and debt obligations of foreign issuers denominated in foreign
currencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These obligations must meet minimum ratings criteria set forth for the Fund as described in
its prospectus or, if unrated, be of comparable quality. Bonds rated Baa3 or higher by Moody&#146;s
and/or BBB or higher by S&#038;P 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">Fitch Ratings, Ltd. are typically considered investment grade debt
obligations. The description of debt securities ratings may be found in Appendix&nbsp;B to this SAI.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In choosing corporate debt securities on behalf of a Fund, portfolio managers may consider:
</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="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>general economic and financial conditions;</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="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the specific issuer&#146;s (a)&nbsp;business and management, (b)&nbsp;cash flow, (c)&nbsp;earnings
coverage of interest and dividends, (d)&nbsp;ability to operate under adverse economic
conditions, (e)&nbsp;fair market value of assets, and (f)&nbsp;in the case of foreign issuers,
unique political, economic or social conditions applicable to such issuer&#146;s country;
and</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="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other considerations deemed appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities are subject to a variety of risks, such as interest rate risk, income risk,
prepayment risk, inflation risk, credit risk, currency risk and default risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Non-Investment Grade Debt Obligations (&#147;Junk Bonds&#148;)</B>. Bonds rated Ba or below by Moody&#146;s
and/or BB or below by S&#038;P or Fitch Ratings, Ltd. are typically considered non-investment grade or
&#147;junk bonds.&#148; Analysis of the creditworthiness of junk bond issuers is more complex than that of
investment-grade issuers and the success of the Adviser in managing these decisions is more
dependent upon its own credit analysis than is the case with investment-grade bonds. Description
of debt securities ratings are found in Appendix&nbsp;B to this SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The capacity of junk bonds to pay interest and repay principal is considered speculative.
While junk bonds may provide an opportunity for greater income and gains, they are subject to
greater risks than higher-rated debt securities. The prices of and yields on junk bonds may
fluctuate to a greater extent than those of higher-rated debt securities. Junk bonds are generally
more sensitive to individual issuer developments, economic conditions and regulatory changes than
higher-rated bonds. Issuers of junk bonds are often issued by smaller, less-seasoned companies or
companies that are highly leveraged with more traditional methods of financing unavailable to them.
Junk bonds are generally at a higher risk of default because such issues are often unsecured or
otherwise subordinated to claims of the issuer&#146;s other creditors. If a junk bond issuer defaults,
a Fund may incur additional expenses to seek recovery. The secondary markets in which junk bonds
are traded may be thin and less liquid than the market for higher-rated debt securities and a Fund
may have difficulty selling certain junk bonds at the desired time and price. Less liquidity in
secondary trading markets could adversely affect the price at which a Fund could sell a particular
junk bond, and could cause large fluctuations in the net asset value of that Fund&#146;s shares. The
lack of a liquid secondary market may also make it more difficult for a Fund to obtain accurate
market quotations in valuing junk bond assets and elements of judgment may play a greater role in
the valuation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Loans, Loan Participations and Assignments</B>. Loans and loan participations are interests in
amounts owed by a corporate, governmental or other borrowers to another party. They may represent
amounts owed to lenders or lending syndicates, to suppliers of goods or services, or to other
parties. The Fund will have the right to receive payments of principal, interest and any fees to
which it is entitled only from the lender selling the participation and only upon receipt by the
lender of the payments from the borrower. In connection with purchasing participations, the Fund
generally will have no right to enforce compliance by the borrower with the terms of the loan
agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may
not directly benefit from any collateral supporting the loan in which it has purchased the
participation. As a result, the Fund will be subject to the credit risk of both the borrower and
the lender that is selling the participation. In the event of the insolvency of the lender selling
a participation, a Fund may be treated as a general creditor of the lender and may not benefit from
any set-off between the lender and the borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund purchases assignments from lenders, it acquires direct rights against the
borrower on the loan. However, because assignments are arranged through private negotiations
between potential assignees and potential assignors, the rights and obligations acquired by a Fund
as the purchaser of an assignment may differ from, and be more limited than, those held by the
assigning lender. In addition, if the loan is foreclosed, the Fund could be part owner of any
collateral and could bear the costs and liabilities of owning and disposing of the collateral.
</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 loans, loan participations and assignments present the possibility that the
Fund could be held liable as a co-lender under emerging legal theories of lender liability. The
Fund anticipates that loans, loan participations and assignments could be sold only to a limited
number of institutional investors. If there is no active secondary market for a loan, it may be
more difficult to sell the interests in such a loan at a price that is acceptable or to even obtain
pricing information. In addition, some loans, loan participations and assignments may not be rated
by major rating agencies and may not be protected by the securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Public Bank Loans</B>. Public bank loans are privately negotiated loans for which information
about the issuer has been made publicly available. Public loans are made by banks or other
financial institutions, and may be rated investment grade (Baa or higher by Moody&#146;s, BBB or higher
by S&#038;P) or below investment grade (below Baa by Moody&#146;s or below BBB by S&#038;P). However, public bank
loans are not registered under the Securities Act of 1933, as amended (the &#147;1933 Act&#148;), and are not
publicly traded. They usually are second lien loans normally lower in priority of payment to
senior loans, but have seniority in a company&#146;s capital structure to other claims, such as
subordinated corporate bonds or publicly-issued equity so that in the event of bankruptcy or
liquidation, the company is required to pay down these second lien loans prior to such other
lower-ranked claims on their assets. Bank loans normally pay floating rates that reset frequently,
and as a result, protect investors from increases in interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans generally are negotiated between a borrower and several financial institutional
lenders represented by one or more lenders acting as agent of all the lenders. The agent is
responsible for negotiating the loan agreement that establishes the terms and conditions of the
loan and the rights of the borrower and the lenders, monitoring any collateral, and collecting
principal and interest on the loan. By investing in a loan, a Fund becomes a member of a syndicate
of lenders. Certain bank loans are illiquid, meaning the Fund may not be able to sell them quickly
at a fair price. Illiquid securities are also difficult to value. To the extent a bank loan has
been deemed illiquid, it will be subject to any applicable restrictions on investment in illiquid
securities. The secondary market for bank loans may be subject to irregular trading activity, wide
bid/ask spreads and extended trade settlement periods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank loans are subject to the risk of default. Default in the payment of interest or
principal on a loan will result in a reduction of income to a Fund, a reduction in the value of the
loan, and a potential decrease in the Fund&#146;s net asset value. The risk of default will increase in
the event of an economic downturn or a substantial increase in interest rates. Bank loans are
subject to the risk that the cash flow of the borrower and property securing the loan or debt, if
any, may be insufficient to meet scheduled payments. As discussed above, however, because bank
loans reside higher in the capital structure than high yield bonds, default losses have been
historically lower in the bank loan market. Bank loans that are rated below investment grade share
the same risks of other below investment grade securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Structured Notes and Indexed Securities</B>. Structured notes are derivative debt instruments,
the interest rate or principal of which is linked to currencies, interest rates, commodities,
indices or other financial indicators (&#147;reference instruments&#148;). Indexed securities may include
structured notes and other securities wherein the interest rate or principal are determined by a
reference instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most structured notes and indexed securities are fixed income securities that have maturities
of three years or less. The interest rate or the principal amount payable at maturity of an
indexed security may vary based on changes in one or more specified reference instruments, such as
a floating interest rate compared with a fixed interest rate. The reference instrument need not be
related to the terms of the indexed security. Structured notes and indexed securities may be
positively or negatively indexed (i.e., their principal value or interest rates may increase or
decrease if the underlying reference instrument appreciates), and may have return characteristics
similar to direct investments in the underlying reference instrument or to one or more options on
the underlying reference instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structured notes and indexed securities may entail a greater degree of market risk than other
types of debt securities because the investor bears the risk of the reference instrument.
Structured notes or indexed securities also may be more volatile, less liquid, and more difficult
to accurately price than less complex securities and instruments or more traditional debt
securities. In addition to the credit risk of the structured note or indexed security&#146;s issuer and
the normal risks of price changes in response to changes in interest rates, the principal amount of
structured notes or indexed securities may decrease as a result of changes in the value of the
underlying reference instruments.
</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">Further, in the case of certain structured notes or indexed
securities in which the interest rate, or exchange rate in the case of currency, is linked to a
referenced instrument, the rate may be increased or decreased or the terms may provide that, under
certain circumstances, the principal amount payable on maturity may be reduced to zero resulting in
a loss to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>U.S. Corporate Debt Obligations</B>. Corporate debt obligations are debt obligations issued or
guaranteed by corporations that are denominated in U.S. dollars. Such investments may include,
among others, commercial paper, bonds, notes, debentures, variable rate demand notes, master notes,
funding agreements and other short-term corporate instruments. Commercial Paper consists of
short-term promissory notes issued by corporations. Commercial paper may be traded in the
secondary market after its issuance. Variable rate demand notes are securities with a variable
interest which is readjusted on pre-established dates. Variable rate demand notes are subject to
payment of principal and accrued interest (usually within seven days) on a Fund&#146;s demand. Master
notes are negotiated notes that permit the investment of fluctuating amounts of money at varying
rates of interest pursuant to arrangements with issuers who meet the credit quality criteria of the
Fund. The interest rate on a master note may fluctuate based upon changes in specified interest
rates or be reset periodically according to a prescribed formula or may be a set rate. Although
there is no secondary market in master notes, if such notes have a demand feature, the payee may
demand payment of the principal amount of the note upon relatively short notice. Funding
agreements are agreements between an insurance company and a Fund covering underlying demand notes.
Although there is no secondary market in funding agreements, if the underlying notes have a demand
feature, the payee may demand payment of the principal amount of the note upon relatively short
notice. Master notes and funding agreements are generally illiquid and therefore subject to any
applicable restrictions on investment in illiquid securities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Equity Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Common Stock</B>. Common stock is issued by a company principally to raise cash for business
purposes and represents an equity or ownership interest in the issuing company. Common
stockholders are typically entitled to vote on important matters of the issuing company, including
the selection of directors, and may receive dividends on their holdings. A Fund participates in
the success or failure of any company in which it holds common stock. In the event a company is
liquidated or declares bankruptcy, the claims of bondholders, other debt holders, owners of
preferred stock and general creditors take precedence over the claims of those who own common
stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prices of common stocks change in response to many factors including the historical and
prospective earnings of the issuing company, the value of its assets, general economic conditions,
interest rates, investor perceptions and market liquidity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Preferred Stock</B>. Preferred stock, unlike common stock, often offers a specified dividend rate
payable from a company&#146;s earnings. Preferred stock also generally has a preference over common
stock on the distribution of a company&#146;s assets in the event the company is liquidated or declares
bankruptcy; however, the rights of preferred stockholders on the distribution of a company&#146;s assets
in the event of a liquidation or bankruptcy are generally subordinate to the rights of the
company&#146;s debt holders and general creditors. If interest rates rise, the fixed dividend on
preferred stocks may be less attractive, causing the price of preferred stocks to decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some fixed rate preferred stock may have mandatory sinking fund provisions which provide for
the stock to be retired or redeemed on a predetermined schedule, as well as call/redemption
provisions prior to maturity, which can limit the benefit of any decline in interest rates that
might positively affect the price of preferred stocks. Preferred stock dividends may be
&#147;cumulative,&#148; requiring all or a portion of prior unpaid dividends to be paid before dividends are
paid on the issuer&#146;s common stock. Preferred stock may be &#147;participating,&#148; which means that it may
be entitled to a dividend exceeding the stated dividend in certain cases. In some cases an issuer
may offer auction rate preferred stock, which means that the interest to be paid is set by auction
and will often be reset at stated intervals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Convertible Securities</B>. Convertible securities are generally bonds, debentures, notes,
preferred stocks or other securities or investments that may be converted or exchanged (by the
holder or by the issuer) into shares of the underlying common stock (or cash or securities of
equivalent value) at a stated exchange ratio or predetermined price (the conversion price). A
convertible security is designed to provide current income and also the potential for capital
appreciation through the conversion feature, which enables the holder to benefit from increases in
the market
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">price of the underlying common stock. A convertible security may be called for
redemption or conversion by the issuer after a particular date and under certain circumstances
(including a specified price) established upon issue. If a convertible security held by a Fund is
called for redemption or conversion, the Fund could be required to tender it for redemption,
convert it into the underlying common stock, or sell it to a third party, which may have an adverse
effect on the Fund&#146;s ability to achieve its investment objectives. Convertible securities have
general characteristics similar to both debt and equity securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A convertible security generally entitles the holder to receive interest paid or accrued until
the convertible security matures or is redeemed, converted or exchanged. Before conversion,
convertible securities have characteristics similar to non-convertible debt obligations and are
designed to provide for a stable stream of income with generally higher yields than common stocks.
However, there can be no assurance of current income because the issuers of the convertible
securities may default on their obligations. Convertible securities rank senior to common stock in
a corporation&#146;s capital structure and, therefore, generally entail less risk than the corporation&#146;s
common stock. Convertible securities are subordinate in rank to any senior debt obligations of the
issuer, and, therefore, an issuer&#146;s convertible securities entail more risk than its debt
obligations. Moreover, convertible securities are often rated below investment grade or not rated
because they fall below debt obligations and just above common stock in order of preference or
priority on an issuer&#146;s balance sheet. To the extent that a Fund invests in convertible securities
with credit ratings below investment grade, such securities may have a higher likelihood of
default, although this may be somewhat offset by the convertibility feature.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible securities generally offer lower interest or dividend yields than non-convertible
debt securities of similar credit quality because of the potential for capital appreciation. The
common stock underlying convertible securities may be issued by a different entity than the issuer
of the convertible securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of convertible securities is influenced by both the yield of non-convertible
securities of comparable issuers and by the value of the underlying common stock. The value of a
convertible security viewed without regard to its conversion feature (i.e., strictly on the basis
of its yield) is sometimes referred to as its &#147;investment value.&#148; The investment value of the
convertible security typically will fluctuate based on the credit quality of the issuer and will
fluctuate inversely with changes in prevailing interest rates. However, at the same time, the
convertible security will be influenced by its &#147;conversion value,&#148; which is the market value of the
underlying common stock that would be obtained if the convertible security were converted.
Conversion value fluctuates directly with the price of the underlying common stock, and will
therefore be subject to risks relating to the activities of the issuer and general market and
economic conditions. Depending upon the relationship of the conversion price to the market value
of the underlying security, a convertible security may trade more like an equity security than a
debt instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, because of a low price of the common stock, the conversion value is substantially below
the investment value of the convertible security, the price of the convertible security is governed
principally by its investment value. Generally, if the conversion value of a convertible security
increases to a point that approximates or exceeds its investment value, the value of the security
will be principally influenced by its conversion value. A convertible security will sell at a
premium over its conversion value to the extent investors place value on the right to acquire the
underlying common stock while holding an income-producing security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While a Fund uses the same criteria to rate a convertible debt security that it uses to rate a
more conventional debt security, a convertible preferred stock is treated like a preferred stock
for the Fund&#146;s financial reporting, credit rating and investment limitation purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enhanced Convertible Securities</I>. &#147;Enhanced&#148; convertible securities are equity-linked hybrid
securities that automatically convert to equity securities on a specified date. Enhanced
convertibles have been designed with a variety of payoff structures, and are known by a variety of
different names. Three features common to enhanced convertible securities are (i)&nbsp;conversion to
equity securities at the maturity of the convertible (as opposed to conversion at the option of the
security holder in the case of ordinary convertibles); (ii)&nbsp;capped or limited appreciation
potential relative to the underlying common stock; and (iii)&nbsp;dividend yields that are typically
higher than that on the underlying common stock. Thus, enhanced convertible securities offer
holders the opportunity to obtain higher current income than would be available from a traditional
equity security issued by the same company in return for reduced participation in the appreciation
potential of the underlying common stock. Other forms of
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">enhanced convertible securities may
involve arrangements with no interest or dividend payments made until maturity of the security or
an enhanced principal amount received at maturity based on the yield and value of the underlying
equity security during the security&#146;s term or at maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Foreign Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Securities</B>. Foreign securities are equity or debt securities issued by issuers
outside the United States, and include securities in the form of American Depositary Receipts
(ADRs), European Depositary Receipts (EDRs), or other securities representing underlying securities
of foreign issuers (foreign securities). ADRs are receipts, issued by U.S. banks, for the shares
of foreign corporations, held by the bank issuing the receipt. ADRs are typically issued in
registered form, denominated in U.S. dollars and designed for use in the U.S. securities markets.
EDRs are similar to ADRs, except they are typically issued by European banks or trust companies,
denominated in foreign currencies and designed for use outside the U.S. securities markets. ADRs
and EDRs entitle the holder to all dividends and capital gains on the underlying foreign
securities, less any fees paid to the bank. Purchasing ADRs or EDRs gives a Fund the ability to
purchase the functional equivalent of foreign securities without going to the foreign securities
markets to do so. ADRs or EDRs that are &#147;sponsored&#148; means that the foreign corporation whose
shares are represented by the ADR or EDR is actively involved in the issuance of the ADR or EDR,
and generally provides material information about the corporation to the U.S. market. An
&#147;unsponsored&#148; ADR or EDR program means that the foreign corporation whose shares are held by the
bank is not obligated to disclose material information in the United States, and, therefore, the
market value of the ADR or EDR may not reflect important facts known only to the foreign company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign debt securities include corporate debt securities of foreign issuers, certain foreign
bank obligations (see &#147;Debt Investments &#150; Bank Instruments&#148;) and U.S. dollar or foreign currency
denominated obligations of foreign governments or their subdivisions, agencies and
instrumentalities (see &#147;Foreign Investments &#150; Foreign Government Obligations&#148;), international
agencies and supranational entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund considers various factors when determining whether a company is in a particular
country, including whether: (1)&nbsp;it is organized under the laws of a country; (2)&nbsp;it has a principal
office in a country; (3)&nbsp;it derives 50% or more of its total revenues from businesses in a country;
and/or (4)&nbsp;its securities are traded principally on a stock exchange, or in an over-the-counter
market, in a particular country.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments by a Fund in foreign securities, including ADRs and EDRs, whether denominated in
U.S. dollars or foreign currencies, may entail all of the risks set forth below in addition to
those accompanying an investment in issuers in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Risk</I>. The value in U.S. dollars of any non-dollar-denominated foreign investments
will be affected by changes in currency exchange rates. The U.S. dollar value of a foreign
security decreases when the value of the U.S. dollar rises against the foreign currency in which
the security is denominated and increases when the value of the U.S. dollar falls against such
currency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Political and Economic Risk. </I>The economies of many countries in which the Funds may invest may
not be as developed as the United States&#146; economy and may be subject to significantly different
forces. Political, economic or social instability and development, expropriation or confiscatory
taxation, and limitations on the removal of funds or other assets could also adversely affect the
value of the Funds&#146; investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Risk. </I>Foreign companies are generally not subject to the regulatory controls
imposed on U.S. issuers and, as a consequence, there is generally less publicly available
information about foreign securities than is available about domestic securities. Foreign
companies may not be subject to uniform accounting, auditing and financial reporting standards,
corporate governance practices and requirements comparable to those applicable to domestic
companies. Therefore, financial information about foreign companies may be incomplete, or may not
be comparable to the information available on U.S. companies. Income from foreign securities owned
by the Funds may be reduced by a withholding tax at the source, which tax would reduce dividend
income payable to the Funds&#146; shareholders.
</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;There is generally less government supervision and regulation of securities exchanges,
brokers, dealers, and listed companies in foreign countries than in the United States, thus
increasing the risk of delayed settlements of portfolio transactions or loss of certificates for
portfolio securities. Foreign markets may also have different clearance and settlement procedures.
If a Fund experiences settlement problems it may result in temporary periods when a portion of the
Fund&#146;s assets are uninvested and could cause the Fund to miss attractive investment opportunities
or a potential liability to the Fund arising out of the Fund&#146;s inability to fulfill a contract to
sell such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Market Risk</I>. Investing in foreign markets generally involves certain risks not typically
associated with investing in the United States. The securities markets in many foreign countries
will have substantially less trading volume than the U.S. markets. As a result, the securities of
some foreign companies may be less liquid and experience more price volatility than comparable
domestic securities. Obtaining and/or enforcing judgments in foreign countries may be more
difficult, which may make it more difficult to enforce contractual obligations. Increased
custodian costs as well as administrative costs (such as the need to use foreign custodians) may
also be associated with the maintenance of assets in foreign jurisdictions. In addition,
transaction costs in foreign securities markets are likely to be higher, since brokerage commission
rates in foreign countries are likely to be higher than in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risks of Developing/Emerging Market Countries</I>. A Fund may invest in securities of companies
located in developing/emerging market countries. Developing/emerging market countries are those
countries in the world other than developed countries of the European Union, the United States of
America, Canada, Japan, Australia, New Zealand, Norway, Switzerland, Hong Kong and Singapore.
Developed countries of the European Union are Austria, Belgium, Cyprus, Czech Republic, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal,
Slovakia, Slovenia, Spain, Sweden and United Kingdom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in developing and emerging market countries present risks in addition to, or
greater than, those presented by investments in foreign issuers generally, and may include the
following risks:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Restriction, to varying degrees, on foreign investment in stocks;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Repatriation of investment income, capital, and the proceeds of sales in foreign countries
may require foreign governmental registration and/or approval;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Greater risk of fluctuation in value of foreign investments due to changes in currency
exchange rates, currency control regulations or currency devaluation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Inflation and rapid fluctuations in inflation rates may have negative effects on the
economies and securities markets of certain developing and emerging market countries;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Many of the developing and emerging market countries&#146; securities markets are relatively
small or less diverse, have low trading volumes, suffer periods of relative illiquidity, and are
characterized by significant price volatility; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. There is a risk in developing and emerging market countries that a future economic or
political crisis could lead to price controls, forced mergers of companies, expropriation or
confiscatory taxation, seizure, nationalization, or creation of government monopolies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Government Obligations</B>. Debt securities issued by foreign governments are often, but
not always, supported by the full faith and credit of the foreign governments, or their
subdivisions, agencies or instrumentalities, that issue them. These securities involve the risks
discussed above under Foreign Securities. Additionally, the issuer of the debt or the governmental
authorities that control repayment of the debt may be unwilling or unable to pay interest or repay
principal when due. Political or economic changes or the balance of trade may affect a country&#146;s
willingness or ability to service its debt obligations. Periods of economic uncertainty may result
in the volatility of market prices of sovereign debt obligations, especially debt obligations
issued by the governments of developing countries. Foreign government obligations of developing
countries, and some structures
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of emerging market debt securities, both of which are generally
below investment grade, are sometimes referred to as &#147;Brady Bonds.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Exchange Transactions</B>. A Fund that may invest in foreign currency-denominated
securities has the authority to purchase and sell foreign currency options, foreign currency
futures contracts and related options, and may engage in foreign currency transactions either on a
spot (i.e., for prompt delivery and settlement) basis at the rate prevailing in the currency
exchange market at the time or through forward currency contracts (referred to also as forward
contracts; see also &#147;Derivatives &#150; Forward Currency Contracts&#148;). Because forward contracts are
privately negotiated transactions, there can be no assurance that a counterparty will honor its
obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds will incur any costs in converting assets from one currency to another. Foreign
exchange dealers may charge a fee for conversion. In addition, dealers may realize a profit based
on the difference between the prices at which they buy and sell various currencies in the spot and
forward markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will generally engage in these transactions in order to complete a purchase or sale of
foreign currency denominated securities The Funds may also use foreign currency options and forward
contracts to increase or reduce exposure to a foreign currency or to shift exposure from one
foreign currency to another in a cross currency hedge. Forward contracts are intended to minimize
the risk of loss due to a decline in the value of the hedged currencies; however, at the same time,
they tend to limit any potential gain which might result should the value of such currencies
increase. Certain Funds may also engage in foreign exchange transactions, such as forward
contracts, for non-hedging purposes to enhance returns. Open positions in forward contracts used
for non-hedging purposes will be covered by the segregation of a sufficient amount of liquid
assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase and sell currency futures and purchase and write currency options to
increase or decrease its exposure to different foreign currencies. A Fund also may purchase and
write currency options in connection with currency futures or forward contracts. Currency futures
contracts are similar to forward currency exchange contracts, except that they are traded on
exchanges and have standard contract sizes and delivery dates. Most currency futures contracts
call for payment or delivery in U.S. dollars. The uses and risks of currency futures are similar
to those of futures relating to securities or indices (see also &#147;Derivatives &#150; Futures Contracts&#148;).
Currency futures values can be expected to correlate with exchange rates but may not reflect other
factors that affect the value of the Fund&#146;s investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not any hedging strategy will be successful is highly uncertain, and use of hedging
strategies may leave a Fund in a less advantageous position than if a hedge had not been
established. Moreover, it is impossible to forecast with precision the market value of portfolio
securities at the expiration of a foreign currency forward contract. Accordingly, a Fund may be
required to buy or sell additional currency on the spot market (and bear the expense of such
transaction) if Invesco&#146;s or the Sub-Advisers&#146; predictions regarding the movement of foreign
currency or securities markets prove inaccurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Funds may hold a portion of their assets in bank deposits denominated in foreign
currencies, so as to facilitate investment in foreign securities as well as protect against
currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing
transaction costs). To the extent these monies are converted back into U.S. dollars, the value of
the assets so maintained will be affected favorably or unfavorably by changes in foreign currency
exchange rates and exchange control regulations. Foreign exchange transactions may involve some of
the risks of investments in foreign securities. For a discussion of tax considerations relating to
foreign currency transactions, see &#147;Tax Matters &#150; Tax Treatment of Portfolio Transactions &#150; Foreign
currency transactions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Floating Rate Corporate Loans and Corporate Debt Securities of Non-U.S. Borrowers</B>. Floating
rate loans are made to and floating rate debt securities are issued by non-U.S. borrowers. Such
loans and securities may be U.S. dollar-denominated or otherwise provide for payment in U.S.
dollars or may be denominated in foreign currencies. The borrower will meet the credit quality
standards established by Invesco and the Sub-Advisers for U.S. borrowers. The Funds similarly may
invest in floating rate loans and floating rate debt securities made to U.S. borrowers with
significant non-U.S. dollar-denominated revenues. In some cases where the floating rate loans or
floating rate debt securities are not denominated in U.S. dollars, provisions may be made for
payments to the lenders, including the Funds, in U.S. dollars pursuant to foreign currency swaps.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Other Investments</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Exchange-Traded Funds (&#147;ETFs&#148;)</B>. Most ETFs are registered under the Investment Company Act of
1940, as amended (the &#147;1940 Act&#148;) as investment companies. Therefore, a Fund&#146;s purchase of shares
of an ETF may be subject to the restrictions on investments in other investment companies discussed
under &#147;Other Investments &#150; Other Investment Companies.&#148; ETFs have management fees, which increase
their cost. Each Fund may invest in ETFs advised by unaffiliated advisers as well as ETFs advised
by Invesco PowerShares Capital Management LLC (&#147;PowerShares&#148;). Invesco, the Sub-Advisers and
PowerShares are affiliates of each other as they are all indirect wholly-owned subsidiaries of
Invesco Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETFs hold portfolios of securities, commodities and/or currencies that are designed to
replicate, as closely as possible before expenses, the price and/or yield of (i)&nbsp;a specified market
or other index, (ii)&nbsp;a basket of securities, commodities or currencies, or (iii)&nbsp;a particular
commodity or currency. The performance results of ETFs will not replicate exactly the performance
of the pertinent index, basket, commodity or currency due to transaction and other expenses,
including fees to service providers, borne by ETFs. Furthermore, there can be no assurance that
the portfolio of securities, commodities and/or currencies purchased by an ETF will replicate a
particular index or basket or price of a commodity or currency. ETF shares are sold and redeemed
at net asset value only in large blocks called creation units and redemption units, respectively.
ETF shares also may be purchased and sold in secondary market trading on national securities
exchanges, which allows investors to purchase and sell ETF shares at their market price throughout
the day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in ETFs generally present the same primary risks as an investment in a
conventional mutual fund that has the same investment objective, strategy and policies.
Investments in ETFs further involve the same risks associated with a direct investment in the
commodity or currency, or in the types of securities, commodities and/or currencies included in the
indices or baskets the ETFs are designed to replicate. In addition, shares of an ETF may trade at
a market price that is higher or lower than their net asset value and an active trading market in
such shares may not develop or continue. Moreover, trading of an ETF&#146;s shares may be halted if the
listing exchange&#146;s officials deem such action to be appropriate, the shares are de-listed from the
exchange, or the activation of market-wide &#147;circuit breakers&#148; (which are tied to large decreases in
stock prices) halts stock trading generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other Investment Companies</B>. A Fund may purchase shares of other investment companies,
including ETFs. For each Fund, the 1940 Act imposes the following restrictions on investments in
other investment companies: (i)&nbsp;a Fund may not purchase more than 3% of the total outstanding
voting stock of another investment company; (ii)&nbsp;a Fund may not invest more than 5% of its total
assets in securities issued by another investment company; and (iii)&nbsp;a Fund may not invest more
than 10% of its total assets in securities issued by other investment companies. The 1940 Act and
related rules provide certain exemptions from these restrictions. For example, under certain
conditions, a fund may acquire an unlimited amount of shares of mutual funds that are part of the
same group of investment companies as the acquiring fund. In addition, these restrictions do not
apply to investments by the Funds in investment companies that are money market funds, including
money market funds that have Invesco or an affiliate of Invesco as an investment adviser (the
&#147;Affiliated Money Market Funds&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a Fund purchases shares of another investment company, including an Affiliated Money
Market Fund, the Fund will indirectly bear its proportionate share of the advisory fees and other
operating expenses of such investment company and will be subject to the risks associated with the
portfolio investments of the underlying investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Limited Partnerships</B>. A limited partnership interest entitles the Fund to participate in the
investment return of the partnership&#146;s assets as defined by the agreement among the partners. As a
limited partner, the Fund generally is not permitted to participate in the management of the
partnership. However, unlike a general partner whose liability is not limited, a limited partner&#146;s
liability generally is limited to the amount of its commitment to the partnership.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Defaulted Securities</B>. Defaulted securities are debt securities on which the issuer is not
currently making interest payments. In order to enforce its rights in defaulted securities, the
Fund may be required to participate in legal proceedings or take possession of and manage assets
securing the issuer&#146;s obligations on the defaulted securities. This could increase the Fund&#146;s
operating expenses and adversely affect its net asset value. Risks in
</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">defaulted securities may be
considerably higher as they are generally unsecured and subordinated to other creditors of the
issuer. Any investments by the Fund in defaulted securities will also be considered illiquid
securities subject to any applicable restrictions on investment in illiquid securities, unless
Invesco and/or the Sub-Advisers determine that such defaulted securities are liquid under
guidelines adopted by the Fund&#146;s Board of Trustees (&#147;Board&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Municipal Forward Contracts</B>. A municipal forward contract is a municipal security which is
purchased on a when-issued basis with longer-than-standard settlement dates, in some cases taking
place up to five years from the date of purchase. The buyer, in this case the Fund, will execute a
receipt evidencing the obligation to purchase the bond on the specified issue date, and must
segregate cash to meet that forward commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal forward contracts typically carry a substantial yield premium to compensate the
buyer for the risks associated with a long when-issued period, including shifts in market interest
rates that could materially impact the principal value of the bond, deterioration in the credit
quality of the issuer, loss of alternative investment options during the when-issued period and
failure of the issuer to complete various steps required to issue the bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Variable or Floating Rate Instruments</B>. Variable or floating rate instruments are securities
that provide for a periodic adjustment in the interest rate paid on the obligation. The interest
rates for securities with variable interest rates are readjusted on set dates (such as the last day
of the month or calendar quarter) and the interest rates for securities with floating rates are
reset whenever a specified interest rate change occurs. Variable or floating interest rates
generally reduce changes in the market price of securities from their original purchase price
because, upon readjustment, such rates approximate market rates. Accordingly, as market interest
rates decrease or increase, the potential for capital appreciation or depreciation is less for
variable or floating rate securities than for fixed rate obligations. Many securities with
variable or floating interest rates have a demand feature allowing a Fund to demand payment of
principal and accrued interest prior to its maturity. The terms of such demand instruments require
payment of principal and accrued interest by the issuer, a guarantor, and/or a liquidity provider.
All variable or floating rate instruments will meet the applicable rating standards of the Funds.
For some Funds, the Fund&#146;s Adviser, or Sub-Adviser, as applicable, may determine that an unrated
floating rate or variable rate demand obligation meets the Fund&#146;s rating standards by reason of
being backed by a letter of credit or guarantee issued by a bank that meets those rating standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inverse Floating Rate Obligations</B>. The inverse floating rate obligations in which the Fund
may invest are typically created through a division of a fixed-rate municipal obligation into two
separate instruments, a short-term obligation and a long-term obligation. The interest rate on the
short-term obligation is set at periodic auctions. The interest rate on the long-term obligation
which the Fund may purchase is the rate the issuer would have paid on the fixed-income obligation,
(i)&nbsp;plus the difference between such fixed rate and the rate on the short term obligation, if the
short-term rate is lower than the fixed rate or (ii)&nbsp;minus such difference if the interest rate on
the short-term obligation is higher than the fixed rate. These securities have varying degrees of
liquidity and the market value of such securities generally will fluctuate in response to changes
in market rates of interest to a greater extent than the value of an equal principal amount of a
fixed rate security having similar credit quality, redemption provisions and maturity. These
securities 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. Although volatile, inverse floating rate obligations typically offer the
potential for yields exceeding the yields available on fixed rate bonds with comparable credit
quality, coupon, call provisions and maturity. These securities usually permit the investor to
convert the floating rate security counterpart to a fixed rate (normally adjusted downward), and
this optional conversion feature may provide a partial hedge against rising rates if exercised at
an opportune time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Zero Coupon and Pay-in-Kind Securities</B>. Zero coupon securities do not pay interest or
principal until final maturity unlike debt securities that traditionally provide periodic payments
of interest (referred to as a coupon payment). Investors must wait until maturity to receive
interest and principal, which increases the interest rate and credit risks of a zero coupon
security. Pay-in-kind securities are securities that have interest payable by delivery of
additional securities. Upon maturity, the holder is entitled to receive the aggregate par value of
the securities. Zero coupon and pay-in-kind securities may be subject to greater fluctuation in
value and less liquidity in the event of adverse market conditions than comparably rated securities
paying cash interest at regular interest payment periods. Investors may purchase zero coupon and
pay-in-kind securities at a price below the amount payable at maturity.
</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">The difference between the
purchase price and the amount paid at maturity represents &#147;original issue discount&#148; on the
security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Premium Securities</B>. Premium securities are securities bearing coupon rates higher than the
then prevailing market rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium securities are typically purchased at a &#147;premium,&#148; in other words, at a price greater
than the principal amount payable on maturity. The Fund will not amortize the premium paid for
such securities in calculating its net investment income. As a result, in such cases the purchase
of premium securities provides the Fund a higher level of investment income distributable to
shareholders on a current basis than if the Fund purchased securities bearing current market rates
of interest. However, the yield on these securities would remain at the current market rate. If
securities purchased by the Fund at a premium are called or sold prior to maturity, the Fund will
realize a loss to the extent the call or sale price is less than the purchase price. Additionally,
the Fund will realize a loss of principal if it holds such securities to maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Participation Notes</B>. Participation notes, also known as participation certificates, are
issued by banks or broker-dealers and are designed to replicate the performance of foreign
companies or foreign securities markets and can be used by the Fund as an alternative means to
access the securities market of a country. The performance results of participation notes will not
replicate exactly the performance of the foreign company or foreign securities market that they
seek to replicate due to transaction and other expenses. Investments in participation notes
involve the same risks associated with a direct investment in the underlying foreign companies or
foreign securities market that they seek to replicate. Participation notes are generally traded
over-the-counter and are subject to counterparty risk. Counterparty risk is the risk that the
broker-dealer or bank that issues them will not fulfill its contractual obligation to complete the
transaction with the Fund. Participation notes constitute general unsecured contractual
obligations of the banks or broker-dealers that issue them, and a Fund is relying on the
creditworthiness of such banks or broker-dealers and has no rights under a participation note
against the issuer of the underlying assets.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Investment Techniques</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Forward Commitments, When-Issued and Delayed Delivery Securities</B>. Forward commitments,
when-issued or delayed delivery basis means that delivery and payment take place in the future
after the date of the commitment to purchase or sell the securities at a pre-determined price
and/or yield. Settlement of such transactions normally occurs a month or more after the purchase
or sale commitment is made. Typically, no interest accrues to the purchaser until the security is
delivered. Forward commitments also include &#147;To Be Announced&#148; (&#147;TBA&#148;) mortgage-backed securities,
which are contracts for the purchase or sale of mortgage-backed securities to be delivered at a
future agreed upon date, whereby the specific mortgage pool numbers or the number of pools that
will be delivered to fulfill the trade obligation or terms of the contract are unknown at the time
of the trade. A Fund may also enter into buy/sell back transactions (a form of delayed delivery
agreement). In a buy/sell back transaction, a Fund enters a trade to sell securities at one price
and simultaneously enters a trade to buy the same securities at another price for settlement at a
future date. Although a Fund generally intends to acquire or dispose of securities on a forward
commitment, when-issued or delayed delivery basis, a Fund may sell these securities or its
commitment before the settlement date if deemed advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When purchasing a security on a forward commitment, when-issued or delayed delivery basis, a
Fund assumes the rights and risks of ownership of the security, including the risk of price and
yield fluctuation, and takes such fluctuations into account when determining its net asset value.
Securities purchased on a forward commitment, when-issued or delayed delivery basis are subject to
changes in value based upon the public&#146;s perception of the creditworthiness of the issuer and
changes, real or anticipated, in the level of interest rates. Accordingly, securities acquired on
such a basis may expose a Fund to risks because they may experience such fluctuations prior to
actual delivery. Purchasing securities on a forward commitment, when-issued or delayed delivery
basis may involve the additional risk that the yield available in the market when the delivery
takes place actually may be higher than that obtained in the transaction itself.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment in these types of securities may increase the possibility that the Fund will incur
short-term gains subject to federal taxation or short-term losses if the Fund must engage in
portfolio transactions in order to honor its commitment. Until the settlement date, a Fund will
segregate liquid assets of a dollar value sufficient at all times to
</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">make payment for the forward
commitment, when-issued or delayed delivery transactions. Such segregated liquid assets will be
marked-to-market daily, and the amount segregated will be increased if necessary to maintain
adequate coverage of the delayed delivery commitments. The delayed delivery securities, which will
not begin to accrue interest or dividends until the settlement date, will be recorded as an asset
of a Fund and will be subject to the risk of market fluctuation. The purchase price of the delayed
delivery securities is a liability of a Fund until settlement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Borrowing</B>. The Funds may borrow money to the extent permitted under their respective
fundamental and non-fundamental investment policies and restrictions. Such borrowings may be
utilized: (i)&nbsp;for temporary or emergency purposes; (ii)&nbsp;in anticipation of or in response to
adverse market conditions; or (iii)&nbsp;for cash management purposes. All borrowings are limited to an
amount not exceeding 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of a Fund&#146;s total assets (including the amount
borrowed) less liabilities (other than borrowings). Any borrowings that exceed this amount will be
reduced within three business days to the extent necessary to comply with the 33
<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% limitation even if it is not advantageous to sell securities at that
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may borrow from a bank or broker-dealer. Additionally, the Funds are permitted to
temporarily carry a negative or overdrawn balance in their account with their custodian bank. To
compensate the custodian bank for such overdrafts, the Funds may either (i)&nbsp;leave funds as a
compensating balance in their account so the custodian bank can be compensated by earning interest
on such funds; or (ii)&nbsp;compensate the custodian bank by paying it an agreed upon rate. A Fund may
not purchase additional securities when any borrowings from banks or broker-dealers exceed 5% of
the Fund&#146;s total assets or when any borrowings from a Fund are outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Lending Portfolio Securities</B>. A Fund may lend its portfolio securities (principally to
broker-dealers) to generate additional income. Such loans are callable at any time and are
continuously secured by segregated collateral equal to no less than the market value, determined
daily, of the loaned securities. Such collateral will be cash, letters of credit, or debt
securities issued or guaranteed by the U.S. Government or any of its agencies. A Fund will loan
its securities only to parties that Invesco has determined are in good standing and when, in
Invesco&#146;s judgment, the income earned would justify the risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will not have the right to vote securities while they are on loan, but it can call a
loan in anticipation of an important vote. The Fund would receive income in lieu of dividends on
loaned securities and may, at the same time, generate income on the loan collateral or on the
investment of any cash collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the borrower defaults on its obligation to return the securities loaned because of
insolvency or other reasons, the Fund could experience delays and costs in recovering securities
loaned or gaining access to the collateral. If the Fund is not able to recover the securities
loaned, the Fund may sell the collateral and purchase a replacement security in the market.
Lending securities entails a risk of loss to the Fund if and to the extent that the market value of
the loaned securities increases and the collateral is not increased accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any cash received as collateral for loaned securities will be invested, in accordance with a
Fund&#146;s investment guidelines, in short-term money market instruments or funds. Investing this cash
subjects that investment to market appreciation or depreciation. For purposes of determining
whether a Fund is complying with its investment policies, strategies and restrictions, the Fund
will consider the loaned securities as assets of the Fund, but will not consider any collateral
received as a Fund asset. The Fund will bear any loss on the investment of cash collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a discussion of tax considerations relating to lending portfolio securities, see &#147;Tax
Matters &#150; Tax Treatment of Portfolio Transactions &#150; Securities lending.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Repurchase Agreements</B>. A Fund may engage in repurchase agreement transactions involving the
types of securities in which it is permitted to invest. Repurchase agreements are agreements under
which a Fund acquires ownership of a security from a broker-dealer or bank that agrees to
repurchase the security at a mutually agreed upon time and price (which is higher than the purchase
price), thereby determining the yield during a Fund&#146;s holding period. A Fund may enter into a
&#147;continuing contract&#148; or &#147;open&#148; repurchase agreement under which the seller is under a continuing
obligation to repurchase the underlying securities from the Fund on demand and the effective
</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">interest rate is negotiated on a daily basis. Repurchase agreements may be viewed as loans made by
a Fund which are collateralized by the securities subject to repurchase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the seller of a repurchase agreement fails to repurchase the security in accordance with
the terms of the agreement, a Fund might incur expenses in enforcing its rights, and could
experience a loss on the sale of the underlying security to the extent that the proceeds of the
sale including accrued interest are less than the resale price provided in the agreement, including
interest. In addition, although the Bankruptcy Code and other insolvency laws may provide certain
protections for some types of repurchase agreements, if the seller of a repurchase agreement should
be involved in bankruptcy or insolvency proceedings, a Fund may incur delay and costs in selling
the underlying security or may suffer a loss of principal and interest if the value of the
underlying security declines. The securities underlying a repurchase agreement will be
marked-to-market every business day so that the value of such securities is at least equal to the
investment value of the repurchase agreement, including any accrued interest thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may invest their cash balances in joint accounts with other Funds for the purpose of
investing in repurchase agreements with maturities not to exceed 60&nbsp;days, and in certain other
money market instruments with remaining maturities not to exceed 90&nbsp;days. Repurchase agreements
are considered loans by a Fund under the 1940 Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Restricted and Illiquid Securities</B>. Illiquid securities are securities that cannot be
disposed of within seven days in the normal course of business at the price at which they are
valued. Illiquid securities may include a wide variety of investments, such as: (1)&nbsp;repurchase
agreements maturing in more than seven days (unless the agreements have demand/redemption
features); (2)&nbsp;over-the-counter (&#147;OTC&#148;) options contracts and certain other derivatives (including
certain swap agreements); (3)&nbsp;fixed time deposits that are not subject to prepayment or that
provide for withdrawal penalties upon prepayment (other than overnight deposits); (4)&nbsp;loan
interests and other direct debt instruments; (5)&nbsp;municipal lease obligations; (6)&nbsp;commercial paper
issued pursuant to Section&nbsp;4(2) of the 1933 Act; and (7)&nbsp;securities that are unregistered, that can
be sold to qualified institutional buyers in accordance with Rule&nbsp;144A under the 1933 Act, or that
are exempt from registration under the 1933 Act or otherwise restricted under the federal
securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitations on the resale of restricted securities may have an adverse effect on their
marketability, which may prevent a Fund from disposing of them promptly at reasonable prices. The
Fund may have to bear the expense of registering such securities for resale, and the risk of
substantial delays in effecting such registrations. A Fund&#146;s difficulty valuing and selling
illiquid securities may result in a loss or be costly to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a substantial market develops for a restricted security or other illiquid investment held
by a Fund, it may be treated as a liquid security, in accordance with procedures and guidelines
approved by the Board. While Invesco monitors the liquidity of restricted securities on a daily
basis, the Board oversees and retains ultimate responsibility for Invesco&#146;s liquidity
determinations. Invesco considers various factors when determining whether a security is liquid,
including the frequency of trades, availability of quotations and number of dealers or qualified
institutional buyers in the market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Reverse Repurchase Agreements</B>. Reverse repurchase agreements are agreements that involve the
sale of securities held by a Fund to financial institutions such as banks and broker-dealers, with
an agreement that the Fund will repurchase the securities at an agreed upon price and date. During
the reverse repurchase agreement period, the Fund continues to receive interest and principal
payments on the securities sold. A Fund may employ reverse repurchase agreements (i)&nbsp;for temporary
emergency purposes; (ii)&nbsp;to cover short-term cash requirements resulting from the timing of trade
settlements; or (iii)&nbsp;to take advantage of market situations where the interest income to be earned
from the investment of the proceeds of the transaction is greater than the interest expense of the
transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreements involve the risk that the market value of securities to be
purchased by the Fund may decline below the price at which the Fund is obligated to repurchase the
securities, or that the other party may default on its obligation, so that the Fund is delayed or
prevented from completing the transaction. At the time the Fund enters into a reverse repurchase
agreement, it will segregate, and maintain, liquid assets having a dollar value equal to the
repurchase price. In the event the buyer of securities under a reverse repurchase agreement files
for bankruptcy or becomes insolvent, a Fund&#146;s use of the proceeds from the sale of the securities
may be restricted
</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">pending a determination by the other party, or its trustee or receiver, whether
to enforce the Fund&#146;s obligation to repurchase the securities. Reverse repurchase agreements are
considered borrowings by a Fund under the 1940 Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Standby Commitments</B>. Certain Funds may acquire securities that are subject to standby
commitments from banks or other municipal securities dealers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under a standby commitment, a bank or dealer would agree to purchase, at the Fund&#146;s option,
specified securities at a specified price. Standby commitments generally increase the cost of the
acquisition of the underlying security, thereby reducing the yield. Standby commitments depend
upon the issuer&#146;s ability to fulfill its obligation upon demand. Although no definitive
creditworthiness criteria are used for this purpose, Invesco reviews the creditworthiness of the
banks and other municipal securities dealers from which the Funds obtain standby commitments in
order to evaluate those risks.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><I>Derivatives</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion regarding derivatives is qualified by each Fund&#146;s investment policies
and restrictions discussed in the &#147;Investment Policies and Restrictions&#148; section of this SAI and in
Appendix&nbsp;C to this SAI, &#147;Strategic Transactions; Options and Futures.&#148; A derivative is a financial
instrument whose value is dependent upon the value of other assets, rates or indices, referred to
as an &#147;underlying reference.&#148; These underlying references may include commodities, stocks, bonds,
interest rates, currency exchange rates or related indices. Derivatives include swaps, options,
warrants, futures and forward currency contracts. Some derivatives, such as futures and certain
options, are traded on U.S. commodity or securities exchanges, while other derivatives, such as
swap agreements, are privately negotiated and entered into in the OTC market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives may be used for &#147;hedging,&#148; which means that they may be used when the portfolio
manager seeks to protect the Fund&#146;s investments from a decline in value, which could result from
changes in interest rates, market prices, currency fluctuations and other market factors.
Derivatives may also be used when the portfolio manager seeks to increase liquidity, implement a
tax or cash management strategy, invest in a particular stock, bond or segment of the market in a
more efficient or less expensive way, modify the characteristics of the Fund&#146;s portfolio
investments, for example, duration, and/or to enhance return. However derivatives are used, their
successful use is not assured and will depend upon the portfolio manager&#146;s ability to predict and
understand relevant market movements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because certain derivatives involve leverage, that is, the amount invested may be smaller than
the full economic exposure of the derivative instrument and the Fund could lose more than it
invested, federal securities laws, regulations and guidance may require the Fund to earmark assets
to reduce the risks associated with derivatives or to otherwise hold instruments that offset the
Fund&#146;s obligations under the derivatives instrument. This process is known as &#147;cover.&#148; A Fund
will not enter into any derivative transaction unless it can comply with SEC guidance regarding
cover, and, if SEC guidance so requires, a Fund will earmark cash or liquid assets with a value
sufficient to cover its obligations under a derivative transaction or otherwise &#147;cover&#148; the
transaction in accordance with applicable SEC guidance. If a large portion of a Fund&#146;s assets is
used for cover, it could affect portfolio management or the Fund&#146;s ability to meet current
obligations. The leverage involved in certain derivative transactions may result in a Fund&#146;s net
asset value being more sensitive to changes in the value of the related investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General risks associated with derivatives:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use by the Funds of derivatives may involve certain risks, as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparty Risk</I>: OTC derivatives are generally governed by a single master agreement for
each counterparty. Counterparty risk refers to the risk that the counterparty under the agreement
will not live up to its obligations. An agreement may not contemplate delivery of collateral to
support fully a counterparty&#146;s contractual obligation; therefore, a Fund might need to rely on
contractual remedies to satisfy the counterparty&#146;s full obligation. As with any contractual
remedy, there is no guarantee that a Fund will be successful in pursuing such remedies,
particularly in the event of the counterparty&#146;s bankruptcy. The agreement may allow for netting of
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">counterparty&#146;s obligations on specific transactions, in which case a Fund&#146;s obligation or right
will be the net amount owed to or by the counterparty. The Fund will not enter into a derivative
transaction with any counterparty that Invesco and/or the Sub-Advisers believe does not have the
financial resources to honor its obligations under the transaction. Invesco monitors the financial
stability of counterparties. Where the obligations of the counterparty are guaranteed, Invesco
monitors the financial stability of the guarantor instead of the counterparty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund will not enter into a transaction with any single counterparty if the net amount owed
or to be received under existing transactions under the agreements with that counterparty would
exceed 5% of the Fund&#146;s net assets determined on the date the transaction is entered into.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Leverage Risk</I>: Leverage exists when a Fund can lose more than it originally invests because
it purchases or sells an instrument or enters into a transaction without investing an amount equal
to the full economic exposure of the instrument or transaction. A Fund mitigates leverage by
segregating or earmarking assets or otherwise covers transactions that may give rise to leverage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Liquidity Risk</I>: The risk that a particular derivative is difficult to sell or liquidate. If
a derivative transaction is particularly large or if the relevant market is illiquid, it may not be
possible to initiate a transaction or liquidate a position at an advantageous time or price, which
may result in significant losses to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pricing Risk</I>: The risk that the value of a particular derivative does not move in tandem or
as otherwise expected relative to the corresponding underlying instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Risk</I>: The risk that a change in laws or regulations will materially impact a
security or market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Risks</I>: For a discussion of the tax considerations relating to derivative transactions,
see &#147;Tax Matters &#150; Tax Treatment of Portfolio Transactions.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>General risks of hedging strategies using derivatives:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The use by the Funds of hedging strategies involves special considerations and risks, as
described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of hedging transactions depends upon Invesco&#146;s and the Sub-Advisers&#146; ability to
predict correctly the direction of changes in the value of the applicable markets and securities,
contracts and/or currencies. While Invesco and the Sub-Advisers are experienced in the use of
derivatives for hedging, there can be no assurance that any particular hedging strategy will
succeed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a hedging transaction, there might be imperfect correlation, or even no correlation,
between the price movements of an instrument used for hedging and the price movements of the
investments being hedged. Such a lack of correlation might occur due to factors unrelated to the
value of the investments being hedged, such as changing interest rates, market liquidity, and
speculative or other pressures on the markets in which the hedging instrument is traded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedging strategies, if successful, can reduce risk of loss by wholly or partially offsetting
the negative effect of unfavorable price movements in the investments being hedged. However,
hedging strategies can also reduce opportunity for gain by offsetting the positive effect of
favorable price movements in the hedged investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Types of derivatives:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Swap Agreements</B>. Generally, swap agreements are contracts between a Fund and a brokerage
firm, bank, or other financial institution (the counterparty) for periods ranging from a few days
to multiple years. In a basic swap transaction, the Fund agrees with its counterparty to exchange
the returns (or differentials in returns) earned or realized on a particular asset such as an
equity or debt security, commodity, currency or interest rate, calculated with respect to a
&#147;notional amount.&#148; The notional amount is the set amount selected by the parties to use as the
basis on which to calculate the obligations that the parties to a swap agreement have agreed to
exchange. The parties typically do not exchange the notional amount. Instead, they agree to
exchange the returns that would be earned or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">realized if the notional amount were invested in given
investments or at given interest rates. Examples of returns that may be exchanged in a swap
agreement are those of a particular security, a particular fixed or variable interest rate, a
particular foreign currency, or a &#147;basket&#148; of securities representing a particular index. In some
cases, such as cross currency swaps, the swap agreement may require delivery (exchange)&nbsp;of the
entire notional value of one designated currency for another designated currency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numerous proposals have been made by various regulatory entities and rulemaking bodies to
regulate the OTC derivatives markets, including, specifically, credit default swaps. The Fund
cannot predict the outcome or final form of any of these proposals or if or when any of them would
become effective. However, any additional regulation or limitation on the OTC markets for
derivatives could materially and adversely impact the ability of the Fund to buy or sell OTC
derivatives, including credit default swaps.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commonly used swap agreements include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit Default Swaps </I>(&#147;CDS&#148;). An agreement between two parties where the first party agrees
to make one or more payments to the second party, while the second party assumes the risk of
certain defaults, generally a failure to pay or bankruptcy of the issuer on a referenced debt
obligation. CDS transactions are typically individually negotiated and structured. A Fund may
enter into CDS to create long or short exposure to domestic or foreign corporate debt securities,
sovereign debt securities or municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may buy a CDS (buy credit protection). In this transaction the Fund makes a stream of
payments based on a fixed interest rate (the premium) over the life of the swap in exchange for a
counterparty (the seller) taking on the risk of default of a referenced debt obligation (the
&#147;Reference Obligation&#148;). If a credit event occurs for the Reference Obligation, the Fund would
cease making premium payments and it would deliver defaulted bonds to the seller. In return, the
seller would pay the notional value of the Reference Obligation to the Fund. Alternatively, the
two counterparties may agree to cash settlement in which the seller delivers to the Fund (buyer)
the difference between the market value and the notional value of the Reference Obligation. If no
event of default occurs, the Fund pays the fixed premium to the seller for the life of the
contract, and no other exchange occurs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, a Fund may sell a CDS (sell credit protection). In this transaction the Fund
will receive premium payments from the buyer in exchange for taking the risk of default of the
Reference Obligation. If a credit event occurs for the Reference Obligation, the buyer would cease
to make premium payments to the Fund and deliver the Reference Obligation to the Fund. In return,
the Fund would pay the notional value of the Reference Obligation to the buyer. Alternatively, the
two counterparties may agree to cash settlement in which the Fund would pay the buyer the
difference between the market value and the notional value of the Reference Obligation. If no
event of default occurs, the Fund receives the premium payments over the life of the contract, and
no other exchange occurs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit Default Index </I>(&#147;CDX&#148;). A CDX is an index of CDS. CDX allow an investor to manage
credit risk or to take a position on a basket of credit entities (such as CDS or commercial
mortgage-backed securities (&#147;CMBS&#148;)) in a more efficient manner than transacting in single name
CDS. If a credit event occurs in one of the underlying companies, the protection is paid out via
the delivery of the defaulted bond by the buyer of protection in return for payment of the notional
value of the defaulted bond by the seller of protection or it may be settled through a cash
settlement between the two parties. The underlying company is then removed from the index. New
series of CDX are issued on a regular basis. A Commercial Mortgage-Backed Index (&#147;CMBX&#148;) is a type
of CDX made up of 25 tranches of commercial mortgage-backed securities rather than CDS. Unlike
other CDX contracts where credit events are intended to capture an event of default CMBX involves a
pay-as-you-go (&#147;PAUG&#148;) settlement process designed to capture non-default events that affect the
cash flow of the reference obligation. PAUG involves ongoing, two-way payments over the life of a
contract between the buyer and the seller of protection and is designed to closely mirror the cash
flow of a portfolio of cash commercial mortgage-backed securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Swap</I>. An agreement between two parties pursuant to which the parties exchange a U.S.
dollar-denominated payment for a payment denominated in a different currency.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Swap</I>. An agreement between two parties pursuant to which the parties exchange a
floating rate payment for a fixed rate payment based on a specified principal or notional amount.
In other words, Party A agrees to pay Party B a fixed interest rate and in return Party B agrees to
pay Party A a variable interest rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Total Return Swap</I>. An agreement in which one party makes payments based on a set rate, either
fixed or variable, while the other party makes payments based on the return of an underlying asset,
which includes both the income it generates and any capital gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inflation Swaps</I>. Inflation swap agreements are contracts in which one party agrees to pay the
cumulative percentage increase in a price index, such as the Consumer Price Index, over the term of
the swap (with some lag on the referenced inflation index), and the other party pays a compounded
fixed rate. Inflation swap agreements may be used to protect the net asset value of a Fund against
an unexpected change in the rate of inflation measured by an inflation index. The value of
inflation swap agreements is expected to change in response to changes in real interest rates.
Real interest rates are tied to the relationship between nominal interest rates and the rate of
inflation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest Rate Locks. </B>An interest rate lock is a hedging agreement in which the parties lock
in an interest rate at a future maturity date. A cash settlement payment on that date that
reflects changes in agreed upon interest rates. This settlement payment is designed to offset
changes in the cost of borrowing for the hedged bond transaction. An interest rate lock may be
terminated prior to its stated maturity date by calculating the payment due as of the termination
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Options</B>. An option is a contract that gives the purchaser of the option, in return for the
premium paid, the right to buy from (in the case of a call) or sell to (in the case of a put) the
writer of the option at the exercise price during the term of the option (for American style
options or on a specified date for European style options), the security, currency or other
instrument underlying the option (or in the case of an index option the cash value of the index).
Options on a CDS or a Futures Contract (defined below) give the purchaser the right to enter into a
CDS or assume a position in a Futures Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds may engage in certain strategies involving options to attempt to manage the risk of
their investments or, in certain circumstances, for investment (i.e., as a substitute for investing
in securities). Option transactions present the possibility of large amounts of exposure (or
leverage), which may result in a Fund&#146;s net asset value being more sensitive to changes in the
value of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of an option position will reflect, among other things, the current market value of
the underlying investment, the time remaining until expiration, the relationship of the exercise
price to the market price of the underlying investment, the price volatility of the underlying
investment and general market and interest rate conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may effectively terminate its right or obligation under an option by entering into an
offsetting closing transaction. For example, a Fund may terminate its obligation under a call or
put option that it had written by purchasing an identical call or put option, which is known as a
closing purchase transaction. Conversely, a Fund may terminate a position in a put or call option
it had purchased by writing an identical put or call option, which is known as a closing sale
transaction. Closing transactions permit a Fund to realize profits or limit losses on an option
position prior to its exercise or expiration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options may be either listed on an exchange or traded in OTC markets. Listed options are
tri-party contracts (i.e., performance of the obligations of the purchaser and seller are
guaranteed by the exchange or clearing corporation) and have standardized strike prices and
expiration dates. OTC options are two-party contracts with negotiated strike prices and expiration
dates and differ from exchange-traded options in that OTC options are transacted with dealers
directly and not through a clearing corporation (which guarantees performance). In the case of OTC
options, there can be no assurance that a liquid secondary market will exist for any particular
option at any specific time; therefore the Fund may be required to treat some or all OTC options as
illiquid securities. Although a Fund will enter into OTC options only with dealers that are
expected to be capable of entering into closing transactions with it , there is no assurance that
the Fund will in fact be able to close out an OTC option position at a favorable price prior to
exercise or expiration. In the event of insolvency of the dealer, a Fund might be unable to close
out an OTC option position at any time prior to its expiration.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Options:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Put Options on Securities. </I>A put option gives the purchaser the right to sell, to the writer,
the underlying security, contract or foreign currency at the stated exercise price at any time
prior to the expiration date of the option for American style options or on a specified date for
European style options, regardless of the market price or exchange rate of the security, contract
or foreign currency, as the case may be, at the time of exercise. If the purchaser exercises the
put option, the writer of a put option is obligated to buy the underlying security, contract or
foreign currency for the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Call Options on Securities</I>. A call option gives the purchaser the right to buy, from the
writer, the underlying security, contract or foreign currency at the stated exercise price at any
time prior to the expiration of the option (for American style options) or on a specified date (for
European style options), regardless of the market price or exchange rate of the security, contract
or foreign currency, as the case may be, at the time of exercise. If the purchaser exercises the
call option, the writer of a call option is obligated to sell to and deliver the underlying
security, contract or foreign currency to the purchaser of the call option for the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Index Options</I>. Index options (or options on securities indices) give the holder the right to
receive, upon exercise, cash instead of securities, if the closing level of the securities index
upon which the option is based is greater than, in the case of a call, or less than, in the case of
a put, the exercise price of the option. The amount of cash is equal to the difference between the
closing price of the index and the exercise price of the call or put times a specified multiple
(the &#147;multiplier&#148;), which determines the total dollar value for each point of such difference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The risks of investment in index options may be greater than options on securities. Because
index options are settled in cash, when a Fund writes a call on an index it cannot provide in
advance for its potential settlement obligations by acquiring and holding the underlying
securities. A Fund can offset some of the risk of writing a call index option by holding a
diversified portfolio of securities similar to those on which the underlying index is based.
However, the Fund cannot, as a practical matter, acquire and hold a portfolio containing exactly
the same securities that underlie the index and, as a result, bears the risk that the value of the
securities held will not be perfectly correlated with the value of the index.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CDS Option</I>. A CDS option transaction gives the holder the right to enter into a CDS at a
specified future date and under specified terms in exchange for a purchase price or premium. The
writer of the option bears the risk of any unfavorable move in the value of the CDS relative to the
market value on the exercise date, while the purchaser may allow the option to expire unexercised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Futures Contracts</I>. Options on Futures Contracts give the holder the right to
assume a position in a Futures Contract (to buy the Futures Contract if the option is a call and to
sell the Futures Contract if the option is a put) at a specified exercise price at any time during
the period of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Swaptions</I>. An option on a swap agreement, also called a &#147;swaption,&#148; is an option that gives
the buyer the right, but not the obligation, to enter into a swap on a future date in exchange for
paying a market based &#147;premium.&#148; A receiver swaption gives the owner the right to receive the total
return of a specified asset, reference rate, or index. A payer swaption gives the owner the right
to pay the total return of a specified asset, reference rate, or index. Swaptions also include
options that allow an existing swap to be terminated or extended by one of the counterparties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Techniques:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Writing Options</I>. A Fund may write options to generate additional income and to seek to hedge
its portfolio against market or exchange rate movements. As the writer of an option, the Fund may
have no control over when the underlying instruments must be sold (in the case of a call option) or
purchased (in the case of a put option) because the option purchaser may notify the Fund of
exercise at any time prior to the expiration of the option (for American style options). In
general, options are rarely exercised prior to expiration. Whether or not an option expires
unexercised, the writer retains the amount of the premium.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund would write a put option at an exercise price that, reduced by the premium
received on the option, reflects the price it is willing to pay for the underlying security,
contract or currency. In return for the premium received for writing a put option, the Fund
assumes the risk that the price of the underlying security, contract, or foreign currency will
decline below the exercise price, in which case the put would be exercised and the Fund would
suffer a loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In return for the premium received for writing a call option on a security the Fund holds, the
Fund foregoes the opportunity for profit from a price increase in the underlying security,
contract, or foreign currency above the exercise price so long as the option remains open, but
retains the risk of loss should the price of the security, contract, or foreign currency decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an option that a Fund has written expires, the Fund will realize a gain in the amount of
the premium; however, such gain may be offset by a decline in the market value of the underlying
security, contract or currency, held by the Fund during the option period. If a call option is
exercised, a Fund will realize a gain or loss from the sale of the underlying security, contract or
currency, which will be increased or offset by the premium received. The obligation imposed upon
the writer of an option is terminated upon the expiration of the option, or such earlier time at
which a Fund effects a closing purchase transaction by purchasing an option (put or call as the
case may be) identical to that previously sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Purchasing Options. </I>A Fund may only purchase a put option on an underlying security, contract
or currency owned by the Fund in order to protect against an anticipated decline in the value of
the security, contract or currency held by the Fund; or purchase put options on underlying
securities, contracts or currencies against which it has written other put options. The premium
paid for the put option and any transaction costs would reduce any profit realized when the
security, contract or currency is delivered upon the exercise of the put option. Conversely, if
the underlying security, contract or currency does not decline in value, the option may expire
worthless and the premium paid for the protective put would be lost.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase a call option for the purpose of acquiring the underlying security,
contract or currency for its portfolio, or on underlying securities, contracts or currencies
against which it has written other call options. The Fund is not required to own the underlying
security in order to purchase a call option. If the Fund does not own the underlying position, the
purchase of a call option would enable a Fund to acquire the security, contract or currency at the
exercise price of the call option plus the premium paid. So long as it holds a call option, rather
than the underlying security, contract or currency itself, the Fund is partially protected from any
unexpected increase in the market price of the underlying security, contract or currency. If the
market price does not exceed the exercise price, the Fund could purchase the security on the open
market and could allow the call option to expire, incurring a loss only to the extent of the
premium paid for the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Straddles/Spreads/Collars.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spread and straddle options transactions. In &#147;spread&#148; transactions, a Fund buys and writes a
put or buys and writes a call on the same underlying instrument with the options having different
exercise prices, expiration dates, or both. In &#147;straddles,&#148; a Fund purchases a put option and a
call option or writes a put option and a call option on the same instrument with the same
expiration date and typically the same exercise price. When a Fund engages in spread and straddle
transactions, it seeks to profit from differences in the option premiums paid and received and in
the market prices of the related options positions when they are closed out or sold. Because these
transactions require the Fund to buy and/or write more than one option simultaneously, the Fund&#146;s
ability to enter into such transactions and to liquidate its positions when necessary or deemed
advisable may be more limited than if the Fund were to buy or sell a single option. Similarly,
costs incurred by the Fund in connection with these transactions will in many cases be greater than
if the Fund were to buy or sell a single option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Collars. A Fund also may use option &#147;collars.&#148; A &#147;collar&#148; position combines a put
option purchased by the Fund (the right of the Fund to sell a specific security within a specified
period) with a call option that is written by the Fund (the right of the counterparty to buy the
same security) in a single instrument. The Fund&#146;s right to sell the security is typically set at a
price that is below the counterparty&#146;s right to buy the security. Thus, the combined position
&#147;collars&#148; the performance of the underlying security, providing protection from
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">depreciation below
the price specified in the put option, and allowing for participation in any appreciation up to the
price specified by the call option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Warrants</B>. A warrant gives the holder the right to purchase securities from the issuer at a
specific price within a certain time frame and is similar to a call option. The main difference
between warrants and call options is that warrants are issued by the company that will issue the
underlying security, whereas options are not issued by the company. Young, unseasoned companies
often issue warrants to finance their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Rights</B>. Rights are equity securities representing a preemptive right of stockholders to
purchase additional shares of a stock at the time of a new issuance, before the stock is offered to
the general public. A stockholder who purchases rights may be able to retain the same ownership
percentage after the new stock offering. A right usually enables the stockholder to purchase
common stock at a price below the initial offering price. A Fund that purchases a right takes the
risk that the right might expire worthless because the market value of the common stock falls below
the price fixed by the right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Futures Contracts</B>. A &#147;Futures Contract&#148; is a two-party agreement to buy or sell a specified
amount of a specified security or currency (or delivery of a cash settlement price, in the case of
certain futures such as an index future or Eurodollar Future) for a specified price at a designated
date, time and place (collectively, Futures Contracts). A &#147;sale&#148; of a Futures Contract means the
acquisition of a contractual obligation to deliver the underlying instrument or asset called for by
the contract at a specified price on a specified date. A &#147;purchase&#148; of a Futures Contract means
the acquisition of a contractual obligation to acquire the underlying instrument or asset called
for by the contract at a specified price on a specified date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Funds will only enter into Futures Contracts that are traded (either domestically or
internationally) on futures exchanges and are standardized as to maturity date and underlying
financial instrument. Futures exchanges and trading thereon in the United States are regulated
under the Commodity Exchange Act and by the Commodity Futures Trading Commission (&#147;CFTC&#148;). Foreign
futures exchanges and trading thereon are not regulated by the CFTC and are not subject to the same
regulatory controls. Each Fund has claimed an exclusion from the definition of the term &#147;commodity
pool operator&#148; under the Commodity Exchange Act and, therefore, is not subject to registration or
regulation as a pool operator under the act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, in February&nbsp;2012, the Commodity Futures Trading Commission (&#147;CFTC&#148;) announced
regulatory amendments to the provisions that permitted the Funds to claim an exclusion from the
definition of commodity pool operator. As amended, the CFTC rules would subject a registered
investment company&#146;s investment adviser to regulation by the CFTC if the registered investment
company&#146;s investments in commodity futures, commodity options, or swaps exceed prescribed limits,
or if the registered investment company markets itself as trading in or otherwise providing
investment exposure to commodity interests or swaps markets. Upon the effectiveness of these
regulatory amendments, an investment adviser to a Fund that invests in commodity futures, commodity
options or swaps may become subject to CFTC regulation and may be required to comply with
disclosure and operations requirements of CFTC and self-regulatory organization regulations.
Compliance with these additional requirements would likely result in increased Fund expenses.
Alternatively, a Fund may need to revise its investment strategies with respect to its investments
in commodity futures, commodity options, or swaps in order to avoid being subject to CFTC
regulation, which could deprive the Fund of the investment benefits that the use of commodity
interests and related instruments may provide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage fees are incurred when a Futures Contract is bought or sold, and margin deposits
must be maintained at all times when a Futures Contract is outstanding. &#147;Margin&#148; for a Futures
Contracts is the amount of funds that must be deposited by a Fund in order to initiate Futures
Contracts trading and maintain its open positions in Futures Contracts. A margin deposit made when
the Futures Contract is entered (&#147;initial margin&#148;) is intended to ensure the Fund&#146;s performance
under the Futures Contract. The margin required for a particular Futures Contract is set by the
exchange on which the Futures Contract is traded and may be significantly modified from time to
time by the exchange during the term of the Futures Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent payments, called &#147;variation margin,&#148; received from or paid to the futures
commission merchant through which a Fund enters into the Futures Contract will be made on a daily
basis as the futures price fluctuates making the Futures Contract more or less valuable, a process
known as marking-to-market. When the Futures
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contract is closed out, if the Fund has a loss equal
to or greater than the margin amount, the margin amount is paid to the futures commission merchant
along with any amount in excess of the margin amount; if the Fund has a loss of less than the
margin amount, the difference is returned to the Fund; or if the Fund has a gain, the margin amount
is paid to the Fund and the futures commission merchant pays the Fund any excess gain over the
margin amount.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Closing out an open Futures Contract is affected by entering into an offsetting Futures
Contract for the same aggregate amount of the identical financial instrument or currency and the
same delivery date. There can be no assurance, however, that a Fund will be able to enter into an
offsetting transaction with respect to a particular Futures Contract at a particular time. If a
Fund is not able to enter into an offsetting transaction, it will continue to be required to
maintain the margin deposits on the Futures Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if a Fund were unable to liquidate a Futures Contract or an option on a Futures
Contract position due to the absence of a liquid secondary market or the imposition of price
limits, it could incur substantial losses. The Fund would continue to be subject to market risk
with respect to the position. In addition, except in the case of purchased options, the Fund would
continue to be required to make daily variation margin payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Types of Futures Contracts:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Futures. </I>A currency Futures Contract is a standardized, exchange-traded contract to
buy or sell a particular currency at a specified price at a future date (commonly three months or
more). Currency Futures Contracts may be highly volatile and thus result in substantial gains or
losses to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Index Futures</I>. A stock index Futures Contract is an exchange-traded contract that provides
for the delivery, at a designated date, time and place, of an amount of cash equal to a specified
dollar amount times the difference between the stock index value at the close of trading on the
date specified in the contract and the price agreed upon in the Futures Contract; no physical
delivery of stocks comprising the index is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate Futures</I>. An interest-rate Futures Contract is an exchange-traded contact in
which the specified underlying security is either an interest-bearing fixed income security or an
inter-bank deposit. Two examples of common interest rate Futures Contracts are U.S. Treasury
futures and Eurodollar Futures Contracts. The specified security for U.S. Treasury futures is a
U.S. Treasury security. The specified security for Eurodollar futures is the London Interbank
Offered Rate (&#147;LIBOR&#148;) which is a daily reference rate based on the interest rates at which banks
offer to lend unsecured funds to other banks in the London wholesale money market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security Futures</I>. A security Futures Contract is an exchange-traded contract to purchase or
sell, in the future, a specified quantity of a security (other than a Treasury security, or a
narrow-based securities index) at a certain price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Forward Currency Contracts</B>. A forward currency contract is an over-the-counter contract
between two parties to buy or sell a particular currency at a specified price at a future date.
The parties may exchange currency at the maturity of the forward currency contract, or if the
parties agree prior to maturity, enter into a closing transaction involving the purchase or sale of
an offsetting amount of currency. Forward currency contracts are traded over-the-counter, and not
on organized commodities or securities exchanges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may enter into forward currency contracts with respect to a specific purchase or sale
of a security, or with respect to its portfolio positions generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cost to a Fund of engaging in forward currency contracts varies with factors such as the
currencies involved, the length of the contract period, interest rate differentials and the
prevailing market conditions. Because forward currency contracts are usually entered into on a
principal basis, no fees or commissions are involved. The use of forward currency contracts does
not eliminate fluctuations in the prices of the underlying securities a Fund owns or intends to
acquire, but it does establish a rate of exchange in advance. While forward currency contract
sales limit the risk of loss due to a decline in the value of the hedged currencies, they also
limit any potential gain that might result should the value of the currencies increase.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /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">
<A name="H86298104"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund is subject to the following restrictions that are &#147;fundamental,&#148; which means that
they may not be changed without shareholder approval, as provided under the 1940 Act. This section
describes such investment restrictions and policies for each Fund. Capitalized terms not otherwise
defined herein are used as defined in the Fund&#146;s original prospectus, as amended. References in a
Fund&#146;s fundamental policies and restrictions to the &#147;Prospectus&#148; or &#147;above&#148; sections should be read
as references to the Fund&#146;s original prospectus, as amended.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Income Trust (IIM) </I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As to 75% of its total assets, invest more than 5% of the value of its total assets in the
securities of any one issuer. This limitation shall not apply to obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities or to the investment of
25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money to the extent permitted by (i)&nbsp;the
Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Bond Trust (IMC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer.
This limitation shall not apply to obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>regulations promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money to the extent permitted by (i)&nbsp;the
Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended from time to time.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Securities (IMS)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption order relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Investment Company Act, as amended from time to time, or
(iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the Investment
Company Act, as amended from time to time, (ii)&nbsp;the rules and regulation promulgated by the
SEC under the Investment Company Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Investment Company Act, as
amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Investment Company Act, as amended from time to time, (ii)&nbsp;the rules and
regulations promulgated by the SEC under the Investment Company Act, as amended from time to
time, or (iii)&nbsp;an exemption or other relief applicable to the Fund from the provisions of the
Investment Company Act, as amended 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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Value Municipal Trust (IMT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security; (b)&nbsp;a
&#147;taxable security&#148; is any security the interest on which is subject to federal income tax (which
does not include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under
&#147;Tax Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in a manner inconsistent with its classification as a &#147;diversified company&#148; as
provided by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Act, as amended from time to
time.</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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended 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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the Investment
Company Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by
the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief
applicable to the Fund from the provisions of the Act, as amended 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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief applicable to the Fund from the provisions of the Act, as amended 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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust (OIA)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the Fund&#146;s
total assets.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
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="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of 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="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the 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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restriction,
collateral arrangements with respect to the writing of options and collateral arrangements
with respect to initial margin for futures are not deemed to be pledges of assets and neither
such arrangements nor the purchase or sale of futures are deemed to be the issuance of a
senior security.</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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its 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="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other 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="2%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust II (OIB)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
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="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commission, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</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%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the 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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this restriction,
collateral arrangements with respect to the writing of options and collateral arrangements
with respect to initial margin for futures are not deemed to be pledges of assets and neither
such arrangements nor the purchase or sale of futures are deemed to be the issuance of a
senior 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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its 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="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /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="2%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other 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="2%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Income Opportunities Trust III (OIC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
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="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.
</TD>
</TR>
</TABLE>
</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 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="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commission, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</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%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the 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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, except insofar as the Fund may be deemed to
have issued a senior security by reason of: (a)&nbsp;entering into any repurchase agreement; (b)
purchasing any securities on a when-issued or delayed delivery basis; (c)&nbsp;purchasing or
selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with restrictions
described above; or (e)&nbsp;lending portfolio securities. In interpreting this restriction,
collateral arrangements with respect to the writing of options and collateral arrangements
with respect to initial margin for futures are not deemed to be pledges of assets and neither
such arrangements nor the purchase or sale of futures are deemed to be the issuance of a
senior 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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 25% of its 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="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other 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="2%" nowrap align="left">20.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest over 10% of its total assets in restricted securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Income Trust (IQI)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /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">security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)&nbsp;all percentage
limitations apply immediately after a purchase or initial investment, and any subsequent change in
any applicable percentage resulting from market fluctuations or other changes in the amount of
total or net assets does not require elimination of any security from the portfolio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue any senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of this Prospectus and the 1940 Act), except
insofar as the Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering
into any repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed
delivery basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money
in accordance with restriction 3 below; or (e)&nbsp;lending portfolio securities. For the purpose
of this restriction, collateral arrangements with respect to the writing of options and
collateral arrangements with respect to initial margin for futures are not deemed to be
pledges of assets and neither such arrangements nor the purchase or sale of futures are deemed
to be the issuance of a senior 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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities, or write puts, calls or combinations of both,
except for options on futures contracts and options on debt securities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 1/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred 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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities of other issuers except to the extent that, in
connection with the disposition of portfolio securities, the Fund may be deemed to be an
underwriter for purposes of certain federal securities laws.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of the market value of its total assets in securities of issuers in any
one industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
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="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase real estate or interests in real estate except that the Fund may purchase securities
secured by real estate or interests therein. The Fund is not prohibited from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in commodities or commodity contracts, except the Fund may purchase financial futures
contracts and related options and options on debt securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans except (a)&nbsp;by the purchase of debt securities in which the Fund may invest
consistent with its investment objective and policies, (b)&nbsp;by investment in repurchase
agreements, and (c)&nbsp;by lending its portfolio securities.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in companies for the purpose of exercising control or management.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 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 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="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
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="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase the securities of any other investment company, except in connection with a merger,
consolidation, reorganization or acquisition of assets, or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets would be invested in
such securities.</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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in securities of any one issuer, except
that this limitation shall not apply to obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the U.S. Government, its agencies or
instrumentalities.</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%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 3 above. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Investment Trust (IQT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)&nbsp;all percentage
limitations apply immediately after a purchase or initial investment, and any subsequent change in
any applicable percentage resulting from market fluctuations or other changes in the amount of
total or net assets does not require elimination of any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue any senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of this Prospectus and the 1940 Act), except
insofar as the Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering
into any repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed
delivery basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money
in accordance with restriction 3 below; or (e)&nbsp;lending portfolio securities. For the </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 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">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purpose of this restriction, collateral arrangements with respect to the writing of options and
collateral arrangements with respect to initial margin for futures are not deemed to be
pledges of assets and neither such arrangements nor the purchase or sale of futures are deemed
to be the issuance of a senior security.</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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities, or write puts, calls or combinations of both,
except for options on futures contracts and options on debt securities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 1/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred 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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities of other issuers except to the extent that, in
connection with the disposition of portfolio securities, the Fund may be deemed to be an
underwriter for purposes of certain federal securities laws.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of the market value of its total assets in securities of issuers in any
one industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
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="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase real estate or interests in real estate except that the Fund may purchase securities
secured by real estate or interests therein. The Fund is not prohibited from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in commodities or commodity contracts, except the Fund may purchase financial futures
contracts and related options and options on debt securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans except (a)&nbsp;by the purchase of debt securities in which the Fund may invest
consistent with its investment objective and policies, (b)&nbsp;by investment in repurchase
agreements, and (c)&nbsp;by lending its portfolio securities.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in companies for the purpose of exercising control or management.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer if, to the knowledge of the Fund, any officer or trustee
of the Fund or any officer or director of the Adviser or Administrator owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1%
of the outstanding securities of such issuer, and such officers, trustees and directors who
own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding securities of such
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="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase the securities of any other investment company, except in connection with a merger,
consolidation, reorganization or acquisition of assets, or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets would be invested in
such securities.</TD>
</TR>


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



</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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in securities of any one issuer, except
that this limitation shall not apply to obligations issued or guaranteed by the U.S.
Government, its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the U.S. Government, its agencies or
instrumentalities.</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%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 3 above. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Quality Municipal Securities (IQM)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)&nbsp;all percentage
limitations apply immediately after a purchase or initial investment, and any subsequent change in
any applicable percentage resulting from market fluctuations or other changes in the amount of
total or net assets does not require elimination of any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer.
This limitation shall not apply to obligations issued or guaranteed by the U.S. Government,
its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the U.S. Government,
its agencies or instrumentalities).</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the U. S. Government, its agencies or instrumentalities. In addition,
the Fund reserves the right to invest 25% or more of its assets in any of the following
Municipal Obligations, provided that the percentage of the Fund&#146;s total assets in private
activity bonds in any one category does not exceed 25% of the Fund&#146;s total assets: health
facility obligations, housing obligations, single-family mortgage revenue bonds, industrial
revenue obligations (including pollution control obligations), electric utility obligations,
airport facility revenue obligations, water and sewer obligations, university and college
revenue obligations, bridge authority and toll road obligations and resource recovery
obligations.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to obligation of the U.S. Government, its agencies or
instrumentalities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if to the knowledge of
the Fund, any officer or trustee of the Fund or any officer or director of the Adviser owns
more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such officers, trustees
and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding
securities of such 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="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from purchasing,
holding and selling real estate acquired as a result of the ownership of such securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</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%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow money from a bank for temporary or emergency
purposes or for repurchase of its shares provided that immediately after such borrowing the
amount borrowed does not exceed 33 1/3% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred 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="2%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities (as defined in the 1940 Act) other than Preferred Shares of
beneficial interest (in accordance with the terms of the 1940 Act), except insofar as the Fund
may be deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities except: (a)&nbsp;by the purchase of debt securities in which the
Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment in
repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its 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="2%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /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="2%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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%" nowrap align="left">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Municipal Obligations,&#148; as used above, consist of municipal bonds, municipal notes and
municipal commercial paper, as well as lease obligations, including such obligations purchased on a
when-issued or delayed delivery basis.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen California Value Municipal Income Trust (VCV)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry, however, as described above
under &#147;Principal Risks of Investing in the Fund- Market Segment Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by 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="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /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="2%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 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="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 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="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic
Transactions described in Appendix&nbsp;C to this SAI, the Fund may engage in are considered to be
commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the 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 the 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;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Municipal Income Trust (IIC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#148; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#147;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to municipal
obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 48 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of municipal obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by
the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief applicable to
the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated
by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption
or other relief applicable to the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Quality Municipal Securities (IQC)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy<I>. </I>For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#146;&#146; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#145;&#145;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 49 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations. For purposes of this investment restriction, &#147;Municipal
Obligations&#148; consist of Municipal Bonds, Municipal Notes and Municipal Commercial Paper,
including such obligations purchased on a when-issued or delayed delivery basis. &#147;Municipal
Bonds&#148; and &#147;Municipal Notes&#148; are debt obligations of states, cities, counties, municipalities
and state and local governmental agencies which generally have maturities, at the time of
their issuance, of either one year or more (Bonds) or from six months to three years (Notes).
&#147;Municipal Commercial Paper,&#148; as presently constituted, although issued under programs having
a final maturity of more than one year, is generally short-term paper subject to periodic rate
changes and maturities of less than one year selected at the holder&#146;s option.</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%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Adviser owns
more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such officers, trustees
and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5% of the outstanding
securities of such 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="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of the value of its total assets
(including the amount borrowed) less its liabilities (not including any borrowings but
including the fair market value at the time of computation of any other senior securities
which are outstanding at the time, including the Preferred 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="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 10. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
assets.
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /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="2%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the 1940 Act, other than preferred shares of beneficial
interest (in accordance with the terms of the 1940 Act), except insofar as the Fund may be
deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</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%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its 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="2%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio 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%" nowrap align="left">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco California Municipal Securities (ICS)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. For purposes of the restrictions: (a)&nbsp;an
&#147;issuer&#148; of a security is the entity whose assets and revenues are committed to the payment of
interest and principal on that particular security; (b)&nbsp;a &#147;taxable security&#148; is any security the
interest on which is subject to federal income tax (which does not include &#147;private activity bonds&#148;
subject to the alternative minimum tax); and (c)&nbsp;all percentage limitations apply immediately after
a purchase or initial investment, and any subsequent change in any applicable percentage resulting
from market fluctuations or other changes in the amount of total or net assets does not require
elimination of any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to municipal
obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of municipal obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell physical commodities unless acquired as a result of ownership of securities
or other instruments; provided that this restriction shall not prohibit the Fund from
purchasing or selling options, futures contracts and related options thereon, forward
contracts, swaps, caps, floors, collars and any other financial instruments or from investing
in securities or other instruments backed by physical commodities or as otherwise permitted by
(i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promulgated by
the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to
time.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except the Fund may borrow money to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief applicable to
the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, except the Fund may issue senior securities to the extent permitted
by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated
by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other
relief applicable to the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (a)&nbsp;to the extent that securities or
interests in which the Fund may invest are considered to be loans, (b)&nbsp;through the loan of
portfolio securities, (c)&nbsp;by engaging in repurchase agreements or (d)&nbsp;as may otherwise be
permitted by (i)&nbsp;the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations
promulgated by the SEC under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption
or other relief applicable to the Fund from the provisions of the 1940 Act, as amended 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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen High Income Trust II (VLT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than obligations
guaranteed by the United States Government or by its agencies or instrumentalities), if as a
result more than 5% of the Fund&#146;s total assets would then be invested in securities of a
single issuer or if as a result the Fund would hold more than 10% of the outstanding voting
securities of any single issuer, except that the Fund may purchase securities of other
investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as amended from time to
time, (ii)&nbsp;the rules and regulations promulgated by the Securities and Exchange Commission
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in securities of issuers conducting their principal
business activities in the same industry; provided, that this limitation shall not apply with
respect to investments in U.S. Government securities.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, (including borrowing money or entering into reverse repurchase
agreements) in excess of 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of its total assets (including the
amount of senior securities issued but excluding any liabilities and indebtedness not
constituting senior securities) except that the Fund may issue senior securities which are
stocks (including preferred shares of beneficial interest) subject to the limitations set
forth in Section&nbsp;18 of the 1940 Act and except that the Fund may borrow up to an additional 5%
of its total assets for temporary purposes; or pledge its assets other than to secure such
issuance or in connection with hedging transactions, when-issued and delayed delivery
transactions and similar investment strategies. The Fund&#146;s obligations under interest rate
swaps are not treated as senior securities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except (i)&nbsp;to the extent the securities the
Fund may invest are considered to be loans; (ii)&nbsp;through loans of portfolio securities, (iii)
through the acquisition of securities subject to repurchase agreements and (iv)&nbsp;that the
Fund may lend money or property in connection with maintenance of the value of, or the Fund&#146;s
interest with respect to, the securities owned by the Fund.
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 52 -<!-- /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="2%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging transactions nor short-term credits as may be necessary for the
clearance of transactions is considered the purchase of a security on margin.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described under Appendix&nbsp;C to this
SAI.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to securities
owned by the Fund would be deemed to constitute such control or participation except that
the Fund may purchase securities of other investment companies to the extent permitted by (i)
the 1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 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="2%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 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="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy or sell oil, gas or other mineral leases, rights or royalty contracts, although the Fund
may purchase securities of issuers which deal in, represent interests in or are secured by
interests in such leases, rights or contracts, except to the extent that the Fund may invest
in equity interests generally, as described in the Fund&#146;s Prospectus.</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%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such securities (in which case the Fund may liquidate real estate acquired as a
result of a default on a mortgage), and except to the extent the hedging and risk management
transactions the Fund may engage in are considered to be commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco High Yield Investment Fund, Inc. (MSY)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes will not be considered a violation of the
restriction. Also, if the Fund receives from an issuer of securities held by the Fund subscription
rights to purchase securities of that issuer, and if the Fund exercises such subscription rights at
a time when the Fund&#146;s portfolio holdings of securities of that issuer would otherwise exceed the
limits set forth below, it will not constitute a violation if, prior to receipt of securities upon
exercise of such rights, and after announcement of such rights, the Fund has sold at least as many
securities of the same class and value as it would receive on exercise of such rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a matter of fundamental policy:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not purchase any security (other than obligations of the U.S. government or its
agencies or instrumentalities) if as a result more than 25% of the Fund&#146;s total assets would
be invested in a particular industry; provided, however, that the foregoing restriction will
not be deemed to prohibit the Fund from purchasing the securities of any issuer pursuant to
the exercise of rights distributed to the Fund by 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not make any investment for the purpose of exercising control or management.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not buy or sell commodities or commodity contracts or real estate or interests
in real estate, except that it may purchase and sell futures contracts on stock indices and
foreign currencies, securities which </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are secured by real estate or commodities, and securities
of companies which invest or deal in real estate or commodities.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not make loans, except that the Fund may (i)&nbsp;buy and hold debt instruments in
accordance with its investment objectives and policies, (ii)&nbsp;enter into repurchase
agreements to the extent permitted under applicable law, and (iii)&nbsp;make loans of portfolio
securities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not act as an underwriter except to the extent that, in connection with the
disposition of portfolio securities, it may be deemed to be an underwriter under applicable
securities laws.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not issue senior securities or borrow money, except for (a)&nbsp;preferred stock and
other senior securities (including borrowing money, including on margin if margin securities
are owned, entering into reverse repurchase agreements and entering into similar transactions)
not in excess of 33 <SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>/<SUB style="FONT-size: 85%; vertical-align: text-bottom">3</SUB>% of its total assets, and (b)&nbsp;borrowings up
to 5% of its total assets (including the amount borrowed) for temporary or emergency purposes
(including for clearance of transactions, repurchase of its shares or payment of dividends),
without regard to the amount of senior securities outstanding under clause (a)&nbsp;above;
provided, however, that the Fund&#146;s obligations under when-issued and delayed delivery
transactions and similar transactions and reverse repurchase agreements are not treated as
senior securities if covering assets are appropriately segregated, and the use of hedging
transactions shall not be deemed to involve the issuance of a &#147;senior security&#148; or a
&#147;borrowing&#148;; for purposes of clauses (a)&nbsp;and (b)&nbsp;above, the term &#147;total assets&#148; shall be
calculated after giving effect to the net proceeds of senior securities issued by the Fund
reduced by any liabilities and indebtedness not constituting senior securities except for such
liabilities and indebtedness as are excluded from treatment as senior securities by this item
(6). The Fund&#146;s obligations under interest rate swaps are not treated as senior securities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Municipal Opportunity Trust (VMO)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than obligations
issued or guaranteed as to principal or interest by the United States Government or by its
agencies or instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would
then be invested in securities of a single issuer or if as a result the Fund would hold more
than 10% of the outstanding voting securities of any single issuer, except that the Fund may
purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act,
as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risk of Investing in the Fund &#150; Market Segment Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</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%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /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: #textcolor#; background: #bgcolor#">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when issued&#148; and
&#147;delayed delivery&#148; transactions.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by 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="2%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</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%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with hedging or risk
management transactions.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 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="2%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 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="2%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the 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 the Fund and the 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;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /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="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Municipal Premium Income Trust (PIA)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets and
revenues are committed to the payment of interest and principal on that particular security,
provided that the guarantee of a security will be considered a separate security; (b)&nbsp;a &#147;taxable
security&#148; is any security the interest on which is subject to federal income tax (which does not
include &#147;private activity bonds&#148; subject to the alternative minimum tax discussed under &#147;Tax
Matters &#151; Taxation of Fund Distributions (Tax-Free Funds) &#151; Alternative minimum tax &#151; private
activity bonds.&#148;); and (c)&nbsp;all percentage limitations apply immediately after a purchase or initial
investment, and any subsequent change in any applicable percentage resulting from market
fluctuations or other changes in the amount of total or net assets does not require elimination of
any security from the portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may not:
</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%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in the securities of any one issuer,
except that this limitation shall not apply to obligations issued or guaranteed by the United
States Government, its agencies or instrumentalities or to the investment of 25% of the 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="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase more than 10% of all outstanding taxable debt securities of any one issuer (other
than obligations issued, or guaranteed as to principal and interest, by the United States
Government, its agencies or instrumentalities).</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%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery 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="2%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Investment
Adviser owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such
officers, trustees and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5%
of the outstanding securities of such 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="2%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 56 -<!-- /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="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than 10% of the Fund&#146;s total assets would be invested in such securities.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33&#8531;% of the value of its total assets (including the amount borrowed)
less its liabilities (not including any borrowings but including the fair market value at the
time of computation of any other senior securities which are outstanding at the time,
including the Preferred Shares).</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 12. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the Act, other than preferred shares of beneficial
interest (in accordance with the terms of the Prospectus and the Act), except insofar as the
Fund may be deemed to have issued a senior security by reason of: (a)&nbsp;entering into any
repurchase agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery
basis; (c)&nbsp;purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in
accordance with restrictions described above; or (e)&nbsp;lending portfolio securities. For the
purpose of this restriction, collateral arrangements with respect to the writing of options
and collateral arrangements with respect to initial margin for futures are not deemed to be
pledges of assets and neither such arrangements nor the purchase or sale of futures are deemed
to be the issuance of a senior security.</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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total 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="1%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</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">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever any fundamental investment policy states a maximum percentage of Registrant&#146;s assets
which may be invested, it is intended that if the percentage limitation was adhered to at the time
the investment was made, a later change in percentage resulting from changing values or other
changes in total or net assets will not be considered a violation of such policy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Select Sector Municipal Trust (VKL)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Sector Risk,&#148; the Fund may from time
to time invest more than 25% of its total assets in one or more particular segments or sectors
of the municipal securities market.</TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by 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="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under
the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Fund may not invest in securities issued by other investment companies except as part of
a merger, reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 Act.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic
Transactions described in Appendix&nbsp;C to this SAI that the Fund may engage in are considered to
be commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer, and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Board of Trustees to the extent necessary to comply
with changes to the applicable tax requirements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 58 -<!-- /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;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the 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 the Fund and its 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;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), the Fund will not invest 25% or more of its assets in a single industry;
however, the Fund may from time to time invest 25% or more of its assets in a particular segment of
the municipal securities market.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Trust for Value Municipals (VIM)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when-issued&#148; and
&#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal Investment
Strategies of the Fund&#148; in this Prospectus.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by 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="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /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="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies, except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities, or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to such municipal securities (in which case the Fund may liquidate real
estate acquired as a result of a default on a mortgage), and except to the extent that
financial futures and related options the Fund may invest in are considered to be commodities
or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the 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 the Fund and its 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"><U><B><I>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis. The
Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when issued&#148; and
&#147;delayed delivery&#148; transactions.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 60 -<!-- /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="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by 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="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions are considered the purchase of a security on
margin.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell futures or options, except in connection with hedging or risk management
transactions.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualifications as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Trustees to the extent necessary to comply with
changes to applicable tax requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the 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 the Fund and the 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">As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 61 -<!-- /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"><U><B><I>Invesco New York Quality Municipal Securities (IQN)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the restrictions: (a)&nbsp;an &#147;issuer&#148; of a security is the entity whose assets
and revenues are committed to the payment of interest and principal on that particular security;
(b)&nbsp;a &#147;taxable security&#148; is any security the interest on which is subject to federal income tax
(which does not include &#147;private activity bonds&#148; subject to the alternative minimum tax); and (c)
all percentage limitations apply immediately after a purchase or initial investment, and any
subsequent change in any applicable percentage resulting from market fluctuations or other changes
in the amount of total or net assets does not require elimination of any security from the
portfolio. The Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest 25% or more of the value of its total assets in securities of issuers in any one
industry; provided, however, that such limitations shall not be applicable to Municipal
Obligations issued by governments or political subdivisions of governments, and obligations
issued or guaranteed by the United States Government, its agencies or instrumentalities. In
addition, the Fund reserves the right to invest 25% or more of its assets in any of the
following types of Municipal Obligations, provided that the percentage of the Fund&#146;s total
assets in private activity bonds in any one category does not exceed 25% of the Fund&#146;s total
assets: health facility obligations, housing obligations, single family mortgage revenue
bonds, industrial revenue obligations (including pollution control obligations), electric
utility obligations, airport facility revenue obligations, water and sewer obligations,
university and college revenue obligations, bridge authority and toll road obligations and
resource recovery obligations.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 5% of the value of its total assets in taxable securities of issuers having
a record, together with predecessors, of less than three years of continuous operation. This
restriction shall not apply to any obligation of the United States Government, its agencies or
instrumentalities.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in common stock.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities of any issuer, other than securities of the Fund, if, to the knowledge
of the Fund, any officer or trustee of the Fund or any officer or director of the Investment
Adviser owns more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% of the outstanding securities of such issuer, and such
officers, trustees and directors who own more than <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT> of 1% own in the aggregate more than 5%
of the outstanding securities of such issuer.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate or interests therein, although it may purchase securities
secured by real estate or interests therein. This shall not prohibit the Fund from
purchasing, holding and selling real estate acquired as a result of the ownership of such
securities.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell commodities except that the Fund may purchase or sell financial futures
contracts and related options thereon.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase oil, gas or other mineral leases, rights or royalty contracts, or exploration or
development programs.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Write, purchase or sell puts, calls, or combinations thereof, except for options on futures
contracts or options on debt securities.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities of other investment companies, except in connection with a merger,
consolidation, reorganization or acquisition of assets or, by purchase in the open market of
securities of closed-end investment companies where no underwriter&#146;s or dealer&#146;s commission or
profit, other than customary broker&#146;s commissions, is involved and only if immediately
thereafter not more than (i)&nbsp;5% of the Fund&#146;s total assets, taken at market value, would be
invested in any one such company and (ii)&nbsp;10% of the Fund&#146;s total assets, taken at market
value, would be invested in such securities.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except that the Fund may borrow from a bank for temporary or emergency purposes
or for repurchase of its shares provided that immediately after such borrowing the amount
borrowed does not exceed 33 &#8531;% of the value of its total assets (including the amount
borrowed) less its liabilities (not including any borrowings but including the fair market
value at the time of computation of any other senior securities which are outstanding at the
time, including the Preferred Shares).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 62 -<!-- /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="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge its assets or assign or otherwise encumber them except to secure borrowings effected
within the limitations set forth in Restriction 10. However, for the purpose of this
restriction, collateral arrangements with respect to the writing of options and collateral
arrangements with respect to initial margin for futures are not deemed to be pledges of
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="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities as defined in the 1940 Act, other than preferred shares of beneficial
interest (in accordance with the terms of the 1940 Act), except insofar as the Fund may be
deemed to have issued a senior security by reason of: (a)&nbsp;entering into any repurchase
agreement; (b)&nbsp;purchasing any securities on a when-issued or delayed delivery basis; (c)
purchasing or selling any financial futures contracts; (d)&nbsp;borrowing money in accordance with
restrictions described above; or (e)&nbsp;lending portfolio securities.</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or securities, except: (a)&nbsp;by the purchase of debt obligations in which
the Fund may invest consistent with its investment objective and policies; (b)&nbsp;by investment
in repurchase agreements (provided that no more than 10% of the Fund&#146;s total assets will be
invested in repurchase agreements that do not mature within seven days); and (c)&nbsp;by lending
its portfolio securities (provided that the Fund may not lend its portfolio securities in
excess of 10% of its total 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="1%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make short sales of securities.</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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase securities on margin, except for such short-term loans as are necessary for the
clearance of purchases of portfolio securities.</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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Engage in the underwriting of securities, except insofar as the Fund may be deemed an
underwriter under the Securities Act of 1933 in disposing of a portfolio security.</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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest for the purpose of exercising control or management of any other issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Municipal Trust (VKQ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis. The
Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 63 -<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>issued&#148; and &#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal
Investment Strategies of the Fund&#148; in this Prospectus.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by the Fund.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to such municipal securities (in which case the Fund may liquidate real
estate acquired as a result of a default on a mortgage), and except to the extent that
financial futures and related options the Fund may invest in are considered to be commodities
or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission expenses than a lower rate, which expenses must be
borne by the Fund and its 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;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 64 -<!-- /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"><U><B><I>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. The Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to Strategic Transactions described in
Appendix&nbsp;C to this SAI.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing or a Strategic Transaction described in Appendix&nbsp;C to
this SAI. The Fund will not purchase portfolio securities during any period that such
borrowings exceed 5% of the total asset value of the Fund. Notwithstanding this investment
restriction, the Fund may enter into &#147;when-issued&#148; and &#147;delayed delivery&#148; transactions.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with Strategic Transactions described in Appendix&nbsp;C to this SAI nor short-term
credits as may be necessary for the clearance of transactions is considered the purchase of a
security on margin.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except in connection with Strategic
Transactions described in Appendix&nbsp;C to this SAI.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, except that the Fund
may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the 1940
Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under
the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that Strategic</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 65 -<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transactions described in Appendix&nbsp;C to this SAI that the Fund may engage in are considered to be
commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Board of Trustees to the extent necessary to comply
with changes to applicable tax requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the 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 the 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"><U><B><I>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a percentage restriction on investment or use of assets set forth below is adhered to at
the time a transaction is effected, later changes in percentage resulting from changing market
values will not be considered a deviation from policy. With respect to the limitations on
borrowings, the percentage limitations apply at the time of purchase and on an ongoing basis. The
Fund may not:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, as described above
under &#147;Principal Risks of Investing in the Fund &#151; Market Segment Risk,&#148; the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (3)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options within limits described in Appendix&nbsp;C to this SAI.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when issued&#148; and
&#147;delayed delivery&#148; transactions as described above under the heading &#147;Principal Investment
Strategies of the Fund&#148; in this Prospectus.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the municipal securities owned by 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="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell financial futures or options, except as described in Appendix&nbsp;C to this SAI.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 66 -<!-- /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="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC
under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from
the provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the SEC under the
1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or other relief from the
provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs,
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
municipal securities the Fund may invest in are considered to be interests in real estate,
commodities or commodity contracts or to the extent the Fund exercises its rights under
agreements relating to municipal securities (in which case the Fund may liquidate real estate
acquired as a result of a default on a mortgage), and except to the extent that financial
futures and related options the Fund may invest in are considered to be commodities or
commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, to comply with federal tax requirements for qualification as a &#147;regulated
investment company,&#148; the Fund&#146;s investments will be limited in a manner such that, at the close of
each quarter of each fiscal year, (a)&nbsp;no more than 25% of the Fund&#146;s total assets are invested in
the securities of a single issuer, and (b)&nbsp;with regard to at least 50% of the Fund&#146;s total assets,
no more than 5% of its total assets are invested in the securities of a single issuer. These
tax-related limitations may be changed by the Trustees to the extent necessary to comply with
changes to applicable tax requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual portfolio
turnover rate of the Fund will be in excess of 100%. A high rate of portfolio turnover involves
correspondingly greater brokerage commission expenses than a lower rate, which expenses must be
borne by the Fund and its 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;As a matter of operating policy (which means it can be changed by the Fund&#146;s Board of Trustees
without Shareholder vote), each Fund will not invest 25% or more of its assets in a single
industry; however, each Fund may from time to time invest 25% or more of its assets in a particular
segment of the municipal securities market.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s investment objective, its investment policy with respect to investing at least 80%
of its total assets in municipal securities and the following investment restrictions are
fundamental and cannot be changed without the approval of the holders of a majority of the Fund&#146;s
outstanding voting securities as defined in the 1940 Act. All other investment policies or
practices are considered by the Fund not to be fundamental and accordingly may be changed without
shareholder approval. If a percentage restriction on investment or use of assets set forth below is
adhered to at the time a transaction is effected, later changes in percentage resulting from
changing market values will not be considered a deviation from policy. The Fund may not:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 67 -<!-- /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="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to 75% of its total assets, purchase any securities (other than tax-exempt
obligations guaranteed by the United States Government or by its agencies or
instrumentalities), if as a result more than 5% of the Fund&#146;s total assets would then be
invested in securities of a single issuer or if as a result the Fund would hold more than 10%
of the outstanding voting securities of any single issuer, except that the Fund may purchase
securities of other investment companies to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest more than 25% of its total assets in a single industry; however, the Fund may from
time to time invest more than 25% of its total assets in a particular segment of the municipal
securities market.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Issue senior securities, as defined in the 1940 Act, other than preferred shares of
beneficial interest, except to the extent such issuance might be involved with borrowings
described under subparagraph (4)&nbsp;below or with respect to hedging and risk management
transactions or the writing of options.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Borrow money, except for temporary or emergency purposes from banks or for repurchase of the
Fund&#146;s Shares, and then only in an amount not exceeding one-third of the Fund&#146;s total assets,
including the amount borrowed. The Fund will not mortgage, pledge or hypothecate any assets
except in connection with a borrowing. The Fund will not purchase portfolio securities during
any period that such borrowings exceed 5% of the total asset value of the Fund.
Notwithstanding this investment restriction, the Fund may enter into &#147;when-issued&#148; and
&#147;delayed delivery&#148; transactions.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make loans of money or property to any person, except to the extent the securities in which
the Fund may invest are considered to be loans and except that the Fund may lend money or
property in connection with maintenance of the value of or the Fund&#146;s interest with respect to
the securities owned by the Fund.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Buy any securities &#147;on margin.&#148; Neither the deposit of initial or variation margin in
connection with hedging and risk management transactions nor short-term credits as may be
necessary for the clearance of transactions is considered the purchase of a security on
margin.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sell any securities &#147;short,&#148; write, purchase or sell puts, calls or combinations thereof, or
purchase or sell futures or options, except in connection with hedging or risk management
transactions.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Act as an underwriter of securities, except to the extent the Fund may be deemed to be an
underwriter in connection with the sale of securities held in its portfolio.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Make investments for the purpose of exercising control or participation in management, except
to the extent that exercise by the Fund of its rights under agreements related to municipal
securities would be deemed to constitute such control or participation, and except that the
Fund may purchase securities of other investment companies to the extent permitted by (i)&nbsp;the
1940 Act, as amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the
Securities and Exchange Commission under the 1940 Act, as amended from time to time, or (iii)
an exemption or other relief from the provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in securities issued by other investment companies except as part of a merger,
reorganization or other acquisition and except to the extent permitted by (i)&nbsp;the 1940 Act, as
amended from time to time, (ii)&nbsp;the rules and regulations promulgated by the Securities and
Exchange Commission under the 1940 Act, as amended from time to time, or (iii)&nbsp;an exemption or
other relief from the provisions of the 1940 Act.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Invest in equity interests in oil, gas or other mineral exploration or development programs
except pursuant to the exercise by the Fund of its rights under agreements relating to
municipal securities.</TD>
</TR>
<TR style="font-size: 6pt">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purchase or sell real estate, commodities or commodity contracts, except to the extent the
securities the Fund may invest in are considered to be interests in real estate, commodities
or commodity contracts or to the extent the Fund exercises its rights under agreements
relating to such municipal securities (in which case the Fund</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 68 -<!-- /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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>may liquidate real estate acquired as a result of a default on a mortgage), and except to the
extent that financial futures and related options the Fund may invest in are considered to be
commodities or commodities contracts.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund generally will not engage in the trading of securities for the purpose of realizing
short-term profits, but it 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, the 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 the Fund considers it
advantageous to purchase or sell securities. The Fund does not anticipate that the annual
portfolio turnover rate of the 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 the Fund and the 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">
<A name="H86298105"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio turnover rates for each Fund are presented in Appendix&nbsp;D to this SAI.
</DIV>
<DIV align="left">
<A name="H86298106"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For additional discussion regarding management of your Fund, see your Fund&#146;s Proxy Statement.
Biographical information about the executive officers and Trustees of the Funds, as well as
information about Trustee qualifications and experience, remuneration of Trustees and Board
leadership structure, role in risk oversight, and committees and meetings can be found in your
Fund&#146;s Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Code of Ethics. </B>Invesco, the Funds, Invesco Distributors and the Sub-Advisers each have
adopted a Code of Ethics under Rule&nbsp;17j-1 under the 1940 Act that applies to all Invesco Fund
trustees and officers, and employees of Invesco, the Sub-Advisers and their affiliates, and
governs, among other things, the personal trading activities of all such persons. Unless
specifically noted, each Sub-Adviser&#146;s Code of Ethics does not materially differ from Invesco Code
of Ethics discussed below. The Code of Ethics is intended to address conflicts of interest with
the Funds that may arise from personal trading, including personal trading in most of the Invesco
Funds. Personal trading, including personal trading involving securities that may be purchased or
held by an Invesco Fund, is permitted under the Code of Ethics subject to certain restrictions;
however, employees are required to pre-clear security transactions with the Compliance Officer or a
designee and to report transactions on a regular basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Codes of Ethics can be reviewed and copied at the SEC&#146;s Public Reference Room in
Washington, D.C. Information on the operation of the Public Reference Room may be obtained by
calling the SEC at (202)&nbsp;551-8090. Copies of the Codes of Ethics may alternatively be obtained,
after paying a duplicating fee, by sending an electronic request to publicinfo@sec.gov or by
writing the SEC&#146;s Public Reference Section, Washington, D.C. 20549-0102. The Codes of Ethics are
also available, free of charge, on the EDGAR Database on the SEC&#146;s Web site at http://www.sec.gov.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proxy Voting Policies. </B>Invesco is comprised of two business divisions, Invesco Aim and
Invesco Institutional, each of which have adopted their own specific Proxy Voting Policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of each Fund has delegated responsibility for decisions regarding proxy voting for
securities held by each Fund to the following divisions of Invesco:
</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="5%">&nbsp;</TD>
    <TD width="40%">&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="center" style="border-bottom: 1px solid #000000"><B>Proxy Voting Entity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Municipal Income Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Quality Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Van Kampen California Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 69 -<!-- /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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&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="center" style="border-bottom: 1px solid #000000"><B>Proxy Voting Entity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen High Income Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Municipal Opportunity Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Trust for Investment Grade New York <BR>
Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Value Municipal Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Value Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Value Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Municipal Income Opportunities Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Municipal Income Opportunities Trust III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Quality Municipal Investment Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco California Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco California Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco California Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco High Yield Investments Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Municipal Premium Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Van Kampen Select Sector Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Trust for Value Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco New York Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Institutional &#151; a division
of Invesco</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">Invesco Van Kampen Massachusetts Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Ohio Quality Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</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">Invesco Van Kampen Trust for Investment Grade New Jersey <BR>
Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Aim &#151; a division of Invesco</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco (the proxy voting entity) will vote such proxies in accordance with its proxy policies
and procedures, which have been reviewed and approved by the Board. Invesco&#146;s proxy policies and
procedures are incorporated into this SAI by reference to Appendix&nbsp;E to the Statement of Additional
Information for AIM Growth Series (Invesco Growth Series), filed via EDGAR on April&nbsp;26, 2012 as
part of Post-Effective Amendment No.&nbsp;97 to such registrant&#146;s Registration Statement. The accession
number for such Post-Effective Amendment is listed on page 2 of this SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Post-Effective Amendment that are not specifically referenced above are
not incorporated into this SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any material changes to the proxy policies and procedures will be submitted to the Board for
approval. The Board will be supplied with a summary quarterly report of each Fund&#146;s proxy voting
record. Information regarding how the Funds voted proxies related to their portfolio securities
during the twelve months ended June&nbsp;30, 2011, is available without charge at our Web site,
http://www.invesco.com/us. This information is also available at the SEC Web site,
http://www.sec.gov.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 70 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="H86298107"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information about Trustee and officer security ownership in the Funds as well as
information about other significant holders of securities of the Funds, see the exhibit to your
Proxy Statement entitled, &#147;Ownership of the Funds.&#148; A shareholder who owns beneficially 25% or
more of the outstanding shares of a Fund is presumed to &#147;control&#148; that Fund. Such a shareholder&#146;s
vote could have a more significant effect on matters presented at a shareholders&#146; meeting than
votes of other shareholders.
</DIV>
<DIV align="left">
<A name="H86298108"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Investment Advisory and Other Services</B>
</DIV>

<DIV align="left">
<A name="H86298109"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco serves as the Funds&#146; investment adviser. The Adviser manages the investment
operations of the Funds as well as other investment portfolios that encompass a broad range of
investment objectives, and has agreed to perform or arrange for the performance of the Funds&#146;
day-to-day management. The Adviser, as successor in
interest to multiple investment advisers, has been an investment adviser since 1976. Invesco
is an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. and its subsidiaries are an
independent global investment management group. Certain of the directors and officers of Invesco
are also executive officers of the Funds and their affiliations are shown in each Proxy Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As investment adviser, Invesco supervises all aspects of the Funds&#146; operations and provides
investment advisory services to the Funds. Invesco obtains and evaluates economic, statistical and
financial information to formulate and implement investment programs for the Funds. Each Fund&#146;s
Investment Advisory Agreement (the &#147;Advisory Agreement&#148;) provides that, in fulfilling its
responsibilities, Invesco may engage the services of other investment managers with respect to the
Funds. The investment advisory services of Invesco are not exclusive and Invesco is free to render
investment advisory services to others, including other investment companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an administrative services agreement with the Funds, the Adviser is also
responsible for furnishing to the Funds the services of persons believed to be competent to perform
supervisory and administrative services required by the Funds and that, in the judgment of the
Trustees, are necessary to conduct the business of the Funds effectively, as well as the offices,
equipment and other facilities necessary for their operations. Such functions include the
maintenance of the Funds&#146; accounts and records, and the preparation of all requisite corporate
documents such as tax returns and reports to the SEC and shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Advisory Agreement provides that each Fund will pay or cause to be paid all expenses of
such Fund not assumed by Invesco, including, without limitation: brokerage commissions, taxes,
legal, accounting, auditing, or governmental fees, the cost of preparing share certificates,
custodian, transfer and shareholder service agent costs, expenses of issue, sale, redemption and
repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to
trustees and shareholder meetings, the cost of preparing and distributing reports and notices to
shareholders, the fees and other expenses incurred by the Funds in connection with membership in
investment company organizations and the cost of printing copies of prospectuses and statements of
additional information distributed to the Funds&#146; shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco, at its own expense, furnishes to the Funds office space and facilities. Invesco
furnishes to the Funds all personnel for managing the affairs of the Funds. Information about
advisory fees and any applicable fee waiver and/or expense reimbursement for your Fund can be found
in your Fund&#146;s Proxy Statement in the section entitled, &#147;APPROVAL OF MERGERS &#151; How do the
management, investment adviser and other service providers of the Funds compare?&#148; The management
fees paid during each Fund&#146;s last three completed fiscal years are found in Appendix&nbsp;E to this SAI.
</DIV>
<DIV align="left">
<A name="H86298110"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco has entered into a Sub-Advisory Agreement with certain affiliates to serve as
sub-advisers to each Fund pursuant to which these affiliated sub-advisers may be appointed by
Invesco from time to time to provide discretionary investment management services, investment
advice, and/or order execution services to the Funds.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 71 -<!-- /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">These affiliated sub-advisers, each of which is a registered investment adviser under the
Investment Advisers Act of 1940, as amended, are:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Asset Management Deutschland GmbH (Invesco Deutschland)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Asset Management Limited (Invesco Asset Management)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Asset Management (Japan) Limited (Invesco Japan)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Australia Limited (Invesco Australia)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Hong Kong Limited (Invesco Hong Kong)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Senior Secured Management, Inc. (Invesco Senior Secured)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Invesco Canada Ltd. (Invesco Canada); (each a &#147;Sub-Adviser&#148; and collectively, the &#147;Sub-Advisers&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and each Sub-Adviser are indirect wholly-owned subsidiaries of Invesco Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The only fees payable to the Sub-Advisers under the Sub-Advisory Agreement are for providing
discretionary investment management services. For such services, Invesco pays each Sub-Adviser a
fee, computed daily and paid monthly, equal to (i)&nbsp;40% of the monthly compensation that Invesco
receives from each Fund, multiplied by (ii)&nbsp;the fraction equal to the net assets of such Fund as to which such
Sub-Adviser shall have provided discretionary investment management services for that month divided
by the net assets of such Fund for that month. Pursuant to the Sub-Advisory Agreement, this fee is
reduced to reflect contractual or voluntary fee waivers or expense limitations by Invesco, if any,
in effect from time to time. In no event shall the aggregate monthly fees paid to the Sub-Advisers
under the Sub-Advisory Agreement exceed 40% of the monthly compensation that Invesco receives from
a Fund pursuant to its advisory agreement with the Fund, as reduced to reflect contractual or
voluntary fees waivers or expense limitations by Invesco, if any.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Securities Lending Arrangements</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Fund engages in securities lending, Invesco will provide the Fund related investment
advisory and administrative services. The Advisory Agreement describes the administrative services
to be rendered by Invesco if a Fund engages in securities lending activities, as well as the
compensation Invesco may receive for such administrative services. Services to be provided
include: (a)&nbsp;overseeing participation in the securities lending program to ensure compliance with
all applicable regulatory and investment guidelines; (b)&nbsp;assisting the securities lending agent or
principal (the agent) in determining which specific securities are available for loan; (c)
monitoring the agent to ensure that securities loans are effected in accordance with Invesco&#146;s
instructions and with procedures adopted by the Board; (d)&nbsp;preparing appropriate periodic reports
for, and seeking appropriate approvals from, the Board with respect to securities lending
activities; (e)&nbsp;responding to agent inquiries; and (f)&nbsp;performing such other duties as may be
necessary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;s compensation for advisory services rendered in connection with securities lending is
included in the advisory fee schedule. As compensation for the related administrative services
Invesco will provide, a lending Fund will pay Invesco a fee equal to 25% of the net monthly
interest or fee income retained or paid to the Fund from such activities. Invesco currently waives
such fee, and has agreed to seek Board approval prior to its receipt of all or a portion of such
fee.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Service Agreements</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Administrative Services Agreement</B>. Invesco and each Fund have entered into a Master
Administrative Services Agreement (Administrative Services Agreement) pursuant to which Invesco may
perform or arrange for the provision of certain accounting and other administrative services to the
Fund which are not required to be performed by Invesco under the Advisory Agreement. The
Administrative Services Agreement provides that it will remain in effect and continue from year to
year only if such continuance is specifically approved at least annually by the Board, including
the independent trustees, by votes cast in person at a meeting called for such purpose. Under the
Administrative Services Agreement, Invesco is entitled to receive from the Funds reimbursement of
its costs or such reasonable compensation as may be approved by the Board. Currently, Invesco is
reimbursed for the services of the Funds&#146; principal financial officer and her staff and any
expenses related to fund accounting services.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 72 -<!-- /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;Administrative services fees paid for the last three fiscal years of each Fund are found in
Appendix&nbsp;F to this SAI.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfer Agent</B>. Computershare Trust Company, N.A. (&#147;Computershare&#148;), P.O. Box 43078,
Providence, RI 02940-3078 is the transfer agent for each Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agency and Service Agreement (the &#147;TA Agreement&#148;) between each Fund and
Computershare provides that Computershare will perform certain services related to the servicing of
shareholders of the Funds. Other such services may be delegated or subcontracted to third party
intermediaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Custodian</B>. State Street Bank and Trust Company (the &#147;Custodian&#148;), 225 Franklin Street,
Boston, Massachusetts 02110, is custodian of all securities and cash of the Funds. The Bank of New
York Mellon, 2 Hanson Place, Brooklyn, New York 11217-1431, also serves as sub-custodian to
facilitate cash management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Custodian is authorized to establish separate accounts in foreign countries and to cause
foreign securities owned by the Funds to be held outside the United States in branches of U.S.
banks and, to the extent permitted by applicable regulations, in certain foreign banks and
securities depositories. Invesco is responsible for selecting eligible foreign securities
depositories and for assessing the risks associated with investing in foreign countries, including
the risk of using eligible foreign securities&#146; depositories in a country. The Custodian is
responsible for monitoring eligible foreign securities depositories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under its contract with each Fund, the Custodian maintains the portfolio securities of the
Fund, administers the purchases and sales of portfolio securities, collects interest and dividends
and other distributions made on the securities held in the portfolio of the Fund and performs other
ministerial duties. These services do not include any supervisory function over management or
provide any protection against any possible depreciation of assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Independent Registered Public Accounting Firm</B>. The Funds&#146; independent registered public
accounting firm is responsible for auditing the financial statements of the Funds. The Audit
Committee of each Fund&#146;s Board has appointed, and the Board has ratified and approved,
PricewaterhouseCoopers LLP, 1201 Louisiana Street, Suite&nbsp;2900, Houston, Texas 77002, as the
independent registered public accounting firm to audit the financial statements of the Funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Counsel to the Funds</B>. Stradley Ronon Stevens &#038; Young, LLP, 2600 One Commerce Square,
Philadelphia, Pennsylvania 19103 serves as counsel to IIM, IMC, IMS, IMT, OIA, OIB, OIC, IQI, IQT,
IQM, IIC, IQC, ICS, MSY, PIA and IQN. Skadden, Arps, Slate, Meagher &#038; Flom, LLP, 155 West Wacker
Drive, Chicago, Illinois 60606 serves as counsel to VCV, VLT, VMO, VKL, VIM, VTN, VKQ, VMV, VOQ and
VTJ.
</DIV>
<DIV align="left">
<A name="H86298111"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appendix&nbsp;G to this SAI contains the following information regarding the portfolio managers
identified in your Fund&#146;s Proxy Statement:
</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The dollar range of the managers&#146; investments in each 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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A description of the managers&#146; compensation structure.</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information regarding other accounts managed by the manager and potential
conflicts of interest that might arise from the management of multiple accounts.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<A name="H86298112"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco has adopted compliance procedures that cover, among other items, brokerage allocation
and other trading practices.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 73 -<!-- /Folio -->
</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>Brokerage Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Placing trades generally involves acting on portfolio manager instructions to buy or sell a
specified amount of portfolio securities, including selecting one or more third-party
broker-dealers to execute the trades, and negotiating commissions and spreads. Various Invesco Ltd.
subsidiaries have created a global equity trading desk. The global equity trading desk has
assigned local traders in six primary trading centers to place equity securities trades in their
regions. Invesco Advisers&#146; Americas desk, located in Atlanta, Houston and Toronto (the &#147;Americas
Desk&#148;), generally places trades of equity securities trading in North America, Canada and Latin
America; the Hong Kong desk of Invesco Hong Kong (the &#147;Hong Kong Desk&#148;) generally places trades of
equity securities in the Asia-Pacific markets, except Japan; the Japan trading desk of Invesco
Japan generally places trades of equity securities in the Japanese markets; the London trading desk
of Invesco Global Investment Funds Limited (the &#147;London Desk&#148;) generally places trades of equity
securities in European, Middle Eastern and African countries; the Australia desk, located in Sydney
and Melbourne, for the execution of orders of equity securities trading in the Australian and New
Zealand markets and the Taipei desk, located in Taipei, for the execution of orders of securities
trading in the Chinese market. Invesco, Invesco Canada, Invesco Australia, Invesco Japan, Invesco
Deutschland, Invesco Hong Kong and Invesco Asset Management use the global equity trading desk to
place equity trades. Other Sub-Advisers
may use the global equity trading desk in the future. The trading procedures for the global
trading desks are similar in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;References in the language below to actions by Invesco or a Sub-Adviser (other than Invesco
Canada or Invesco Japan) making determinations or taking actions related to equity trading include
these entities&#146; delegation of these determinations/actions to the Americas Desk, the Hong Kong
Desk, and the London Desk. Even when trading is delegated by Invesco or the Sub-Advisers to the
various arms of the global equity trading desk, Invesco or a Sub-Adviser that delegates trading is
responsible for oversight of this trading activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco or a Sub-Adviser makes decisions to buy and sell securities for each Fund, selects
broker-dealers (each, a &#147;Broker&#148;), effects the Funds&#146; investment portfolio transactions, allocates
brokerage fees in such transactions and, where applicable, negotiates commissions and spreads on
transactions. Invesco&#146;s and the Sub-Adviser&#146;s primary consideration in effecting a security
transaction is to obtain best execution, which is defined as prompt and efficient execution of the
transaction at the best obtainable price with payment of commissions, mark-ups or mark-downs which
are reasonable in relation to the value of the brokerage and research services provided by the
Broker. While Invesco or the Sub-Advisers seeks reasonably competitive commission rates, the Funds
may not pay the lowest commission or spread available. See &#147;Broker Selection&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the securities in which the Funds invest are traded in over-the-counter markets.
Portfolio transactions in such markets may be effected on a principal basis at net prices without
commissions, but which include compensation to the Broker in the form of a mark-up or mark-down, or
on an agency basis, which involves the payment of negotiated brokerage commissions to the Broker,
including electronic communication networks. Purchases of underwritten issues, which include
initial public offerings and secondary offerings, include a commission or concession paid by the
issuer (not the Funds) to the underwriter. Purchases of money market instruments may be made
directly from issuers without the payment of commissions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically, Invesco and the Sub-Advisers did not negotiate commission rates on stock markets
outside the United States. In recent years many overseas stock markets have adopted a system of
negotiated rates; however, a number of markets maintain an established schedule of minimum
commission rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some cases, Invesco may decide to place trades on a &#147;blind principal bid&#148; basis, which
involves combining all trades for one or more portfolios into a single basket, and generating a
description of the characteristics of the basket for provision to potential executing brokers.
Based on the trade characteristics information provided by Invesco, these brokers submit bids for
executing all of the required trades at the market close price for a specific commission. Invesco
generally selects the broker with the lowest bid to execute these trades.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage commissions during each Fund&#146;s last three fiscal years are found in Appendix&nbsp;H to
this SAI.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 74 -<!-- /Folio -->
</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>Commissions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Funds pay or will pay brokerage commissions to Brokers affiliated with the Funds,
Invesco (or Invesco Advisors, Inc., former adviser to the Funds that merged into Invesco Advisers,
Inc. on December&nbsp;31, 2009), Invesco Distributors, the Sub-Advisers or any affiliates of such
entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Fund may purchase or sell a security from or to certain other Invesco Funds or other
accounts (and may invest in the Affiliated Money Market Funds) provided the Funds follow procedures
adopted by the Boards of the various Invesco Funds, including the Fund. These inter-fund
transactions do not generate brokerage commissions but may result in custodial fees or taxes or
other related expenses.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;s or the Sub-Adviser&#146;s primary consideration in selecting Brokers to execute portfolio
transactions for an Invesco Fund is to obtain best execution. In selecting a Broker to execute a
portfolio transaction in equity securities for a Fund, Invesco or the Sub-Advisers consider the
full range and quality of a Broker&#146;s services, including the value of research and/or brokerage services provided, execution capability,
commission rate, and willingness to commit capital, anonymity and responsiveness. Invesco&#146;s and
the Sub-Adviser&#146;s primary consideration when selecting a Broker to execute a portfolio transaction
in fixed income securities for a Fund is the Broker&#146;s ability to deliver or sell the relevant fixed
income securities; however, Invesco and the Sub-Advisers will also consider the various factors
listed above. In each case, the determinative factor is not the lowest commission or spread
available but whether the transaction represents the best qualitative execution for the Fund.
Invesco and the Sub-Advisers will not select Brokers based upon their promotion or sale of shares
of funds advised by Invesco and/or the Sub-Advisers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In choosing Brokers to execute portfolio transactions for the Funds, Invesco or the
Sub-Advisers may select Brokers that provide brokerage and/or research services (&#147;Soft Dollar
Products&#148;) to the Funds and/or the other accounts over which Invesco and its affiliates have
investment discretion. Section 28(e) of the Securities Exchange Act of 1934, as amended, provides
that Invesco or the Sub-Advisers, under certain circumstances, lawfully may cause an account to pay
a higher commission than the lowest available. Under Section&nbsp;28(e)(1), Invesco or the Sub-Advisers
must make a good faith determination that the commissions paid are &#147;reasonable in relation to the
value of the brokerage and research services provided. .. viewed in terms of either that
particular transaction or &#091;Invesco&#146;s or the Sub-Advisers&#146;&#093; overall responsibilities with respect to
the accounts as to which &#091;it&#093; exercises investment discretion.&#148; The services provided by the Broker
also must lawfully and appropriately assist Invesco or the Sub-Adviser in the performance of its
investment decision-making responsibilities. Accordingly, a Fund may pay a Broker commissions
higher than those available from another Broker in recognition of the Broker&#146;s provision of Soft
Dollar Products to Invesco or the Sub-Advisers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers face a potential conflict of interest when they use client trades
to obtain Soft Dollar Products. This conflict exists because Invesco and the Sub-Advisers are able
to use the Soft Dollar Products to manage client accounts without paying cash for the Soft Dollar
Products, which reduces Invesco&#146;s or the Sub-Adviser&#146;s expenses to the extent that Invesco or the
Sub-Advisers would have purchased such products had they not been provided by Brokers. Section
28(e) permits Invesco or the Sub-Advisers to use Soft Dollar Products for the benefit of any
account it manages. Certain Invesco-managed accounts (or accounts managed by the Sub-Advisers) may
generate soft dollars used to purchase Soft Dollar Products that ultimately benefit other Invesco
Advisers, Inc.-managed accounts (or Sub-Adviser-managed accounts), effectively cross subsidizing
the other Invesco-managed accounts (or the other Sub-Adviser-managed accounts) that benefit
directly from the product. Invesco or the Sub-Advisers may not use all of the Soft Dollar Products
provided by Brokers through which a Fund effects securities transactions in connection with
managing the Fund whose trades generated the soft dollars used to purchase such products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco presently engages in the following instances of cross-subsidization:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller funds that do not generate significant soft dollar commissions may be cross-subsidized
by the larger equity Invesco funds in that the smaller equity funds receive the benefit of Soft
Dollar Products for which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 75 -<!-- /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">they do not pay. Certain other accounts managed by Invesco or certain of its affiliates may
benefit from Soft Dollar Products services for which they do not pay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers attempt to reduce or eliminate the potential conflicts of
interest concerning the use of Soft Dollar Products by directing client trades for Soft Dollar
Products only if Invesco or the Sub-Adviser concludes that the Broker supplying the product is
capable of providing best execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain Soft Dollar Products may be available directly from a vendor on a hard dollar basis;
other Soft Dollar Products are available only through Brokers in exchange for soft dollars.
Invesco and the Sub-Adviser use soft dollars to purchase two types of Soft Dollar Products:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proprietary research created by the Broker executing the trade, 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other products created by third parties that are supplied to Invesco or the
Sub-Adviser through the Broker executing the trade.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary research consists primarily of traditional research reports, recommendations and
similar materials produced by the in-house research staffs of broker-dealer firms. This research
includes evaluations and recommendations of specific companies or industry groups, as well as
analyses of general economic and market conditions and trends, market data, contacts and other
related information and assistance. Invesco periodically rates the quality of proprietary research
produced by various Brokers. Based on the evaluation of the quality of information that Invesco
receives from each Broker, Invesco develops an estimate of each Broker&#146;s share of Invesco clients&#146;
commission dollars and attempts to direct trades to these firms to meet these estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers also use soft dollars to acquire products from third parties that
are supplied to Invesco or the Sub-Advisers through Brokers executing the trades or other Brokers
who &#147;step in&#148; to a transaction and receive a portion of the brokerage commission for the trade.
Invesco or the Sub-Advisers may from time to time instruct the executing Broker to allocate or
&#147;step out&#148; a portion of a transaction to another Broker. The Broker to which Invesco or the
Sub-Advisers have &#147;stepped out&#148; would then settle and complete the designated portion of the
transaction, and the executing Broker would settle and complete the remaining portion of the
transaction that has not been &#147;stepped out.&#148; Each Broker may receive a commission or brokerage fee
with respect to that portion of the transaction that it settles and completes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soft Dollar Products received from Brokers supplement Invesco&#146;s and or the Sub-Advisers&#146; own
research (and the research of certain of its affiliates), and may include the following types of
products and services:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Database Services &#151; comprehensive databases containing current and/or
historical information on companies and industries and indices. Examples include
historical securities prices, earnings estimates and financial data. These services may
include software tools that allow the user to search the database or to prepare value-added
analyses related to the investment process (such as forecasts and models used in the
portfolio management process).</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quotation/Trading/News Systems &#151; products that provide real time market data
information, such as pricing of individual securities and information on current trading,
as well as a variety of news services.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Economic Data/Forecasting Tools &#151; various macro-economic forecasting tools,
such as economic data or currency and political forecasts for various countries or regions.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quantitative/Technical Analysis &#151; software tools that assist in quantitative
and technical analysis of investment data.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fundamental/Industry Analysis &#151; industry specific fundamental investment
research.</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other Specialized Tools &#151; other specialized products, such as consulting
analyses, access to industry experts, and distinct investment expertise such as forensic
accounting or custom built investment-analysis software.</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">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Invesco or the Sub-Advisers determines that any service or product has a mixed use (i.e.,
it also serves functions that do not assist the investment decision-making or trading process),
Invesco or the Sub-Advisers will allocate the costs of such service or product accordingly in its
reasonable discretion. Invesco or the Sub-Advisers will allocate brokerage commissions to Brokers
only for the portion of the service or product that Invesco or the Sub-Advisers determines assists
it in the investment decision-making or trading process and will pay for the remaining value of the
product or service in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outside research assistance is useful to Invesco or the Sub-Advisers because the Brokers used
by Invesco or the Sub-Advisers tend to provide more in-depth analysis of a broader universe of
securities and other matters than Invesco&#146;s or the Sub-Adviser&#146;s staff follows. In addition, such
services provide Invesco or the Sub-Advisers with a diverse perspective on financial markets. Some
Brokers may indicate that the provision of research services is dependent upon the generation of
certain specified levels of commissions and underwriting concessions by Invesco&#146;s or the
Sub-Adviser&#146;s clients, including the Funds. However, the Funds are not under any obligation to
deal with any Broker in the execution of transactions in portfolio securities. In some cases, Soft
Dollar Products are available only from the Broker providing them. In other cases, Soft Dollar
Products may be obtainable from alternative sources in return for cash payments. Invesco and the Sub-Advisers believe that because Broker research
supplements rather than replaces Invesco&#146;s or the Sub-Adviser&#146;s research, the receipt of such
research tends to improve the quality of Invesco&#146;s or the Sub-Adviser&#146;s investment advice. The
advisory fee paid by the Funds is not reduced because Invesco or the Sub-Advisers receives such
services. To the extent the Funds&#146; portfolio transactions are used to obtain Soft Dollar Products,
the brokerage commissions obtained by the Funds might exceed those that might otherwise have been
paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco or the Sub-Advisers may determine target levels of brokerage business with various
Brokers on behalf of its clients (including the Funds) over a certain time period. Invesco
determines target levels based upon the following factors, among others: (1)&nbsp;the execution
services provided by the Broker; and (2)&nbsp;the research services provided by the Broker. Portfolio
transactions may be effected through Brokers that recommend the Funds to their clients, or that act
as agent in the purchase of a Fund&#146;s shares for their clients, provided that Invesco or the
Sub-Advisers believes such Brokers provide best execution and such transactions are executed in
compliance with Invesco&#146;s policy against using directed brokerage to compensate Brokers for
promoting or selling Invesco Fund shares. Invesco and the Sub-Advisers will not enter into a
binding commitment with Brokers to place trades with such Brokers involving brokerage commissions
in precise amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Directed Brokerage (Research Services)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Fund paid any directed brokerage (research services) during its most recently completed
fiscal year.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During their last fiscal year, the Funds did not acquire any securities of regular brokers or
dealers, as defined in Rule&nbsp;10b-1 under the 1940 Act.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco and the Sub-Advisers manage numerous Invesco Funds and other accounts. Some of these
accounts may have investment objectives similar to the Funds. Occasionally, identical securities
will be appropriate for investment by one of the Funds and by another Fund or one or more other
accounts. However, the position of each account in the same security and the length of time that
each account may hold its investment in the same security may vary. Invesco and the Sub-Adviser
will also determine the timing and amount of purchases for an account based on its cash position.
If the purchase or sale of securities is consistent with the investment policies of the Fund(s) and
one or more other accounts, and is considered at or about the same time, Invesco or the Sub-Adviser
will allocate transactions in such securities among the Fund(s) and these accounts on a pro rata
basis based on order size or in such other manner believed by Invesco to be fair and equitable.
Invesco or the Sub-Adviser may combine transactions in accordance with applicable laws and
regulations to obtain the most favorable execution. Simultaneous transactions could, however,
adversely affect a Fund&#146;s ability to obtain or dispose of the full amount of a security which it
seeks to purchase or sell.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 77 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="H86298113"></A>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a general summary of certain additional tax considerations of investing,
holding and disposing of Common Shares of the Funds (for purposes of this section, the &#147;Fund&#148;). It
is not intended to be a complete discussion of all such federal income tax consequences, nor does
it purport to deal with all categories of investors (including common shareholders with large
positions in the Fund). No attempt is made to present a detailed explanation of the tax treatment
of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended as a
substitute for careful tax planning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This &#147;Tax Matters&#148; section is based on the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;) and applicable regulations in effect on the date of this Statement of Additional
Information. Future legislative, regulatory or administrative changes, including provisions of
current law that sunset and thereafter no longer apply, or court decisions may significantly change
the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions
may have a retroactive effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>This is for general information only and not tax advice. All investors should consult their
own tax advisors as to the federal, state, local and foreign tax provisions applicable to them.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of the Fund</B>. The Fund has elected and intends to qualify (or, if newly organized,
intends to elect and qualify) each year as a &#147;regulated investment company&#148; (sometimes referred to
as a regulated investment company, RIC or fund) under Subchapter M of the Code. If the Fund
qualifies, the Fund will not be subject to federal income tax on the portion of its investment
company taxable income (i.e., generally, taxable interest, dividends, net short-term capital gains
and other taxable ordinary income net of expenses without regard to the deduction for dividends
paid) and net capital gain (i.e., the excess of net long-term capital gains over net short-term
capital losses) that it distributes to shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Qualification as a regulated investment company</I>. In order to qualify for treatment as a
regulated investment company, the Fund must satisfy the following requirements:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Distribution Requirement &#151; the Fund must distribute at least 90% of its investment
company taxable income and 90% of its net tax-exempt income, if any, for the tax year
(certain distributions made by the Fund after the close of its tax year are considered
distributions attributable to the previous tax year for purposes of satisfying this
requirement).</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Income Requirement &#151; the Fund must derive at least 90% of its gross income from
dividends, interest, certain payments with respect to securities loans, and gains from the
sale or other disposition of stock, securities or foreign currencies, or other income
(including, but not limited to, gains from options, futures or forward contracts) derived
from its business of investing in such stock, securities or currencies and net income
derived from qualified publicly traded partnerships (QPTPs).</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Asset Diversification Test &#151; the Fund must satisfy the following asset diversification
test at the close of each quarter of the Fund&#146;s tax year: (1)&nbsp;at least 50% of the value of
the Fund&#146;s assets must consist of cash and cash items, U.S. Government securities,
securities of other regulated investment companies, and securities of other issuers (as to
which the Fund has not invested more than 5% of the value of the Fund&#146;s total assets in
securities of an issuer and as to which the Fund does not hold more than 10% of the
outstanding voting securities of the issuer); and (2)&nbsp;no more than 25% of the value of the
Fund&#146;s total assets may be invested in the securities of any one issuer (other than U.S.
Government securities and securities of other regulated investment companies) or of two or
more issuers which the Fund controls and which are engaged in the same or similar trades or
businesses, or, collectively, in the securities of QPTPs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In some circumstances, the character and timing of income realized by the Fund for purposes of
the Income Requirement or the identification of the issuer for purposes of the Asset
Diversification Test is uncertain under current law with respect to a particular investment, and an
adverse determination or future guidance by IRS with respect to such type of investment may
adversely affect the Fund&#146;s ability to satisfy these requirements. See &#147;Tax Treatment of Portfolio
Transactions&#148; with respect to the application of these requirements to certain types of
investments. In other circumstances, the Fund may be required to sell portfolio holdings in order
to meet the Income
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 78 -<!-- /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">Requirement, Distribution Requirement, or Asset Diversification Test, which may have a
negative impact on the Fund&#146;s income and performance. In lieu of potential disqualification, 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 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;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 tax at regular corporate
rates without any deduction for dividends paid to shareholders, and the dividends would be taxable
to the shareholders as ordinary income (or possibly as qualified dividend income) to the extent of
the Fund&#146;s current and accumulated earnings and profits. Failure to qualify as a regulated
investment company thus would have a negative impact on the Fund&#146;s income and performance. Subject
to savings provisions for certain inadvertent failures to satisfy the Income Requirement or Asset
Diversification Test which, in general, are limited to those due to reasonable cause and not
willful neglect, it is possible that the Fund will not qualify as a regulated investment company in
any given tax year. Even if such savings provisions apply, the Fund may be subject to a monetary sanction of $50,000 or more.
Moreover, the Board reserves the right not to maintain the qualification of the Fund as a regulated
investment company if it determines such a course of action to be beneficial to shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Portfolio turnover</I>. For investors that hold their Fund shares in a taxable account, a high
portfolio turnover rate (except in a money market fund that maintains a stable net asset value) may
result in higher taxes. This is because a Fund with a high turnover rate may accelerate the
recognition of capital gains and more of such gains are likely to be taxable as short-term rather
than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such
higher taxes would reduce the Fund&#146;s after-tax performance. See &#147;Taxation of Fund Distributions
(All Funds) &#151; Capital gain dividends&#148; below. For non-U.S. investors, any such acceleration of the
recognition of capital gains that results in more short-term and less long-term capital gains being
recognized by the Fund may cause such investors to be subject to increased U.S. withholding taxes.
See, &#147;Foreign Shareholders &#151; U.S. withholding tax at the source&#148; below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital loss carryovers</I>. The capital losses of the Fund, if any, do not flow through to
shareholders. Rather, the Fund may use its capital losses, subject to applicable limitations, to
offset its capital gains without being required to pay taxes on or distribute to shareholders such
gains that are offset by the losses. Under the Regulated Investment Company Modernization Act of
2010 (RIC Mod Act), if the Fund has a &#147;net capital loss&#148; (that is, capital losses in excess of
capital gains) for a taxable year beginning after December&nbsp;22, 2010, the excess (if any) of the
Fund&#146;s net short-term capital losses over its net long-term capital gains is treated as a
short-term capital loss arising on the first day of the Fund&#146;s next taxable year, and the excess
(if any) of the Fund&#146;s net long-term capital losses over its net short-term capital gains is
treated as a long-term capital loss arising on the first day of the Fund&#146;s next taxable year. Any
such net capital losses of the Fund that are not used to offset capital gains may be carried
forward indefinitely to reduce any future capital gains realized by the Fund in succeeding taxable
years. However, for any net capital losses realized in taxable years of the Fund beginning on or
before December&nbsp;22, 2010, the Fund is permitted to carry forward such capital losses for eight
years as a short-term capital loss. Under a transition rule, capital losses arising in a taxable
year beginning after December&nbsp;22, 2010 must be used before capital losses realized in a prior
taxable year. The amount of capital losses that can be carried forward and used in any single year
is subject to an annual limitation if there is a more than 50% &#147;change in ownership&#148; of the Fund.
An ownership change generally results when shareholders owning 5% or more of the Fund increase
their aggregate holdings by more than 50% over a three-year look-back period. An ownership change
could result in capital loss carryovers being used at a slower rate (or, in the case of those
realized in taxable years of the Fund beginning on or before December&nbsp;22, 2010, to expire), thereby
reducing the Fund&#146;s ability to offset capital gains with those losses. An increase in the amount
of taxable gains distributed to the Fund&#146;s shareholders could result from an ownership change. The
Fund undertakes no obligation to avoid or prevent an ownership change, which can occur in the
normal course of shareholder purchases and redemptions or as a result of engaging in a tax-free
reorganization with another fund. Moreover, because of circumstances beyond the Fund&#146;s control,
there can be no assurance that the Fund will not experience, or has not already experienced, an
ownership change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deferral of late year losses</I>. The Fund may elect to treat part or all of any &#147;qualified late
year loss&#148; as if it had been incurred in the succeeding taxable year in determining the Fund&#146;s
taxable income, net capital gain, net short-term capital gain, and earnings and profits. The
effect of this election is to treat any such &#147;qualified late year
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 79 -<!-- /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">loss&#148; as if it had been incurred in the succeeding taxable year, which may change the timing,
amount, or characterization of Fund distributions (see, &#147;Taxation of Fund Distributions (All Funds)
&#151; Capital gain dividends&#148; below). A &#147;qualified late year loss&#148; includes:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any net capital loss, net long-term capital loss, or net short-term capital
loss incurred after October&nbsp;31 of the current taxable year (post-October losses), and</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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the excess, if any, of (1)&nbsp;the sum of (a)&nbsp;specified losses incurred after
October&nbsp;31 of the current taxable year, and (b)&nbsp;other ordinary losses incurred after
December&nbsp;31 of the current taxable year, over (2)&nbsp;the sum of (a)&nbsp;specified gains
incurred after October&nbsp;31 of the current taxable year, and (b)&nbsp;other ordinary gains
incurred after December&nbsp;31 of the current taxable year.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms &#147;specified losses&#148; and &#147;specified gains&#148; mean ordinary losses and gains from the
sale, exchange, or other disposition of property (including the termination of a position with
respect to such property), foreign currency losses and gains, and losses and gains resulting from holding stock in a passive
foreign investment company (PFIC)&nbsp;for which a mark-to-market election is in effect. The terms
&#147;ordinary losses&#148; and &#147;ordinary gains&#148; mean other ordinary losses and gains that are not described
in the preceding sentence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Undistributed capital gains</I>. The Fund may retain or distribute to shareholders its net
capital gain for each taxable year. The Fund currently intends to distribute net capital gains.
If the Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the
extent of any available capital loss carryovers) at the highest corporate tax rate (currently 35%).
If the Fund elects to retain its net capital gain, it is expected that the Fund also will elect to
have shareholders treated as if each received a distribution of its pro rata share of such gain,
with the result that each shareholder will be required to report its pro rata share of such gain on
its tax return as long-term capital gain, will receive a refundable tax credit for its pro rata
share of tax paid by the Fund on the gain and will increase the tax basis for its shares by an
amount equal to the deemed distribution less the tax credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Federal excise tax</I>. To avoid a 4% non-deductible excise tax, the Fund must distribute by
December&nbsp;31 of each year an amount equal to: (1)&nbsp;98% of its ordinary income for the calendar year,
(2)&nbsp;98.2% of capital gain net income (the excess of the gains from sales or exchanges of capital
assets over the losses from such sales or exchanges) for the one-year period ended on October&nbsp;31 of
such calendar year (or, at the election of a regulated investment company having a taxable year
ending November&nbsp;30 or December&nbsp;31, for its taxable year), and (3)&nbsp;any prior year undistributed
ordinary income and capital gain net income. Under the RIC Mod Act, the Fund may elect to defer to
the following year any net ordinary loss incurred for the portion of the calendar year which is
after the beginning of the fund&#146;s taxable year. Also, the Fund will defer any &#147;specified gain&#148; or
&#147;specified loss&#148; which would be properly taken into account for the portion of the calendar after
October&nbsp;31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as
arising on January 1 of the following calendar year. Generally, the Fund intends to make
sufficient distributions to avoid any material liability for federal income and excise tax but can
give no assurances that all or a portion of such liability will be avoided. In addition, under
certain circumstances temporary timing or permanent differences in the realization of income and
expense for book and tax purposes can result in the Fund having to pay an excise tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign income tax</I>. Investment income received by the Fund from sources within foreign
countries may be subject to foreign income tax withheld at the source, and the amount of tax
withheld generally will be treated as an expense of the Fund. The United States has entered into
tax treaties with many foreign countries that entitle the Fund to a reduced rate of, or exemption
from, tax on such income. Some countries require the filing of a tax reclaim to receive the benefit
of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within the
control of the individual country. Other countries may subject capital gains realized by the Fund
on sale or disposition of securities of that country to taxation. It is impossible to determine the
effective rate of foreign tax in advance since the amount of the Fund&#146;s assets to be invested in
various countries is not known. Under certain circumstances, the Fund may elect to pass-through
foreign tax credits to shareholders, although it reserves the right not to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of Fund Distributions (All Funds). </B>The Fund anticipates distributing substantially
all of its investment company taxable income and net capital gain for each taxable year.
Distributions by the Fund will 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">treated in the manner described regardless of whether such distributions are paid in cash or
reinvested in additional shares of the Fund (or of another Fund).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions of ordinary income</I>. The Fund receives income generally in the form of dividends
and/or interest on its investments. The Fund may also recognize ordinary income from other sources,
including, but not limited to, certain gains on foreign currency-related transactions. This income,
less expenses incurred in the operation of the Fund, constitutes the Fund&#146;s net investment income
from which dividends may be paid to you. If you are a taxable investor, distributions of net
investment income generally are taxable as ordinary income to the extent of the Fund&#146;s earnings
and profits. None of the dividends paid by the Fund will qualify for the dividends received
deduction in the case of corporate shareholders or as qualified dividend income subject to reduced
rates of taxation in the case of noncorporate shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital gain dividends</I>. Taxes on distributions of capital gains are determined by how long the
Fund owned the investments that generated them, rather than how long a shareholder has owned his or
her shares. In general, the Fund will recognize long-term capital gain or loss on the sale or other
disposition of assets it has owned for more than one year, and short-term capital gain or loss on investments it has owned for one year or
less. Distributions of net capital gain (the excess of net long-term capital gain over net
short-term capital loss) that are properly reported by the Fund to shareholders as capital gain
dividends generally will be taxable to a shareholder receiving such distributions as long-term
capital gain. Long-term capital gain rates applicable to individuals are taxed at the maximum rate
of 15% or 25% (through 2012) depending on the nature of the capital gain. Distributions of net
short-term capital gains for a taxable year in excess of net long-term capital losses for such
taxable year generally will be taxable to a shareholder receiving such distributions as ordinary
income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Return of capital distributions</I>. Distributions by the Fund that are not paid from earnings and
profits will be treated as a return of capital to the extent of (and in reduction of) the
shareholder&#146;s tax basis in his shares; any excess will be treated as gain from the sale of his
shares. Thus, the portion of a distribution that constitutes a return of capital will decrease the
shareholder&#146;s tax basis in his Fund shares (but not below zero), and will result in an increase in
the amount of gain (or decrease in the amount of loss) that will be recognized by the shareholder
for tax purposes on the later sale of such Fund shares. Where one or more distributions occur in
any taxable year, the available current and accumulated earnings and profits of the Fund will be
allocated, first, to the distributions made to the holders of any outstanding Preferred Shares of
the Fund, and only thereafter to distributions made to common shareholders of such Fund. As a
result, the holders of any outstanding Preferred Shares of the Fund may receive a disproportionate
share of the distributions treated as dividends, and the holders of the Common Shares may receive a
disproportionate share of the distributions treated as a return of capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S. Government interest</I>. Income earned on certain U.S. Government obligations is exempt from
state and local personal income taxes if earned directly by you. States also grant tax-free status
to dividends paid to you from interest earned on direct obligations of the U.S. Government,
subject in some states to minimum investment or reporting requirements that must be met by the
Fund. Income on investments by the Fund in certain other obligations, such as repurchase agreements
collateralized by U.S. Government obligations, commercial paper and federal agency-backed
obligations (e.g., Government National Mortgage Association (GNMA)&nbsp;or Federal National Mortgage
Association (FNMA)&nbsp;obligations), generally does not qualify for tax-free treatment. The rules on
exclusion of this income are different for corporations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividends declared in December and paid in January</I>. Ordinarily, shareholders are required to
take distributions by the Fund into account in the year in which the distributions are made.
However, dividends declared in October, November or December of any year and payable to
shareholders of record on a specified date in such a month will be deemed to have been received by
the shareholders (and made by the Fund) on December&nbsp;31 of such calendar year if such dividends are
actually paid in January of the following year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Medicare tax</I>. The recently enacted Patient Protection and Affordable Care Act of 2010, as
amended by the Health Care and Education Affordability Reconciliation Act of 2010, will impose a
3.8% Medicare tax on net investment income earned by certain individuals, estates and trusts for
taxable years beginning after December&nbsp;31, 2012. &#147;Net investment income,&#148; for these purposes, means
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, reduced by the
deductions properly allocable to such income. In the case of an individual, the tax will
</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">be imposed on the lesser of (1)&nbsp;the shareholder&#146;s net investment income or (2)&nbsp;the amount by which
the shareholder&#146;s modified adjusted gross income exceeds $250,000 (if the shareholder is married
and filing jointly or a surviving spouse), $125,000 (if the shareholder is married and filing
separately) or $200,000 (in any other case).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reporting to Shareholders. </I>Shareholders will be advised annually as to the U.S. federal
income tax consequences of distributions made (or deemed made) during the year in accordance with
the guidance that has been provided by the IRS. The IRS&#146;s position in a published revenue ruling
indicates that the Fund is required to report distributions paid with respect to its Common Shares
and its Preferred Shares as consisting of a portion of each type of income distributed by such
Fund. The portion of each type of income deemed received by the holders of each class of shares
will be equal to the portion of total Fund dividends received by such class. Thus, the Fund intends
to report dividends paid as exempt-interest dividends in a manner that allocates such dividends
between the holders of the Common Shares and the holders of Preferred Shares in proportion to the
total dividends paid to each such class during or with respect to the taxable year, or otherwise as
required by applicable law. Capital gain dividends and ordinary income dividends will similarly be
allocated between the two classes. To the extent permitted under
applicable law, the Fund reserves the right to make special allocations of income, consistent with
the objectives of the Fund and any requirements with respect to any Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under certain circumstances such as those described in &#147;Dividends and Distributions&#148; in the
prospectus, the Fund will not be allowed to declare a cash dividend or other distribution on its
Common Shares. This inability to declare distributions may prevent the Fund from distributing at
least an amount equal to the sum of 90% of the sum of its investment company taxable income
(determined without regard to the deduction for dividends paid) and its net tax-exempt interest,
and may therefore jeopardize the Fund&#146;s qualification for taxation as a RIC or cause the Fund to
incur a tax liability or a non-deductible 4% excise tax on the undistributed taxable income
(including net capital gain) (as described above), or both. Although the Fund may redeem Preferred
Shares in order to avoid the adverse consequences to the Fund and its shareholders of failing to
qualify as a RIC, there can be no assurance that any such redemption would achieve such objectives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Taxation of Fund Distributions (Tax-Free Funds)</B>. Each of the Tax-Free Funds intends to qualify
each year to pay exempt-interest dividends by satisfying the requirement that at the close of each
quarter of the Fund&#146;s taxable year at least 50% of the Fund&#146;s total assets consists of municipal
securities, which are exempt from federal income tax. For purposes of this discussion, the
&#147;Tax-Free Funds&#148; include all Funds, except the Invesco Van Kampen High Income Trust II and the
Invesco High Yield Investments Fund, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exempt-interest dividends</I>. Distributions from the Fund will constitute exempt-interest
dividends to the extent of the Fund&#146;s tax-exempt interest income (net of allocable expenses and
amortized bond premium). Exempt-interest dividends distributed to shareholders of the Fund are
excluded from gross income for federal income tax purposes. However, shareholders required to file
a federal income tax return will be required to report the receipt of exempt-interest dividends on
their returns. Moreover, while exempt-interest dividends are excluded from gross income for federal
income tax purposes, they may be subject to alternative minimum tax (AMT)&nbsp;in certain circumstances
and may have other collateral tax consequences as discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions of ordinary income and capital gains</I>. Any gain or loss from the sale or other
disposition of a tax-exempt security generally is treated as either long-term or short-term capital
gain or loss, depending upon its holding period, and is fully taxable. However, gain recognized
from the sale or other disposition of a tax-exempt security purchased after April&nbsp;30, 1993, will be
treated as ordinary income to the extent of the accrued market discount on such security.
Distributions by the Fund of ordinary income and capital gains will be taxable to shareholders as
discussed under &#147;Taxation of Fund Distributions (All Funds).&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Alternative minimum tax </I>&#151; <I>private activity bonds</I>. AMT is imposed in addition to, but only to
the extent it exceeds, the regular tax and is computed at a maximum rate of 28% for non-corporate
taxpayers and 20% for corporate taxpayers on the excess of the taxpayer&#146;s alternative minimum
taxable income (AMTI)&nbsp;over an exemption amount. Exempt-interest dividends derived from certain
&#147;private activity&#148; municipal securities issued after August&nbsp;7, 1986 generally will constitute an
item of tax preference includable in AMTI for both corporate and non-corporate taxpayers. However,
tax-exempt interest on private activity bonds issued in 2009 and 2010 is not an item of tax
preference for purposes of the AMT. In addition, exempt-interest dividends derived from all
municipal securities regardless of the date of issue must be included in adjusted current earnings
that are used in computing an additional
</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">corporate preference item includable in AMTI. Certain small corporations are wholly exempt from the
AMT. Consistent with its stated investment objective, the fund intends to limit its investments in
private activity bonds subject to the AMT to no more than 20% of its total assets in any given
year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect on taxation of social security benefits; denial of interest deduction; &#147;substantial
users</I>.&#148; Exempt-interest dividends must be taken into account in computing the portion, if any, of
social security or railroad retirement benefits that must be included in an individual
shareholder&#146;s gross income subject to federal income tax. Further, a shareholder of the Fund is
denied a deduction for interest on indebtedness incurred or continued to purchase or carry shares
of the Fund. Moreover, a shareholder who is (or is related to) a &#147;substantial user&#148; of a facility
financed by industrial development bonds held by the Fund likely will be subject to tax on
dividends paid by the Fund that are derived from interest on such bonds. Receipt of exempt-interest
dividends may result in other collateral federal income tax consequences to certain taxpayers,
including financial institutions, property and casualty insurance companies and foreign
corporations engaged in a trade or business in the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exemption from state tax</I>. To the extent that exempt-interest dividends are derived from
interest on obligations of a state or its political subdivisions or from interest on qualifying
U.S. territorial obligations (including qualifying obligations of Puerto Rico, the U.S. Virgin
Islands, and Guam), they also may be exempt from that state&#146;s personal income taxes. Most states,
however, do not grant tax-free treatment to interest on state and municipal securities of other
states.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Failure of a Municipal Security to qualify to pay exempt-interest</I>. Failure of the issuer of a
tax-exempt security to comply with certain legal or contractual requirements relating to a
municipal security could cause interest on the municipal security, as well as Fund distributions
derived from this interest, to become taxable, perhaps retroactively to the date the municipal
security was issued. In such a case, the Fund may be required to report to the IRS and send to
shareholders amended Forms 1099 for a prior taxable year in order to report additional taxable
income. This in turn could require shareholders to file amended federal and state income tax
returns for such prior year to report and pay tax and interest on their pro rata share of the
additional amount of taxable income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effect of changes in tax rates and policies. </I>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 is not suitable
investments 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions paid by the Invesco Van Kampen California Value Municipal Income Trust, Invesco
California Municipal Income Trust, Invesco California Quality Municipal Securities, and Invesco
California Municipal Securities</I>. Shareholders of the Fund may exclude any exempt interest dividends
paid to you by the Fund from your California taxable income for purposes of the California personal
income tax if:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund qualifies as a regulated investment company under the Code and at the close of
each quarter of its taxable year, at least 50&nbsp;percent of the value of its total assets
consists of obligations the interest on which is exempt from taxation by the State of
California when held by an individual;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividends are derived from interest on obligations of the State of California and
its political subdivisions or qualifying obligations of U.S. territories and possessions
that are exempt from state taxation under federal law;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dividends paid do not exceed the amount of interest (minus certain non-deductible
expenses) the Fund receives, during its taxable year, on obligations that, when held by an
individual, pay interest exempt from taxation by California; and</TD>
</TR>


</TABLE>
</DIV>
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</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Fund properly identifies the dividends as California exempt interest dividends in a
written notice mailed to the investor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any distributions of net short-term and long-term capital gain earned by the Fund and any
gain from the sale of shares of the Fund by a shareholder are included in a shareholder&#146;s taxable
income for purposes of the California personal income tax. Residents of California may be subject
to backup withholding at 7% on the proceeds from the sale of Fund shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from the Fund, including exempt-interest dividends, may be taxable to
shareholders that are subject to certain provisions of the California Corporation Tax Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Distributions paid by the Invesco New York Quality Municipal Securities and the Invesco Van
Kampen Trust for Investment Grade New York Municipals</I>. Shareholders of the Fund may exclude any
exempt interest dividends paid to you by the Fund from your taxable income for purposes of the New
York state income taxes and
the New York City income tax, if the dividends can be excluded from your gross income for
federal income tax purposes and if the dividends are attributable to interest on:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obligations of the State of New York or its political subdivisions; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>qualifying obligations of possessions of the United States.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dividends from (or the value of) the Fund, including exempt interest dividends, may be taken into
account in determining the New York State and New York City income and franchise taxes on business
corporations, banking corporations and insurance companies when paid to (or held by) shareholders
subject to such taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sale or Redemption of Fund Shares</B>. A shareholder will recognize gain or loss on the sale or
redemption of shares of the Fund in an amount equal to the difference between the proceeds of the
sale or redemption and the shareholder&#146;s adjusted tax basis in the shares. If you owned your
shares as a capital asset, any gain or loss that you realize will be considered capital gain or
loss and will be long-term capital gain or loss if the shares were held for longer than one year.
Any redemption fees you incur on shares redeemed will decrease the amount of any capital gain (or
increase any capital loss) you realize on the sale. Capital losses in any year are deductible only
to the extent of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary
income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax basis information. </I>The Fund will be required to provide shareholders with cost basis
information on the redemption of any of the shareholder&#146;s shares in the Fund, subject to certain
exceptions for exempt recipients. This cost basis reporting requirement is effective for shares
purchased in the Fund on or after January&nbsp;1, 2012 where the cost basis of the shares is known by
the Fund and which are disposed of after that date. If you hold your Fund shares through a broker
(or other nominee), please contact that broker (nominee)&nbsp;with respect to the reporting of cost
basis and available elections for your account. For more information about the cost basis methods
offered by Invesco, please refer to the Tax Center located under the Accounts &#038; Services menu of
our website at http://www.Invesco.com/us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Wash sale rule. </I>All or a portion of any loss so recognized may be deferred under the wash
sale rules if the shareholder purchases other shares of the Fund within 30&nbsp;days before or after the
sale or redemption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sales at a loss within six months of purchase</I>. Any capital loss arising from the sale or
redemption of shares held for six months or less will be treated as a long-term capital loss to the
extent of the amount of capital gain dividends received on such shares and any such loss will be
disallowed to the extent of any exempt-interest dividends that were received within the six-month
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax shelter reporting</I>. Under Treasury regulations, if a shareholder recognizes a loss with
respect to the Fund&#146;s shares of $2&nbsp;million or more for an individual shareholder or $10&nbsp;million or
more for a corporate shareholder, 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;<B>Tax Treatment of Portfolio Transactions</B>. Set forth below is a general description of the tax
treatment of certain types of securities, investment techniques and transactions that may apply to
a fund. This section should be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">read in conjunction with the discussion under &#147;Investment Strategies and Risks&#148; for a detailed
description of the various types of securities and investment techniques that apply to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>In general</I>. In general, gain or loss recognized by a fund on the sale or other disposition of
portfolio investments will be a capital gain or loss. Such capital gain and loss may be long-term
or short-term depending, in general, upon the length of time a particular investment position is
maintained and, in some cases, upon the nature of the transaction. Property held for more than one
year generally will be eligible for long-term capital gain or loss treatment. The application of
certain rules described below may serve to alter the manner in which the holding period for a
security is determined or may otherwise affect the characterization as long-term or short-term, and
also the timing of the realization and/or character, of certain gains or losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain fixed-income investments</I>. Gain recognized on the disposition of a debt obligation
purchased by a fund at a market discount (generally, at a price less than its principal amount)
will be treated as ordinary income to the extent of the portion of the market discount that accrued
during the period of time the fund held the debt
obligation unless the fund made a current inclusion election to accrue market discount into
income as it accrues. If a fund purchases a debt obligation (such as a zero coupon security or
pay-in-kind security) that was originally issued at a discount, the fund generally is required to
include in gross income each year the portion of the original issue discount that accrues during
such year. Therefore, a fund&#146;s investment in such securities may cause the fund to recognize
income and make distributions to shareholders before it receives any cash payments on the
securities. To generate cash to satisfy those distribution requirements, a fund may have to sell
portfolio securities that it otherwise might have continued to hold or to use cash flows from other
sources such as the sale of fund shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in debt obligations that are at risk of or in default present tax issues for a
fund</I>. Tax rules are not entirely clear about issues such as whether and to what extent a fund
should recognize market discount on a debt obligation, when a fund may cease to accrue interest,
original issue discount or market discount, when and to what extent a fund may take deductions for
bad debts or worthless securities and how a fund should allocate payments received on obligations
in default between principal and income. These and other related issues will be addressed by a
fund in order to ensure that it distributes sufficient income to preserve its status as a regulated
investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options, futures, forward contracts, swap agreements and hedging transactions</I>. In general,
option premiums received by a fund are not immediately included in the income of the fund. Instead,
the premiums are recognized when the option contract expires, the option is exercised by the
holder, or the fund transfers or otherwise terminates the option (e.g., through a closing
transaction). If an option written by a fund is exercised and the fund sells or delivers the
underlying stock, the fund generally will recognize capital gain or loss equal to (a)&nbsp;sum of the
strike price and the option premium received by the fund minus (b)&nbsp;the fund&#146;s basis in the stock.
Such gain or loss generally will be short-term or long-term depending upon the holding period of
the underlying stock. If securities are purchased by a fund pursuant to the exercise of a put
option written by it, the fund generally will subtract the premium received from its cost basis in
the securities purchased. The gain or loss with respect to any termination of a fund&#146;s obligation
under an option other than through the exercise of the option and related sale or delivery of the
underlying stock generally will be short-term gain or loss depending on whether the premium income
received by the fund is greater or less than the amount paid by the fund (if any) in terminating
the transaction. Thus, for example, if an option written by a fund expires unexercised, the fund
generally will recognize short-term gain equal to the premium received.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The tax treatment of certain futures contracts entered into by a fund as well as listed
non-equity options written or purchased by the fund on U.S. exchanges (including options on futures
contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the
Code (section 1256 contracts). Gains or losses on section 1256 contracts generally are considered
60% long-term and 40% short-term capital gains or losses (60/40), although certain foreign currency
gains and losses from such contracts may be treated as ordinary in character. Also, any section
1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise
tax, on certain other dates as prescribed under the Code) are &#147;marked to market&#148; with the result
that unrealized gains or losses are treated as though they were realized and the resulting gain or
loss is treated as ordinary or 60/40 gain or loss, as applicable. Section&nbsp;1256 contracts do not
include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor,
commodity swap, equity swap, equity index swap, credit default swap, or similar 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;In addition to the special rules described above in respect of options and futures
transactions, a fund&#146;s transactions in other derivative instruments (including options, forward
contracts and swap agreements) as well as its other hedging, short sale, or similar transactions,
may be subject to one or more special tax rules (including the constructive sale, notional
principal contract, straddle, wash sale and short sale rules). These rules may affect whether gains
and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term,
accelerate the recognition of income or gains to the fund, defer losses to the fund, and cause
adjustments in the holding periods of the fund&#146;s securities. These rules, therefore, could affect
the amount, timing and/or character of distributions to shareholders. Moreover, because the tax
rules applicable to derivative financial instruments are in some cases uncertain under current law,
an adverse determination or future guidance by the IRS with respect to these rules (which
determination or guidance could be retroactive) may affect whether a fund has made sufficient
distributions and otherwise satisfied the relevant requirements to maintain its qualification as a
regulated investment company and avoid a fund-level tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain of a fund&#146;s investments in derivatives and foreign currency-denominated instruments,
and the fund&#146;s transactions in foreign currencies and hedging activities, may produce a difference
between its book income and its taxable income. If a fund&#146;s book income is less than the sum of its
taxable income and net tax-exempt income (if any), the fund could be required to make distributions
exceeding book income to qualify as a regulated investment company. If a fund&#146;s book income exceeds
the sum of its taxable income and net tax-exempt income (if any), the distribution of any such
excess will be treated as (i)&nbsp;a dividend to the extent of the fund&#146;s remaining earnings and profits
(including current earnings and profits arising from tax-exempt income, reduced by related
deductions), (ii)&nbsp;thereafter, as a return of capital to the extent of the recipient&#146;s basis in the
shares, and (iii)&nbsp;thereafter, as gain from the sale or exchange of a capital asset.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign currency transactions</I>. A fund&#146;s transactions in foreign currencies, foreign
currency-denominated debt obligations and certain foreign currency options, futures contracts and
forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent
such income or loss results from fluctuations in the value of the foreign currency concerned. This
treatment could increase or decrease a fund&#146;s ordinary income distributions to you, and may cause
some or all of the fund&#146;s previously distributed income to be classified as a return of capital. In
certain cases, a fund may make an election to treat such gain or loss as capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>PFIC investments</I>. A fund may invest in securities of foreign companies that may be classified
under the Code as PFICs. In general, a foreign company is classified as a PFIC if at least one-half
of its assets constitute investment-type assets or 75% or more of its gross income is
investment-type income. When investing in PFIC securities, a fund intends to mark-to-market these
securities under certain provisions of the Code and recognize any unrealized gains as ordinary
income at the end of the fund&#146;s fiscal and excise tax years. Deductions for losses are allowable
only to the extent of any current or previously recognized gains. These gains (reduced by allowable
losses) are treated as ordinary income that a fund is required to distribute, even though it has
not sold or received dividends from these securities. You should also be aware that the designation
of a foreign security as a PFIC security will cause its income dividends to fall outside of the
definition of qualified foreign corporation dividends. These dividends generally will not qualify
for the reduced rate of taxation on qualified dividends when distributed to you by a fund. Foreign
companies are not required to identify themselves as PFICs. Due to various complexities in
identifying PFICs, a fund can give no assurances that it will be able to identity portfolio
securities in foreign corporations that are PFICs in time for the fund to make a mark-to-market
election. If a fund is unable to identify an investment as a PFIC and thus does not make a
mark-to-market election, the fund may be subject to U.S. federal income tax on a portion of any
&#147;excess distribution&#148; or gain from the disposition of such shares even if such income is
distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature
of interest may be imposed on a fund in respect of deferred taxes arising from such distributions
or gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in non-U.S. Real Estate Investment Trusts (&#147;REITs&#148;)</I>. While non-U.S. REITs often
use complex acquisition structures that seek to minimize taxation in the source country, an
investment by a fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate
taxes, withholding taxes, transfer taxes and other indirect taxes in the country in which the real
estate acquired by the non-U.S. REIT is located. The fund&#146;s pro rata share of any such taxes will
reduce the fund&#146;s return on its investment. A fund&#146;s investment in a non-U.S. REIT may be
considered an investment in a PFIC, as discussed above in &#147;Tax Treatment of Portfolio Transactions
&#151; PFIC investments.&#148; Additionally, foreign withholding taxes on distributions from the non-U.S.
REIT may be reduced or eliminated under certain tax treaties, as discussed above in &#147;Taxation of
the Fund &#151; Foreign income
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tax.&#148; Also, the fund in certain limited circumstances may be required to file an income tax
return in the source country and pay tax on any gain realized from its investment in the non-U.S.
REIT under rules similar to those in the United States which tax foreign persons on gain realized
from dispositions of interests in U.S. real estate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in U.S. REITs</I>. A U.S. REIT is not subject to federal income tax on the income and
gains it distributes to shareholders. Dividends paid by a U.S. REIT, other than capital gain
distributions, will be taxable as ordinary income up to the amount of the U.S. REIT&#146;s current and
accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to the fund will be
treated as long term capital gains by the fund and, in turn, may be distributed by the fund to its
shareholders as a capital gain distribution. Because of certain noncash expenses, such as property
depreciation, an equity U.S. REIT&#146;s cash flow may exceed its taxable income. The equity U.S. REIT,
and in turn a fund, may distribute this excess cash to shareholders in the form of a return of
capital distribution. However, if a U.S. REIT is operated in a manner that fails to qualify as a
REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable
income of the U.S. REIT would be subject to federal
income tax at regular corporate rates without any deduction for dividends paid to shareholders
and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified
dividend income) to the extent of the U.S. REIT&#146;s current and accumulated earnings and profits.
Also, see &#147;Tax Treatment of Portfolio Transactions &#151; Investment in taxable mortgage pools (excess
inclusion income)&#148; and &#147;Foreign Shareholders &#151; U.S. withholding tax at the source&#148; with respect to
certain other tax aspects of investing in U.S. REITs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investment in taxable mortgage pools (excess inclusion income)</I>. Under a Notice issued by the
IRS, the Code and Treasury regulations to be issued, a portion of a fund&#146;s income from a U.S. REIT
that is attributable to the REIT&#146;s residual interest in a real estate mortgage investment conduits
(REMICs) or equity interests in a &#147;taxable mortgage pool&#148; (referred to in the Code as an excess
inclusion) will be subject to federal income tax in all events. The excess inclusion income of a
regulated investment company, such as a fund, will be allocated to shareholders of the regulated
investment company in proportion to the dividends received by such shareholders, with the same
consequences as if the shareholders held the related REMIC residual interest or, if applicable,
taxable mortgage pool directly. In general, excess inclusion income allocated to shareholders (i)
cannot be offset by net operating losses (subject to a limited exception for certain thrift
institutions), (ii)&nbsp;will constitute unrelated business taxable income (UBTI)&nbsp;to entities (including
qualified pension plans, individual retirement accounts, 401(k) plans, Keogh plans or other
tax-exempt entities) subject to tax on UBTI, thereby potentially requiring such an entity that is
allocated excess inclusion income, and otherwise might not be required to file a tax return, to
file a tax return and pay tax on such income, and (iii)&nbsp;in the case of a foreign stockholder, will
not qualify for any reduction in U.S. federal withholding tax. In addition, if at any time during
any taxable year a &#147;disqualified organization&#148; (which generally includes certain cooperatives,
governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a
share in a regulated investment company, then the regulated investment company will be subject to a
tax equal to that portion of its excess inclusion income for the taxable year that is allocable to
the disqualified organization, multiplied by the highest federal income tax rate imposed on
corporations. The Notice imposes certain reporting requirements upon regulated investment companies
that have excess inclusion income. There can be no assurance that a fund will not allocate to
shareholders excess inclusion income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These rules are potentially applicable to a fund with respect to any income it receives from
the equity interests of certain mortgage pooling vehicles, either directly or, as is more likely,
through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has
a non-REIT strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in partnerships and qualified publicly traded partnerships (QPTP)</I>. For purposes of
the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be
treated as qualifying income only to the extent such income is attributable to items of income of
the partnership that would be qualifying income if realized directly by the fund. For purposes of
testing whether the fund satisfies the Asset Diversification Test, the fund generally is treated as
owning a pro rata share of the underlying assets of a partnership. See &#147;Taxation of the Fund &#151;
Qualification as a regulated investment company.&#148; In contrast, different rules apply to a
partnership that is a QPTP. A QPTP is a partnership (a)&nbsp;the interests in which are traded on an
established securities market, (b)&nbsp;that is treated as a partnership for federal income tax
purposes, and (c)&nbsp;that derives less than 90% of its income from sources that satisfy the Income
Requirement (i.e., because it invests in commodities). All of the net income derived by a fund from
an interest in a QPTP will be treated as qualifying income but the fund may not invest more than
25% of its total assets in one or more QPTPs. However, there can be no assurance that a partnership
classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to
annually qualify as a QPTP might, in
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">turn, cause a fund to fail to qualify as a regulated investment company. Although, in general,
the passive loss rules of the Code do not apply to RICs, such rules do apply to a fund with respect
to items attributable to an interest in a QPTP. Fund investments in partnerships, including in
QPTPs, may result in the fund&#146;s being subject to state, local or foreign income, franchise or
withholding tax liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in commodities &#151; structured notes, corporate subsidiary and certain ETFs</I>. Gains
from the disposition of commodities, including precious metals, will neither be considered
qualifying income for purposes of satisfying the Income Requirement nor qualifying assets for
purposes of satisfying the Asset Diversification Test. See &#147;Taxation of the Fund &#151; Qualification
as a regulated investment company.&#148; Also, the IRS has issued a Revenue Ruling which holds that
income derived from commodity-linked swaps is not qualifying income for purposes of the Income
Requirement. However, in a subsequent Revenue Ruling, as well as in a number of follow-on private
letter rulings, the IRS provides that income from certain alternative investments which create
commodity exposure, such as certain commodity index-linked or structured notes or a corporate
subsidiary that invests in commodities, may be considered qualifying income under the Code. However, as of the date of this Statement of
Additional Information, the IRS has suspended the issuance of any further private letter rulings
pending a review of its position. Should the IRS issue guidance that adversely affects the tax
treatment of a fund&#146;s use of commodity-linked notes, or a corporate subsidiary, the fund may no
longer be able to utilize commodity index-linked notes or a corporate subsidiary to gain commodity
exposure. In addition, a fund may gain exposure to commodities through investment in QPTPs such as
an exchange traded fund or ETF that is classified as a partnership and which invests in
commodities. Accordingly, the extent to which a fund invests in commodities or commodity-linked
derivatives may be limited by the Income Requirement and the Asset Diversification Test, which the
fund must continue to satisfy to maintain its status as a regulated investment company. A fund also
may be limited in its ability to sell its investments in commodities, commodity-linked derivatives,
and certain ETFs or be forced to sell other investments to generate income due to the Income
Requirement. In lieu of potential disqualification, a 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 not willful neglect, for taxable years of a 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;<I>Securities lending</I>. While securities are loaned out by a fund, the fund generally will
receive from the borrower amounts equal to any dividends or interest paid on the borrowed
securities. For federal income tax purposes, payments made &#147;in lieu of&#148; dividends are not
considered dividend income. These distributions will neither qualify for the reduced rate of
taxation for individuals on qualified dividends nor the 70% dividends received deduction for
corporations. Also, any foreign tax withheld on payments made &#147;in lieu of&#148; dividends or interest
will not qualify for the pass-through of foreign tax credits to shareholders. Additionally, in the
case of a fund with a strategy of investing in tax-exempt securities, any payments made &#147;in lieu
of&#148; tax-exempt interest will be considered taxable income to the fund, and thus, to the investors,
even though such interest may be tax-exempt when paid to the borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments in convertible securities</I>. Convertible debt is ordinarily treated as a &#147;single
property&#148; consisting of a pure debt interest until conversion, after which the investment becomes
an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face
amount payable on retirement), the creditor-holder may amortize the premium over the life of the
bond. If the security is issued for cash at a price below its face amount, the creditor-holder
must accrue original issue discount in income over the life of the debt. The creditor-holder&#146;s
exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible
debt (e.g., an exchange traded note or ETN issued in the form of an unsecured obligation that pays
a return based on the performance of a specified market index, exchange currency, or commodity) is
often, but not always, treated as a contract to buy or sell the reference property rather than
debt. Similarly, convertible preferred stock with a mandatory conversion feature is ordinarily,
but not always, treated as equity rather than debt. Dividends received generally are qualified
dividend income and eligible for the corporate dividends received deduction. In general,
conversion of preferred stock for common stock of the same corporation is tax-free. Conversion of
preferred stock for cash is a taxable redemption. Any redemption premium for preferred stock that
is redeemable by the issuing company might be required to be amortized under original issue
discount (OID)&nbsp;principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Certification and Backup Withholding</B>. Tax certification and backup withholding tax laws
may require that you certify your tax information when you become an investor in the Fund. For
U.S. citizens 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">resident aliens, this certification is made on IRS Form W-9. Under these laws, the Fund must
withhold a portion of your taxable distributions and sales proceeds unless you:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide your correct Social Security or taxpayer identification number,</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that this number is correct,</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that you are not subject to backup withholding, 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certify that you are a U.S. person (including a U.S. resident alien).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. This rate will expire and the backup
withholding rate will be 31% for amounts paid after December&nbsp;31, 2012, unless Congress enacts tax
legislation providing otherwise. Backup withholding is not an additional tax. Any amounts
withheld may be credited against the shareholder&#146;s U.S. federal
income tax liability, provided the appropriate information is furnished to the IRS. Certain
payees and payments are exempt from backup withholding and information reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. investors have special U.S. tax certification requirements. See &#147;Foreign
Shareholders &#151; Tax certification and backup withholding.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Foreign Shareholders</B>. Shareholders who, as to the United States, are nonresident alien
individuals, foreign trusts or estates, foreign corporations, or foreign partnerships (foreign
shareholder), may be subject to U.S. withholding and estate tax and are subject to special U.S. tax
certification requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation of a foreign shareholder depends on whether the income from the Fund is &#147;effectively
connected&#148; with a U.S. trade or business carried on by such shareholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>U.S. withholding tax at the source</I>. If the income from the Fund is not effectively connected
with a U.S. trade or business carried on by a foreign shareholder, distributions to such
shareholder will be subject to U.S. withholding tax at the rate of 30% (or lower treaty rate) upon
the gross amount of the distribution, subject to certain exemptions including those for dividends
reported by the Fund to shareholders as:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exempt-interest dividends paid by the Fund from its net interest income earned on
municipal securities;</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital gain dividends paid by the Fund from its net long-term capital gains (other than
those from disposition of a U.S. real property interest), unless you are a nonresident
alien present in the United States for a period or periods aggregating 183&nbsp;days or more
during the calendar year; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with respect to taxable years of the Fund beginning before January&nbsp;1, 2012 (unless such
sunset date is extended, possibly retroactively to January&nbsp;1, 2012, or made permanent),
interest-related dividends paid by the Fund from its qualified net interest income from
U.S. sources and short-term capital gains dividends. After such sunset date, short-term
capital gains are taxable to Non-U.S. investors as ordinary dividends subject to U.S.
withholding tax at a 30% or lower treaty rate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, the Fund does not intend to utilize the exemptions for interest-related dividends
paid and short-term capital gain dividends paid. Moreover, notwithstanding such exemptions from
U.S. withholding at the source, any dividends and distributions of income and capital gains,
including the proceeds from the sale of your Fund shares, will be subject to backup withholding at
a rate of 28% if you fail to properly certify that you are not a U.S. person. This rate will
expire and the backup withholding tax rate will be 31% for amounts paid after December&nbsp;31, 2012,
unless Congress enacts tax legislation providing otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign shareholders may be subject to U.S. withholding tax at a rate of 30% on the income
resulting from an election to pass-through foreign tax credits to shareholders, but may not be able
to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as
having been paid by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts reported by the Fund to shareholders as capital gain dividends (a)&nbsp;that are
attributable to certain capital gain dividends received from a qualified investment entity (QIE)
(generally defined as either (i)&nbsp;a U.S. REIT
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 89 -<!-- /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="left" style="font-size: 10pt; margin-top: 6pt">or (ii)&nbsp;a RIC classified as a &#147;U.S. real property
holding corporation&#148; or which would be if the exceptions for holding 5% or less of a class of
publicly traded shares or an interest in a domestically controlled QIE did not apply) or (b)&nbsp;that
are realized by the Fund on the sale of a &#147;U.S. real property interest&#148; (including gain realized on
sale of shares in a QIE other than one that is a domestically controlled), will not be exempt from
U.S. federal income tax and may be subject to U.S. withholding tax at the rate of 30% (or lower
treaty rate) if the Fund by reason of having a REIT strategy is classified as a QIE. If the Fund
is so classified, foreign shareholders owning more than 5% of the Fund&#146;s shares may be treated as
realizing gain from the disposition of a U.S. real property interest, causing Fund distributions to
be subject to U.S. withholding tax at a rate of 35%, and requiring the filing of a nonresident U.S.
income tax return. In addition, if the Fund is classified as a QIE, anti-avoidance rules apply to
certain wash sale transactions. Namely, if the Fund is a QIE and a foreign shareholder disposes of
the Fund&#146;s shares prior to the Fund paying a distribution attributable to the disposition of a U.S.
real property interest and the foreign shareholder later acquires an identical stock interest in a
wash sale transaction, the foreign shareholder may still be required to pay
U.S. tax on the Fund&#146;s distribution. Also, the sale of shares of the Fund, if classified as a
&#147;U.S. real property holding corporation,&#148; could also be considered a sale of a U.S. real property
interest with any resulting gain from such sale being subject to U.S. tax as income &#147;effectively
connected with a U.S. trade or business.&#148; These rules generally apply to dividends paid by the
Fund before January&nbsp;1, 2012 (unless such sunset date is extended, possibly retroactively to January
1, 2012, or made permanent). After such sunset date, Fund distributions from a U.S. REIT (whether
or not domestically controlled) attributable to gain from the disposition of a U.S. real property
interest will continue to be subject to the withholding rules described above provided the Fund is
classified as a QIE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Income effectively connected with a U.S. trade or business</I>. If the income from the Fund is
effectively connected with a U.S. trade or business carried on by a foreign shareholder, then
ordinary income dividends, capital gain dividends and any gains realized upon the sale or
redemption of shares of the Fund will be subject to U.S. federal income tax at the rates applicable
to U.S. citizens or domestic corporations and require the filing of a nonresident U.S. income tax
return.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax certification and backup withholding</I>. Foreign shareholders may have special U.S. tax
certification requirements to avoid backup withholding (at a rate of 28%, subject to increase to
31% as described above), and if applicable, to obtain the benefit of any income tax treaty between
the foreign shareholder&#146;s country of residence and the United States. To claim these tax benefits,
the foreign shareholder must provide a properly completed Form&nbsp;W- 8BEN (or other Form W-8, where
applicable, or their substitute forms) to establish his or her status as a non- U.S. investor, to
claim beneficial ownership over the assets in the account, and to claim, if applicable, a reduced
rate of or exemption from withholding tax under the applicable treaty. A Form W-8BEN provided
without a U.S. taxpayer identification number remains in effect for a period of three years
beginning on the date that it is signed and ending on the last day of the third succeeding calendar
year. However, non-U.S. investors must advise the Fund of any changes of circumstances that would
render the information given on the form incorrect, and must then provide a new W-8BEN to avoid the
prospective application of backup withholding. Forms W-8BEN with U.S. taxpayer identification
numbers remain valid indefinitely, or until the investor has a change of circumstances that renders
the form incorrect and necessitates a new form and tax certification. Certain payees and payments
are exempt from backup withholding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Foreign Account Tax Compliance Act. </I>Under the Foreign Account Tax Compliance Act, the relevant
withholding agent may be required to withhold 30% of: (a)&nbsp;income dividends paid after December&nbsp;31,
2013 and (b)&nbsp;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 and taxpayer identification number of each substantial U.S. owner and such entity
meets certain other specified requirements. These requirements are different from, and in addition
to, the U.S. tax certification rules described above. The scope of these requirements remains
unclear, and shareholders are urged to consult their tax advisors regarding the application of
these requirements to their own situation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Local Tax Considerations</B>. Rules of state and local taxation of ordinary income, qualified
dividend income and capital gain dividends may differ from the rules for U.S. federal income
taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending on
each shareholder&#146;s particular situation.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 90 -<!-- /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">
<A name="H86298114"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Financial Statements and </B><B><I>Pro Forma </I></B><B>Financial Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund&#146;s financial statements for the fiscal year ended February&nbsp;20, 2012 are incorporated
into this SAI by reference to the Fund&#146;s most recent Annual Report to Shareholders. The accession
numbers for these documents, along with the dates they were filed via EDGAR, are listed on page 2
of this SAI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portions of such Annual Reports to Shareholders that are not specifically referenced above
are not incorporated into this SAI.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>Invesco Value Municipal Bond Trust, Invesco Value Municipal Securities, and Invesco Value Municipal<BR>
Trust into Invesco Value Municipal Income Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value
Municipal Bond <BR>Trust (&#147;IMC&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Value
Municipal Income <BR>Trust (&#147;IIM&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value
Municipal <BR>Securities
(&#147;IMS&#148;)</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"><!-- 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value
Municipal <BR>Trust
(&#147;IMT&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Converted</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>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IMC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3,778,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">IIM</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6,113,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IMT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16,603,710</TD>
    <TD>&nbsp;</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">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 91 - <!-- /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="left" style="font-size: 10pt; margin-top: 6pt">Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="78%">&nbsp;</TD>
    <TD width="10%">&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="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">IMC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">61,626,757</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMS (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99,510,631</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">IMT (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">270,271,617</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IIM (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">336,854,000</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">IIM (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">768,083,005</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the Target
Funds and the Acquiring Fund in connection with the mergers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="78%">&nbsp;</TD>
    <TD width="10%">&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="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase (decrease) <BR>
in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">3,114,076</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(125,032</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(875,456</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(25,459</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,043,730</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,362,736</TD>
    <TD nowrap valign="top">)</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>Advisory fees were adjusted to reflect the proposed increase in advisory fee rate from 0.27%
to 0.55% of average weekly managed assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the Mergers, the Adviser has
contractually agreed for at least two years following the closing of all of the Mergers to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.46%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 92 - <!-- /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">





<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">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 93 - <!-- /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="left" style="font-size: 10pt; margin-top: 6pt">Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD>
<TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal
Obligations
</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">92,272,104</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">92,272,104</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMS (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal
Obligations
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">105,987,970</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">105,987,970</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">IMT (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal
Obligations
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">396,913,641</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">396,913,641</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IIM (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal
Obligations
</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">493,626,653</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">493,626,653</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">IIM (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal
Obligations
</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">1,088,800,368</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">1,088,800,368</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table 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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</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">IMC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">110,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$</TD>
    <TD align="right" valign="top">110,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IMS (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">110,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</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">IMT (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IIM (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">70,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including IMC, IMS, and IMT had capital loss carryforwards
of approximately $816,183, $2,928,967, and $6,428,975, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, IIM, had a capital loss carryforward of approximately $8,099,679. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 94 - <!-- /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>Invesco Municipal Income Opportunities Trust II and Invesco Municipal Income Opportunities Trust III<BR>
into Invesco Municipal Income Opportunities Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal
Income Opportunities
Trust II (&#147;OIB&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Municipal
Income Opportunities
Trust (&#147;OIA&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income
Opportunities <BR>
Trust III (&#147;OIC&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Converted</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>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">OIB</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17,839,095</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OIA</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">OIC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10,132,449</TD>
    <TD>&nbsp;</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">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</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="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">OIB (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">127,304,962</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72,320,207</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">OIA (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140,079,673</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIA (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">339,704,842</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 95 - <!-- /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>Note 3 &#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="80%">&nbsp;</TD>
    <TD width="10%">&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="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase (decrease) <BR>
in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">279,561</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(76,524</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(74,432</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(28,726</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(54,943</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(283,619</TD>
    <TD nowrap valign="top">)</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>Advisory fees were adjusted to reflect the proposed increase in advisory fee rate from 0.50%
to 0.55% of average weekly managed assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the mergers, the Adviser has
contractually agreed for at least two years following the closing of all of the Mergers to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.67%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering two funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to investment
strategies of the Acquiring Fund.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 96 - <!-- /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">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="40%">&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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</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">OIB (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal<BR>
Obligations
</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">133,881,977</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom">133,881,977</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal<BR>
Obligations
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76,435,853</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76,435,853</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIA (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal<BR>
Obligations
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">146,205,354</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">146,205,354</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIA (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Municipal<BR>
Obligations
</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="bottom">$</TD>
    <TD align="right" valign="bottom">356,523,184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">$</TD>
    <TD align="right" valign="bottom">356,523,184</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 97 - <!-- /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="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</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">OIB (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OIC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</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">OIA (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including OIB, and OIC had capital loss carryforwards of
approximately $16,977,149 and $9,748,142, respectively. At February&nbsp;29, 2012, the Acquiring Fund
OIA had a capital loss carryforward of approximately $28,756,283. For additional information
regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio --> - 98 - <!-- /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>Invesco Quality Municipal Investment Trust and Invesco Quality Municipal Securities into Invesco Quality<BR>
Municipal Income Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center" nowrap><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Investment <BR>
Trust (&#147;IQT&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Quality
Municipal Income Trust<BR>
(&#147;IQI&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</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" align="center" nowrap><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality
Municipal Securities<BR>
(&#147;IQM&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies.
Each merger would be accomplished by a statutory merger of the applicable Target Fund with and into
the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Converted</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>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IQT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">14,584,614</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">IQI</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IQM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15,092,321</TD>
    <TD>&nbsp;</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">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</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="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">IQT (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">202,475,282</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQM (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">209,425,189</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">IQI (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">326,271,421</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQI (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">738,071,892</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio --> - 99 - <!-- /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="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the
Acquiring Fund in connection with the mergers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3
&#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and have been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="80%">&nbsp;</TD>
    <TD width="10%">&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="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase
(decrease)<br> in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">3,318,714</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(52,124</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,521,365</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(10,823</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,358,155</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,500,145</TD>
    <TD nowrap valign="top">)</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>Advisory fees were adjusted to reflect the proposed increase in advisory fee rate from 0.27%
to 0.55% of average weekly managed assets for the Acquiring Fund based on pro forma combined
managed assets. In addition, upon closing of all of the mergers, the Adviser has
contractually agreed, through at least two years from the closing date of the mergers, to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.50%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering two funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 100 - <!-- /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="left" style="font-size: 10pt; margin-top: 6pt">to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="40%">&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 nowrap align="center" colspan="2"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQT (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">303,942,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">303,942,785</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,788,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304,788,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,985,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">518,985,470</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQI (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,127,716,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,127,716,481</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 101 - <!-- /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>Note 6
&#151; Merger Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table 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="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</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">IQT (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQM (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</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">IQI (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February 29, 2012 the Target Funds, including IQT and IQM, had capital loss carryforwards of
approximately $18,149,887 and $16,658,564, respectively. At February&nbsp;29, 2012, the Acquiring Fund,
IQI, had a capital loss carryforward of approximately $41,102,394. For additional information
regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio --> - 102 - <!-- /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>Invesco California Municipal Income Trust, Invesco California Quality Municipal Securities, and Invesco<BR>
California Municipal Securities into Invesco Van Kampen California Value Municipal Income Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco California
Municipal <br>Income Trust
(&#147;IIC&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen
California Value <br>
Municipal Income Trust (&#147;VCV&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco California
Quality <br>Municipal
Securities (&#147;IQC&#148;)</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"><!-- 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" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco California
Municipal <br>Securities
(&#147;ICS&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of the merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies.
Each merger would be accomplished by a statutory merger of the applicable Target Fund with and into
the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="5%">&nbsp;</TD>
    <TD width="33%">&nbsp;</TD>
<TD width="5%">&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>Target Fund</B></TD>
<TD></TD>
    <TD nowrap align="center"  STYLE="BORDER-BOTTOM: 1PX SOLID #000000"><B>Shares Converted</B></TD>
<TD></TD>
    <TD nowrap align="center"  STYLE="BORDER-BOTTOM: 1PX SOLID #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IIC</DIV></TD>
<TD></TD>
    <TD align="center">12,650,930</TD>
<TD></TD>
    <TD  ALIGN="CENTER">VCV</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">IQC</DIV></TD>
<TD></TD>
    <TD align="center">9,757,222</TD>
<TD></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">ICS</DIV></TD>
<TD></TD>
    <TD align="center">3,980,750</TD>
<TD></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 103 - <!-- /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="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">IIC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">167,342,758</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">129,094,753</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">ICS (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">52,673,929</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VCV (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">293,012,026</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">VCV (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">642,123,466</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3 &#150; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase
(decrease)<br> in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">1,945,199</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(106,090</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(161,009</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(39,127</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,413,758</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3,231,090</TD>
    <TD nowrap valign="top">)</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>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Upon closing of all of the mergers, the Adviser has
contractually agreed for at least two years following the closing of the Mergers to waive
advisory fees and/or reimburse expenses to the extent necessary to limit total annual fund
operating expenses (excluding certain items discussed below) to 0.52%. In determining the
Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following expenses
are not taken into account, and could cause the total annual fund operating expenses after fee
waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and maintenance fees;
(2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine items, including
litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred but did not
actually pay because of an expense offset arrangement. Correspondingly, the fee waiver and/or
expense reimbursements have been adjusted to reflect the contractual agreement by the Adviser.
Unless the Board of Trustees and the Adviser mutually agree to amend or continue the fee
waiver agreement, it will terminate two years after the closing of the mergers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 104 - <!-- /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">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012 there were no significant transfers between
investment levels.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 105 - <!-- /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="40%">&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 nowrap align="center" colspan="2"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B><I>Total</I></B></TD>
    <TD>&nbsp;</TD>
</TR>

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


<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IIC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">232,889,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">232,889,601</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQC (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,795,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,795,945</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ICS (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,787,878</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,787,878</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504,362,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504,362,717</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VCV (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">985,836,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">985,836,141</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6
&#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table 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="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>
Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</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">IIC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">IQC (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</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">ICS (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VCV (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">110,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including IIC, IQC, and ICS, had capital loss carryforwards
of approximately $2,291,975, $12,302,990, and $499,669, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VCV, had a capital loss carryforward of approximately $71,798,228. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio --> - 106 - <!-- /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>Invesco High Yield Investment Fund Inc. into Invesco Van Kampen High Income Trust II</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the merger had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Fund and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Fund and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Merger</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of the
Target Fund into the Acquiring Fund pursuant to an agreement and Plan of Merger (the &#147;Plan&#148;) as of
the beginning of the period as indicated below in the 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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco High Yield
Investment <br>Fund, Inc.
(&#147;MSY&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen<BR>
High Income Trust II
(&#147;VLT&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by the Acquiring Fund or its shareholders as a result of the
merger. The Target Fund and the Acquiring Fund are both registered closed-end management
investment companies. The merger would be accomplished by a statutory merger of the Target Fund
with and into the Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund
shareholders would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">MSY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,409,461</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VLT</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Fund comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">MSY (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">72,277,840</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VLT (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61,755,099</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">VLT (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">133,912,939</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Forma combined net assets have been adjusted for expenses expected to be incurred by the
Acquiring Fund in connection with the merger.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 107 - <!-- /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>Note 3
&#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
merger had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the books
and records used in calculating daily net asset values of the Target Fund and Acquiring Fund and
has been prepared in accordance with accounting principles generally accepted in the United States
of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase
(decrease)<br> in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">193,392</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(50,000</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(296,139</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(21,250</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(51,577</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(266,632</TD>
    <TD nowrap valign="top">)</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>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets including bank borrowings entered into to retire preferred
shares. Upon closing of the Merger, the Adviser has contractually agreed for at least two
years following the closing of the Merger to waive advisory fees and/or reimburse expenses to
the extent necessary to limit total annual fund operating expenses (excluding certain items
discussed below) to 1.07%. In determining the Adviser&#146;s obligation to waive advisory fees
and/or reimburse expenses, the following expenses are not taken into account, and could cause
the total annual fund operating expenses after fee waiver to exceed the limit reflected
above: (1)&nbsp;interest, facilities and maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short
sales; (4)&nbsp;extraordinary or non-routine items, including litigation expenses; and (5)&nbsp;expenses
that the Acquiring Fund has incurred but did not actually pay because of an expense offset
arrangement. Correspondingly, the fee waiver and/or expense reimbursements have been adjusted
to reflect the contractual agreement by the Adviser. Unless the Board of Trustees and the
Adviser mutually agree to amend or continue the fee waiver agreement, it will terminate two
years after the closing of the merger.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering one fund pursuant to the Master Administrative Services Agreement for the Target
Fund and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to investment
strategies of the Acquiring Fund.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A security listed or traded on an exchange (except convertible bonds) is valued at its last sales
price or official closing price as of the close of the customary trading session on the exchange
where the security is principally traded, or lacking any sales or official closing price on a
particular day, the security may be valued at the closing bid price on that day. Securities traded
in the over-the-counter market are valued based on prices furnished by independent pricing services
or market makers. When such securities are valued by an independent pricing service they may be
considered fair valued. Futures contracts are valued at the final settlement price set by an
exchange on which they are principally traded. Listed options are valued at the mean between the
last bid and ask prices from the exchange on which they are principally traded. Options not listed
on an exchange are valued by an independent
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 108 - <!-- /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">source at the mean between the last bid and ask prices.
For purposes of determining net asset value per share, futures and option contracts generally are
valued 15 minutes after the close of the customary trading session of the New York Stock Exchange
(&#147;NYSE&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Investments in open-end and closed-end registered investment companies that do not trade on an
exchange are valued at the end of day net asset value per share. Investments in open-end and
closed-end registered investment companies that trade on an exchange are valued at the last sales
price or official closing price as of the close of the customary trading session on the exchange
where the security is principally traded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Debt obligations (including convertible bonds) and unlisted equities are fair valued using an
evaluated quote provided by an independent pricing service. Evaluated quotes provided by the
pricing service may be determined without exclusive reliance on quoted prices, and may reflect
appropriate factors such as institution-size trading in similar groups of securities, developments
related to specific securities, dividend rate, yield, quality, type of issue, coupon rate,
maturity, individual trading characteristics and other market data. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and/or principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Foreign securities (including foreign exchange contracts) are converted into U.S. dollar amounts
using the applicable exchange rates as of the close of the NYSE. If market quotations are
available and reliable for foreign exchange traded equity securities, the securities will be valued
at the market quotations. Because trading hours for certain foreign securities end before the
close of the NYSE, closing market quotations may become unreliable. If between the time trading
ends on a particular security and the close of the customary trading session on the NYSE, events
occur that are significant and make the closing price unreliable, the Trust may fair value the
security. If the event is likely to have affected the closing price of the security, the security
will be valued at fair value in good faith using procedures approved by the Board of Trustees.
Adjustments to closing prices to reflect fair value may also be based on a screening process of an
independent pricing service to indicate the degree of certainty, based on historical data, that the
closing price in the principal market where a foreign security trade is not the current value as of
the close of the NYSE. Foreign securities meeting the approved degree of certainty that the price
is not reflective of current value will be priced at the indication of fair value from the
independent pricing service. Multiple factors may be considered by the independent pricing service
in determining adjustments to reflect fair value and may include information relating to sector
indices, American Depositary Receipts and domestic and foreign index futures. Foreign securities
may have additional risks including exchange rate changes, potential for sharply devalued
currencies and high inflation, political and economic upheaval, the relative lack of issuer
information, relatively low market liquidity and the potential lack of strict financial and
accounting controls and standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market prices are not provided by any of the above methods may be valued based
upon quotes furnished by independent sources. The last bid price may be used to value equity
securities. The mean between the last bid and asked prices is used to value debt obligations,
including Corporate Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations are not readily available or are unreliable are valued at
fair value as determined in good faith by or under the supervision of the Trust&#146;s officers
following procedures approved by the Board of Trustees. Issuer specific events, market trends,
bid/ask quotes of brokers and information providers and other market data may be reviewed in the
course of making a good faith determination of a security&#146;s fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 109 - <!-- /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">valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150; &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150; &nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&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 nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</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">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Equity Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,472,775</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">433,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,906,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Corporate Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,874,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,881,062</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MSY (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Foreign Currency Contracts*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,533</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,533</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>MSY (Target Fund)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,472,775</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>94,227,389</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,015</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>98,707,179</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Equity Securities</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,418,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">355,777</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">2,773,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Corporate Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,681,275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,687,875</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Foreign Debt Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,997,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,997,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VLT (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Foreign Currency Contracts*</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,567</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,567</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VLT (Acquiring Fund)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,418,131</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>81,971,290</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>$</B></TD>
    <TD align="right"><B>6,600</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>84,396,021</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>VLT (Pro Forma Combined)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>6,890,906</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>176,198,679</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>13,615</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>183,103,200</B></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">*</TD>
    <TD>&nbsp;</TD>
    <TD>Unrealized appreciation (depreciation).</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6
&#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for the Target Fund and the Acquiring Fund are set forth in
the table below.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 110 - <!-- /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="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&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="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Estimated Total </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B> Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MSY (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">190,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VLT (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">120,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">120,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Fund and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed merger. The
Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012 the Target Fund, MSY had a capital loss carryforward of approximately
$20,413,038. At February&nbsp;29, 2012 the Acquiring Fund, VLT had a capital loss carryforward of
approximately $32,142,797. For additional information regarding capital loss limitations, please
see the section entitled Federal Income Tax Considerations of the Merger in the Proxy
Statement/Prospectus filed on Form N-14 with the Securities and Exchange Commission.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 111 - <!-- /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>Invesco Municipal Premium Income Trust, Invesco Van Kampen Select Sector Municipal Trust, and Invesco Van<BR>
Kampen Trust for Value Municipals into Invesco Van Kampen Municipal Opportunity Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes
only and does not purport to be indicative of the financial condition that actually would have
resulted if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good
faith based on information regarding the Target Funds and the Acquiring Fund, each as identified
below, for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial
information should be read in conjunction with the historical financial statements of the Target
Funds and Acquiring Fund, which are available in their respective annual and semi-annual
shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal
Premium Income Trust
(&#147;PIA&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" rowspan="3">Invesco Van Kampen<BR>
Municipal Opportunity<BR>
Trust (&#147;VMO&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen
Select Sector Municipal
Trust (&#147;VKL&#148;)</DIV></TD>
    <TD>&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen
Trust for Value
Municipals (&#147;VIM&#148;)</DIV></TD>
    <TD>&nbsp;</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: 12pt"><B>Basis of Pro Forma</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders
would have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="30%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD nowrap align="center"  STYLE="BORDER-BOTTOM: 1PX SOLID #000000"><B>Shares Converted</B></TD>
    <TD nowrap align="center"  STYLE="BORDER-BOTTOM: 1PX SOLID #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">PIA</DIV></TD>
    <TD align="center">10,629,685</TD>
    <TD  ALIGN="CENTER" rowspan="3" valign="middle">VMO</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">VKL</DIV></TD>
    <TD align="center">13,488,584</TD>

</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">VIM</DIV></TD>
    <TD align="center">9,670,718</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 112 - <!-- /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>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</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="85%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">PIA (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">150,776,682</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VKL (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">191,469,377</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">VIM (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">137,210,808</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMO(Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">480,291,241</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">VMO (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">959,748,108</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3
&#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="85%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase (decrease)<BR>
 in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">523,725</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(97,639</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,174,440</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(38,290</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,258,674</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1,428,591</TD>
    <TD nowrap valign="top">)</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>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Upon closing of all of the mergers, the Adviser has
contractually agreed, through at least two years from the closing date of the mergers, to
waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual
fund operating expenses (excluding certain items discussed below) to 0.89%. In determining
the Adviser&#146;s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account, and could cause the total annual fund operating expenses
after fee waiver to exceed the limit reflected above: (1)&nbsp;interest, facilities and
maintenance fees; (2)&nbsp;taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine
items, including litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred
but did not actually pay because of an expense offset arrangement. Correspondingly, the fee
waiver and/or expense reimbursements have been adjusted to reflect the contractual agreement
by the Adviser. Unless the Board of Trustees and the Adviser mutually agree to amend or
continue the fee waiver agreement, it will terminate two years after the closing of the
mergers.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based on investment strategies of the Acquiring Fund.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 113 - <!-- /Folio -->
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 114 - <!-- /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="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <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="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 nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</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">PIA (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">251,237,032</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">251,237,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKL (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,886,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">318,886,580</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VIM (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,743,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,743,307</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">822,193,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">822,193,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMO (Pro Forma
Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,612,060,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,612,060,662</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6
&#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table 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="62%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&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="3"><B>Estimated Portion of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Total Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Merger Costs to</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>be Paid by the Funds</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">PIA (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">140,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VKL (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</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">VIM (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VMO (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including PIA, VKL, and VIM, had capital loss carryforwards
of approximately $26,648,849, $33,274,131, and $21,435,223, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VMO, had a capital loss carryforward of approximately $85,677,970. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio --> - 115 - <!-- /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"><U><B>Invesco New York Quality Municipal Securities into Invesco Van Kampen Trust for Investment Grade New<BR>
York Municipals </B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the merger had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Fund and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Fund and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Merger</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Merger</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of the
Target Fund into the Acquiring Fund pursuant to an agreement and Plan of Merger (the &#147;Plan&#148;) as of
the beginning of the period as indicated below in the 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="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Invesco New York
Quality Municipal
Securities (&#147;IQN&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Invesco Van Kampen
Trust for Investment
Grade New York
Municipals (&#147;VTN&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">February&nbsp;29, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by the Acquiring Fund or its shareholders as a result of the
merger. The Target Fund and the Acquiring Fund are both registered closed-end management
investment companies. The merger would be accomplished by a statutory merger of the Target Fund
with and into the Acquiring Fund in exchange for shares of the Acquiring Fund. The table below
shows the Acquiring Fund shares that Target Fund shareholders would have received if the merger
were to have taken place on February&nbsp;29, 2012.
</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Shares Converted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">IQN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">4,247,296</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">VTN</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Fund comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Fund and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</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="left" style="border-bottom: 1px solid #000000"><B>Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Net Assets</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">IQN (Target Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">66,265,649</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VTN (Acquiring Fund)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">237,814,947</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">VTN (Pro Forma Combined)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">304,080,596</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 116 - <!-- /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>Note 3 &#150; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
merger had taken place on March&nbsp;2, 2011. The pro forma information has been derived from the books
and records used in calculating daily net asset values of the Target Fund and Acquiring Fund and
have been prepared in accordance with accounting principles generally accepted in the United States
of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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="85%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Increase (decrease)<BR> in expense</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">Advisory fees (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">348,799</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administrative services fees (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(55,803</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Professional fees (3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(170,717</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing fees (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(15,808</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Investment-related expenses (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,358,644</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fee waiver and/or expense reimbursements (1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(943,634</TD>
    <TD nowrap valign="top">)</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>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Upon closing of the merger, the Adviser has contractually
agreed, through at least two years from the closing date of the merger, to waive advisory fees
and/or reimburse expenses to the extent necessary to limit total annual fund operating
expenses (excluding certain items discussed below) to 0.69%. In determining the Adviser&#146;s
obligation to waive advisory fees and/or reimburse expenses, the following expenses are not
taken into account, and could cause the total annual fund operating expenses after fee waiver
to exceed the limit reflected above: (1)&nbsp;interest, facilities and maintenance fees; (2)
taxes; (3)&nbsp;dividend on short sales; (4)&nbsp;extraordinary or non-routine items, including
litigation expenses; and (5)&nbsp;expenses that the Acquiring Fund has incurred but did not
actually pay because of an expense offset arrangement. Correspondingly, the fee waiver and/or
expense reimbursements have been adjusted to reflect the contractual agreement by the Adviser.
Unless the Board of Trustees and the Adviser mutually agree to amend or continue the fee
waiver agreement, it will terminate two years after the closing of the merger.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering one fund pursuant to the Master Administrative Services Agreement for the Target
Fund and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
 anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs based on investment strategies of the Acquiring Fund</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the merger, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuations Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 117 - <!-- /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">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="40%">&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 nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</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">IQN (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,991,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">89,991,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,870,041</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,870,041</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal  Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">474,861,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">474,861,190</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6 &#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for the Target Fund and the Acquiring Fund are set forth in
the table below.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 118 -<!-- /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="76%">&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 nowrap align="center" colspan="2"><B>Estimated Portion of Total</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>Estimated Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Merger Costs to be Paid by 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" style="border-bottom: 1px solid #000000"><B>Merger Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">IQN (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTN (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</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" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Fund and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed merger. The
Adviser will bear all costs not borne by the Funds.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012 the Target Fund, IQN, had a capital loss carryforward of approximately
$683,607. At February&nbsp;29, 2012, the Acquiring Fund, VTN, had a capital loss carryforward of
approximately $27,163,307. For additional information regarding capital loss limitations, please
see the section entitled Federal Income Tax Considerations of the Merger in the Proxy
Statement/Prospectus filed on Form N-14 with the Securities and Exchange Commission.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 119 -<!-- /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"><U><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust, Invesco Van Kampen Ohio Quality<BR>
Municipal Trust, and Invesco Van Kampen Trust for Investment Grade New Jersey Municipals into<BR>
Invesco Van Kampen Municipal Trust</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited <I>pro forma </I>financial information set forth below is for informational purposes only
and does not purport to be indicative of the financial condition that actually would have resulted
if the mergers had been consummated. These <I>pro forma </I>numbers have been estimated in good faith
based on information regarding the Target Funds and the Acquiring Fund, each as identified below,
for the twelve month period ended February&nbsp;29, 2012. The unaudited <I>pro forma </I>financial information
should be read in conjunction with the historical financial statements of the Target Funds and
Acquiring Fund, which are available in their respective annual and semi-annual shareholder reports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Narrative Description of the Pro Forma Effects of the Mergers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Note 1 &#151; Mergers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unaudited pro forma information has been prepared to give effect to the proposed merger of each
of the Target Funds into the Acquiring Fund pursuant to an agreement and Plan of Merger (the
&#147;Plan&#148;) as of the beginning of the period as indicated below in the table. No merger is contingent
upon any other merger.
</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="4%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquiring Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>12 Month Period Ended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Massachusetts Value Municipal Income Trust<BR>
(&#147;VMV&#148;)<BR>
Invesco Van Kampen Ohio Quality Municipal Trust (&#147;VOQ&#148;) <BR>
Invesco Van Kampen Trust for Investment Grade New Jersey <BR>
Municipals (&#147;VTJ&#148;)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Invesco Van Kampen Municipal Trust&nbsp;
(&#147;VKQ&#148;)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;29, 2012</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each merger will be accounted for as a tax-free reorganization of investment companies; therefore,
no gain or loss will be recognized by a Fund or its shareholders as a result of a merger. The
Target Funds and the Acquiring Fund are registered closed-end management investment companies. Each
merger would be accomplished by a statutory merger of the applicable Target Fund with and into the
Acquiring Fund. The table below shows the Acquiring Fund shares that Target Fund shareholders would
have received if the merger were to have taken place on February&nbsp;29, 2012.
</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="76%">&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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>Target Fund</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shares Converted</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>
</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">2,565,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">VKQ</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,545,852</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">VTJ</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,332,519</TD>
    <TD>&nbsp;</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">Under accounting principles generally accepted in the United States of America, the historical cost
of investment securities will be carried forward to the surviving entity, the Acquiring Fund, and
the results of operations of the Acquiring Fund for pre-merger periods will not be restated. All
securities held by the Target Funds comply with investment objectives, strategies and restrictions
of the Acquiring Fund at February&nbsp;29, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 2 &#151; Net Assets</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows the net assets of the Target Funds and the Acquiring Fund and Pro Forma
combined net assets as of February&nbsp;29, 2012.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 120 -<!-- /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 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>Net Assets</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 (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,508,342</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,158,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,337,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,183,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">790,188,305</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 3
&#151; Pro Forma Adjustments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below reflects adjustments to expenses needed to the pro forma combined Fund as if the
mergers had taken place on March&nbsp;1, 2011. The pro forma information has been derived from the
books and records used in calculating daily net asset values of the Target Funds and Acquiring Fund
and has been prepared in accordance with accounting principles generally accepted in the United
States of America which requires management to make estimates and assumptions that affect this
information. Actual results could differ from those estimates.
</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 nowrap align="center" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Increase (decrease)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expense Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>in expense</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">Advisory fees (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,804</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administrative services fees (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(140,653</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment-related expenses (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,666,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing fees (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,696</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Professional fees (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(587,919</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fee waiver and/or expense reimbursements (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">716,695</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>Under the terms of the investment advisory contract of the Acquiring Fund, the advisory fees
have been adjusted to reflect the advisory fee rates in effect for the Acquiring Fund based on
pro forma combined managed assets. Correspondingly, fee waivers and/or expense reimbursements
have been adjusted to reflect such agreements.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Administrative services fees were adjusted to eliminate the duplicative costs of
administering three funds pursuant to the Master Administrative Services Agreement for the
Target Funds and the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Investment-related expenses were adjusted to reflect financing costs related to the
anticipated issuance of Variable Rate Muni Term Preferred Shares and other financing costs
based investment strategies of the Acquiring Fund.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Listing fees were adjusted to reflect the per share listing rate based on pro forma combined
shares.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Professional fees were reduced to eliminate the effects of duplicative fees for audit and
legal services.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No significant accounting policies will change as a result of the mergers, specifically policies
regarding security valuation or compliance with Subchapter M of the Internal Revenue Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 4 &#151; Security Valuation Policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities, including restricted securities, are valued according to the following policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities are fair valued using an evaluated quote provided by an independent pricing service
approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be
determined without exclusive reliance on quoted prices and may reflect appropriate factors such as
institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity,
type of issue, individual trading characteristics and other market data. Securities with a demand
feature exercisable within one to seven days are valued at par. Debt securities are subject to
interest rate and credit risks. In addition, all debt securities involve some risk of default with
respect to interest and principal payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Securities for which market quotations either are not readily available or are unreliable are
valued at fair value as determined in good faith by or under the supervision of the Trust&#146;s
officers following procedures approved by the
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 121 -<!-- /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"> Board of Trustees. Some of the factors which may be
considered in determining fair value are fundamental analytical data relating to the investment;
the nature and duration of any restrictions on transferability or disposition; trading in similar
securities by the same issuer or comparable companies; relevant political, economic or issuer
specific news; and other relevant factors under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Valuations change in response to many factors including the historical and prospective earnings of
the issuer, the value of the issuer&#146;s assets, general economic conditions, interest rates, investor
perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values
reflected in the financial statements may materially differ from the value received upon actual
sale of those investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 5 &#151; Additional Valuation Information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date, under
current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation
methods giving the highest priority to readily available unadjusted quoted prices in an active
market for identical assets (Level 1) and the lowest priority to significant unobservable inputs
(Level 3) generally when market prices are not readily available or are unreliable. Based on the
valuation inputs, the securities or other investments are tiered into one of three levels. Changes
in valuation methods may result in transfers in or out of an investment&#146;s assigned level:
</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">Level 1 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using quoted prices in an active market for identical
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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">Level 2 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using other significant observable inputs.
Observable inputs are inputs that other market participants may use in pricing a
security. These may include quoted prices for similar securities, interest rates,
prepayment speeds, credit risk, yield curves, loss severities, default rates, discount
rates, volatilities and others.</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">Level 3 &#150;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prices are determined using significant unobservable inputs. In
situations where quoted prices or observable inputs are unavailable (for example, when
there is little or no market activity for an investment at the end of the period),
unobservable inputs may be used. Unobservable inputs reflect the Fund&#146;s own assumptions
about the factors market participants would use in determining fair value of the
securities or instruments and would be based on the best available information.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the tiered valuation input levels, as of February&nbsp;29, 2012. The
level assigned to the securities valuations may not be an indication of the risk or liquidity
associated with investing in those securities. Because of the inherent uncertainties of valuation,
the values reflected in the financial statements may materially differ from the value received upon
actual sale of those investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the twelve months ended February&nbsp;29, 2012, there were no significant transfers between
investment levels.
</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="40%">&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 nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</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">VMV (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,051,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,051,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,209,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,209,363</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,177,069</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,177,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">892,390,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">892,390,655</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Pro Forma Combined)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Municipal Obligations</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,270,828,438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,270,828,438</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 6
&#151; Merger Costs</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated total costs of the merger for each Target Fund and the Acquiring Fund are set forth
in the table below.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 122 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&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 nowrap align="center" colspan="2"><B>Estimated Portion of Total</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>Estimated Total Merger</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="2"><B>Merger Costs to be Paid by the</B></TD>
    <TD>&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" colspan="2"><B>Costs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Funds</B></TD>
    <TD>&nbsp;</TD>
</TR>

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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VMV (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VOQ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</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">VTJ (Target Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">VKQ (Acquiring Fund)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These costs represent the estimated non recurring expenses of the Target Funds and the Acquiring
Fund carrying out their obligations under the Plan and consistent of management&#146;s estimate of
professional services fees, printing costs and mailing charges related to the proposed mergers.
The Adviser will bear all costs not borne by the Funds<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 7 &#151; Accounting Survivor</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Acquiring Fund will be the accounting survivor. The surviving fund will have the portfolio
management team, portfolio composition strategies, investment objective, expense structure, and
policies/ restrictions of the Acquiring Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Note 8 &#151; Capital Loss Carryforward</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code
necessary to qualify as a regulated investment company and to distribute substantially all of the
Fund&#146;s taxable earnings to shareholders. As such, the Fund will not be subject to federal income
taxes on otherwise taxable income (including net realized capital gain) that is distributed to
shareholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;29, 2012, the Target Funds, including VMV, VOQ, and VTJ, had capital loss carryforwards
of approximately $6,262,814, $7,165,379, and $6,711,297, respectively. At February&nbsp;29, 2012, the
Acquiring Fund, VKQ, had a capital loss carryforward of approximately $88,181,515. For additional
information regarding capital loss limitations, please see the section entitled Federal Income Tax
Considerations of the Mergers in the Proxy Statement/Prospectus filed on Form N-14 with the
Securities and Exchange Commission.
</DIV>




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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT style="FONT-variant: SMALL-CAPS"><B>APPENDIX A</B></FONT>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SPECIAL STATE-SPECIFIC INVESTMENT CONSIDERATIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Risk Considerations Regarding California Municipal Securities. </B>Funds that invest in
California municipal securities are susceptible to political, economic, regulatory or other factors
affecting issuers of California municipal securities. The following information constitutes only a
brief summary of a number of the complex factors which may impact issuers of California municipal
securities and does not purport to be a complete or exhaustive description of all adverse
conditions to which issuers of California municipal securities may be subject. Such information is
derived from official statements utilized in connection with the issuance of California municipal
securities, as well as from other publicly available documents. Such information has not been
independently verified by the Funds and the Funds assume no responsibility for the completeness or
accuracy of such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social and
environmental policies and conditions, which are not within the control of such issuers, could have
an adverse impact on the financial condition of such issuers. The creditworthiness of obligations
issued by local California issuers may be unrelated to the creditworthiness of obligations issued
by the State, and there is no obligation on the part of the State to make payments on such local
obligations. There may be specific factors that are applicable in connection with investment in the
obligations of particular issuers located within California, and it is possible the Fund will
invest in obligations of particular issuers as to which such specific factors are applicable. The
information set forth below is intended only as a general summary and not as a discussion of any
specific factors that may affect any particular issuer of California municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. California&#146;s economy, the largest among the 50 states and one
of the largest in the world, has major components in high technology, trade, entertainment,
agriculture, manufacturing, tourism, construction and services. Beginning in the first quarter of
2008 and ending in the second half of 2009, California, as the rest of the nation, experienced the
most significant economic downturn since the Great Depression of the 1930s, marked in California by
high unemployment, steep contraction in housing construction and home values, a drop in statewide
assessed valuation of property for the first time on record, a year-over-year decline in personal
income in the State for the first time in 60&nbsp;years, and a sharp drop in taxable sales. The
continuing weakness in the State economy has caused State tax revenues to decline precipitously,
resulting in large budget gaps and cash shortfalls. The State is slowly emerging from the
recession, but economic growth is modest and the level of unemployment is still very high.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California is by far the most populous state in the nation, with its April&nbsp;2010 population
representing over 12&nbsp;percent of the total United States population.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unemployment rate in the State reached a high of 12.5&nbsp;percent in late 2010. The rate
improved thereafter, falling to 11.7&nbsp;percent in May&nbsp;2011, but rising to 12.0&nbsp;percent for July&nbsp;2011.
The U.S. unemployment rate for July&nbsp;2011 was 9.1&nbsp;percent. Personal income increased in the State
for the sixth consecutive quarter in the first quarter of 2011. After falling for six consecutive
quarters, taxable sales grew in the third and fourth quarters of 2009 and continued to improve
through the first quarter of 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California&#146;s housing sector began a meager recovery during 2009 and the early months of 2010.
Existing home sales stabilized around the half-million unit rate and the median sales price rose by
10% in 2010. Unsold inventory trended downward in 2009, as did the number of days needed to sell a
home. However, the housing market indicators worsened during the middle of 2010 after the
expiration of the federal home buyers tax credit. Housing market indicators again appeared to
stabilize during the early months of 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Made-in-California exports grew by 19% in 2010 and 13% during the first half of 2011, led by
strong growth in computer and electronic products, machinery and manufactured commodities.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The economic downturn of the last few years adversely affected the
State&#146;s budget situation. To exacerbate the problem, as California entered the recession, annual
revenues generally were less than annual expenses, resulting in a structural budget deficit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s revenue estimates utilized in connection with the 2011 Budget Act assumed slow but
positive economic growth, and the 2011 Budget Act projected that most of California&#146;s major revenue
sources will grow in fiscal 2011-12. The 2011 Budget Act also takes into account the end of
federal stimulus funds which provided $4.2&nbsp;billion to the State to offset General Fund costs in
fiscal year 2010-11, and the expiration on June&nbsp;30, 2011 of temporary surcharges on personal income
taxes, sales taxes and vehicle license fees which provided $7.1&nbsp;billion in the last fiscal year.
The 2011 Budget act closed a projected $26.6&nbsp;billion budget gap for the two fiscal years 2010-11
and 2011-12 and made substantial progress in addressing the State&#146;s long&#150;term structural budget
deficit. Despite eliminating a significant portion of the structural deficit in the 2011 Budget
Act, the State continues to face major long-term challenges and must address the remaining
structural budget deficit and the consequences of budget balancing actions taken in the past.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The State&#146;s fiscal year begins on July 1st and ends on June&nbsp;30th of the
following year. Under the State Constitution, money may be drawn from the Treasury only through an
appropriation made by law. The primary source of the annual expenditure is the annual Budget Act
as approved by the Legislature and signed by the Governor. Appropriations also may be included in
legislation other than the Budget Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Balanced Budget Amendment (&#147;Proposition 58&#148;) requires the State to enact a balanced
budget, establishes a special reserve in the General Fund, restricts future borrowings to cover
budget deficits, and provides for mid-year budget adjustments in the event that the budget falls
out of balance. The Legislature may not pass a budget bill in which General Fund expenditures
exceed estimated General Fund revenues and fund balances at the time of passage and as set forth in
the budget bill. As a result of the requirements of Proposition 58, the State would, in some
cases, have to take more immediate actions to correct budgetary shortfalls. These restrictions
apply to general obligation bonds, revenue bonds and certain other forms of long-term borrowings,
but do not apply to certain short-term and inter-fund borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to Proposition 58, a number of other laws and constitutional amendments have been
enacted over the years, often through voter initiatives, which have made it more difficult to raise
State taxes, have restricted the use of State General Fund or special fund revenues, or have
otherwise limited the Legislature and Governor&#146;s discretion in enacting budgets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>The 2011-12 budget was approved on June&nbsp;30, 2011. The 2011 Budget Act
was projected to end fiscal year 2011-12 with a $543&nbsp;million reserve, however, it also included
tiered &#147;trigger cuts&#148; to take effect if revenues for 2011-12 were forecast to be less than the
amount assumed in the budget package by $1&nbsp;billion or more.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The California Legislative Analyst&#146;s Office (&#147;LAO&#148;), in its November&nbsp;2011 California Fiscal
Outlook, estimates that 2011-12 will end with a $3&nbsp;billion General Fund deficit. The outlook
assumes lower projected revenues, the implementation of $2&nbsp;billion in trigger cuts to various state
programs and the expected inability of the State to achieve about $1.2&nbsp;billion of other budget
actions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of California</I>. The State Treasurer is responsible for the sale of
most debt obligations of the State and its various authorities and agencies. Current State debt
obligations include:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Obligation Bonds</I>. General obligation bond acts provide that debt service on general
obligation bonds shall be appropriated annually from the General Fund and all debt service on
general obligation bonds is paid from the General Fund. Under the State Constitution, debt service
on general obligation bonds is the second charge to the General Fund after the application of
moneys in the General Fund to the support of the public school system and public institutions of
higher education. As of August&nbsp;1, 2011, the State had outstanding $71.1&nbsp;billion aggregate
principal amount of long-term general obligation bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commercial Paper Notes Program</I>. Voter-approved general obligation indebtedness may, in some
cases, be issued as commercial paper notes. Commercial paper notes may be renewed or refunded by
the issuance of long-
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">term bonds. Pursuant to the terms of the bank credit agreement presently in
effect, the general obligation commercial paper program may have up to $1.57&nbsp;billion in aggregate
principal amount outstanding at any time. The issuance of general obligation bonds on September
28, 2011 provided funds which, together with certain additional funds, have retired all of the
$1.29&nbsp;billion aggregate principal amount of general obligation commercial paper notes which had
been outstanding. The State plans to terminate its existing bank credit agreement and restructure
the commercial paper notes program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lease-Revenue Obligations</I>. The State builds and acquires facilities through the use of lease
revenue borrowing, in addition to general obligation bonds. Under these arrangements, the State
Public Works Board, another State or local agency or a joint powers authority issues bonds to pay
for the construction of facilities, such as office buildings, university buildings or correctional
institutions. These facilities are leased to a State agency, the California State University, the
Judicial Council or the University of California under a long-term lease that provides the source
of payment of the debt service on the lease-purchase bonds. The State had approximately $9.4
billion in lease-revenue obligations outstanding as of August&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cash Flow Borrowings</I>. As part of its cash management program, the State has regularly issued
short-term obligations to meet cash flow needs. The State has issued revenue anticipation notes
(&#147;RANs&#148;) in all but one fiscal year since the mid-1980&#146;s to partially fund timing differences
between receipts and disbursements. By law, RANs must mature prior to the end of the fiscal year
of issuance. If additional external cash flow borrowings are required, the State has issued
revenue anticipation warrants (&#147;RAWs&#148;), which can mature in a subsequent fiscal year. RANs and
RAWs are both payable from any &#147;Unapplied Money&#148; in the General Fund on their maturity date,
subject to the prior application of such money in the General Fund to pay priority payments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of California municipal obligations</I>. There are a number of State agencies,
instrumentalities, and political subdivisions of the State that issue municipal obligations, some
of which may be conduit revenue obligations payable from payments from private borrowers. These
entities are subject to various economic risks and uncertainties, and the credit quality of the
securities issued may vary considerably from the credit quality of the obligations backed by the
full faith and credit of the State. The State of California has no obligation with respect to any
obligations or securities of a county or any of the other participating entities, although under
existing legal precedents, the State may be obligated to ensure that school districts have
sufficient funds to operate. State agencies and authorities had approximately $59&nbsp;billion
aggregate principal amount of revenue bonds and notes which are non-recourse to the General Fund
outstanding as of June&nbsp;30, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings</I>. The State&#146;s general obligation bonds are currently rated A- (with a stable
outlook) by S&#038;P and A1 by Moody&#146;s (with a stable outlook) (ratings confirmed as of December&nbsp;8,
2011). There can be no assurance that such ratings will be maintained in the future. It should be
noted that the creditworthiness of obligations issued by local California issuers may be unrelated
to the creditworthiness of obligations issued by the State of California, and that there is no
obligation on the part of the State to make payment on such local obligations in the event of
default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings (described in the State&#146;s recent financial statements) that, if decided against the
State might require the State to make significant future expenditures or substantially impair
future revenue sources. Because of the prospective nature of these proceedings, it is not presently
possible to predict the outcome of such litigation, estimate the potential impact on the ability of
the State to pay debt service costs on its obligations, or determine what impact, if any, such
proceedings may have on the Tax-Free California Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. Substantially all of California is within an active geologic region
subject to major seismic activity. Northern California, in 1989, and Southern California, in 1994,
experienced major earthquakes causing billions of dollars in damages. The State&#146;s and any other
municipal issuers&#146; outstanding obligations could be affected by an interruption of revenues because
of damaged facilities, or, consequently, income tax deductions for casualty losses or property tax
assessment reductions due to earthquakes. Compensatory financial assistance could be constrained
by the inability of (i)&nbsp;an issuer to have obtained earthquake insurance coverage; (ii)&nbsp;an insurer
to perform on its contracts of insurance in the event of widespread losses; or (iii)&nbsp;the federal or
State government to appropriate sufficient funds within their respective budget limitations<B>.</B>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tax-Free California Fund is susceptible to political, economic or regulatory factors
affecting issuers of California municipal obligations. These include the possible adverse effects
of certain California constitutional amendments, legislative measures, voter initiatives and other
matters. The information provided is only a brief summary of the complex factors affecting the
financial situation in California and is derived from sources that are generally available to
investors and are believed to be accurate. It is based in part on information obtained from
various State and local agencies in California or contained in Official Statements for various
California municipal obligations. No independent verification has been made of the accuracy or
completeness of any of the preceding information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding Massachusetts Municipal Securities. </B>A Fund that
invests in Massachusetts (referred to herein as the &#147;Commonwealth&#148; or &#147;Massachusetts&#148;) municipal
securities are susceptible to political, economic, regulatory or other factors affecting issuers of
Massachusetts municipal securities. The following information constitutes only a brief summary of a
number of the complex factors which may impact issuers of Massachusetts municipal securities and
does not purport to be a complete or exhaustive description of all adverse conditions to which
issuers of Massachusetts municipal securities may be subject. Such information is derived from
official statements utilized in connection with the issuance of Massachusetts municipal securities,
as well as from other publicly available documents. Such information has not been independently
verified by the Fund and the Fund assumes no responsibility for the completeness or accuracy of
such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the Commonwealth that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the Commonwealth. Additionally, many factors, including national, economic,
social and environmental policies and conditions, which are not within the control of such issuers,
could have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local Massachusetts issuers may be unrelated to the creditworthiness of
obligations issued by the Commonwealth, and there is no obligation on the part of the Commonwealth
to make payments on such local obligations. There may be specific factors that are applicable in
connection with investment in the obligations of particular issuers located within Massachusetts,
and it is possible the Fund will invest in obligations of particular issuers as to which such
specific factors are applicable. The information set forth below is intended only as a general
summary and not as a discussion of any specific factors that may affect any particular issuer of
Massachusetts municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook. </I>Massachusetts is a densely populated state with a
well-educated population and comparatively high income levels<I>. </I>The Commonwealth&#146;s economy remains
diversified, but its strongest component is its knowledge-based technology and service sectors.
The four largest sectors of the economy, real estate and rental and leasing, professional and
technical services, finance and insurance, and health care and social assistance, contributed 47.2%
of the 2010 Massachusetts gross domestic product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following significant declines in 2002 and 2003, total non-agricultural employment in the
Commonwealth eventually increased 0.5% in 2005 and continued to increase through 2008. Employment
declined 3.3% in 2009 and grew 0.2% in 2010. Since the beginning of the recession in December&nbsp;2007
there has been a net loss of approximately 46,000 jobs in Massachusetts. The job losses were not
spread evenly across all sectors. The construction and manufacturing sectors were the hardest hit
with losses of 26.2% and 21.6%, respectively. However, the education and health sector and the
leisure and hospitality sector have seen growth of 7.2% and 8.6%, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commonwealth&#146;s economy has outperformed the nation&#146;s economy as a whole during and
following the most recent recession. Home prices in Massachusetts have fallen by less than in the
U.S. as a whole. The Commonwealth&#146;s unemployment rate rose from 5.2% in July&nbsp;2008 to a high of
9.5% in February&nbsp;2011, but has since declined, and in November&nbsp;2011 was 7.0%. This decline is
greater than in the nation as a whole, where unemployment rose from 5.8% in July&nbsp;2008 to a high of
10.1% in October&nbsp;2009, and declined to 8.6% in November&nbsp;2011.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal government spending contributes significantly to the Massachusetts economy. In fiscal
2010, Massachusetts received almost $82.5&nbsp;billion, a 1.7% decrease from 2009, and ranked ninth
among the states in per capita distribution of federal funds, with total spending of $12,593 per
person, excluding loans and insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The Commonwealth collects a variety of taxes and receives revenues
from other non-tax sources, including the federal government and various fees, fines, court
revenues, assessments, reimbursements, interest earnings and transfers from its non-budgeted funds.
Total primary government revenues increased by $2.7&nbsp;billion in fiscal year 2011 or 5.4% over
fiscal year 2010. Tax revenues increased by $2.0&nbsp;billion, or 10.7%, primarily as the result of the
growth in individual income tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The major components of state tax revenue are the income tax, the sales and use tax, and the
corporations and other business and excise taxes which were projected to account for approximately
55.2%, 24.8%, and 11.3%, respectively, of total tax revenues in fiscal 2011. Dedicated portions of
the Commonwealth&#146;s sales tax revenues are pledged to provide financial support for the
Massachusetts Bay Transportation Authority and the Massachusetts School Building Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Municipal revenues consist of taxes on real and personal property, distributions from the
Commonwealth under a variety of programs and formulas, local receipts (including motor vehicle
excise taxes, local options taxes, fines, licenses and permits, charges for utility and other
services and investment income) and appropriations from other available funds (including general
and dedicated reserve funds). Following the enactment in 1980 of the tax limitation initiative
petition commonly known as Proposition 2<FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>, local governments have become increasingly reliant on
distribution of revenues from the Commonwealth to support local programs and services, although the
amount of aid received varies significantly among municipalities. As a result of comprehensive
education reform legislation enacted in June&nbsp;1993, a large portion of local aid general revenue
sharing funds is earmarked for public education and distributed through a formula designed to
provide more aid to the Commonwealth&#146;s poorer communities. There are also several specific local
aid programs, such as public libraries, police education incentives, and property tax abatement for
certain elderly or disabled residents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses of the primary government increased by $1.2&nbsp;billion in fiscal year 2011, or
2.3% over fiscal year 2010. This included a $1.45&nbsp;billion increase in Medicaid spending and a
decline of $1.05&nbsp;billion in unemployment insurance compensation expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the end of fiscal year 2011 the liabilities of the primary government exceeded assets by
almost $18.5&nbsp;billion, a reduction of $137&nbsp;million from the fiscal year 2010 deficit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal 2011 budgeted fund total revenues and other financing sources exceeded fiscal 2011
budgeted fund total expenditures and other uses by $998&nbsp;million, and fiscal 2011 ended with a
budgeted fund balance of $1.901&nbsp;billion. Of that amount, $1.379&nbsp;billion was reserved in the
Stabilization Fund, $400&nbsp;million was reserved for continuing appropriations and debt service and
$122&nbsp;million was undesignated. The Stabilization Fund balance at the end of fiscal 2011 represents
a $709&nbsp;million increase from the close of fiscal 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The House of Representatives generally approves its version of the budget in
late April, and the Senate generally approves its version in late May. The differences are then
reconciled by legislatively conference committee in June, so that a final version can be enacted by
Legislature and sent to the Governor for his approval prior to the start of the new fiscal year on
July 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current Commonwealth budget. </I>Total spending in the final fiscal 2012 budget amounts to
approximately $30.6&nbsp;billion. The current budget assumes tax revenues of $21.010&nbsp;billion, enhanced
tax enforcement initiatives (an additional $61.5&nbsp;million) and the impact of a two-day sales tax
holiday held on August&nbsp;13-14, 2011 (reduction of $20.6&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November&nbsp;16, 1991, the Governor approved legislation containing pension reforms, including
increasing the retirement ages, eliminating early retirement subsidies and increasing the period
for average earnings from the highest three years to the highest five years for all new state
employees who join a retirement system on or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">after April&nbsp;2, 2012. The legislation is expected to
generate savings of more than $3&nbsp;billion to the Commonwealth and $2&nbsp;billion for municipalities over
the next 30&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the Commonwealth of Massachusetts. </I>The Commonwealth incorporates the periodic
use of commercial paper borrowing to meet cash flow needs for both capital and operating
expenditures. The Commonwealth periodically makes several cash flow borrowings for operating
purposes. All commercial paper of the Commonwealth issued for operating purposes in a fiscal year
is required by state finance law to be paid not later than June&nbsp;30 of such year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Commonwealth is authorized to issue three types of long-term debt directly &#150; general
obligation debt, special obligation debt, and federal grant anticipation notes. General obligation
debt is secured by a pledge of the full faith and credit of the Commonwealth. Special obligation
debt may be secured either with a pledge of receipts credited to the Commonwealth Transportation
Fund or with a pledge of receipts credited to the Convention Center Fund. Federal grant
anticipation notes are secured by a pledge of federal highway construction reimbursements. As of
June&nbsp;30, 2011, the amount of Commonwealth long-term debt was approximately $20.9&nbsp;billion,
consisting of approximately $18.5&nbsp;billion of general obligation debt, $1.6&nbsp;billion of special
obligation debt, and $767&nbsp;million of federal grant anticipation notes. Based on the United States
census resident population estimate for Massachusetts for 2011, the per capita amount of such debt
as of the end of fiscal year 2011 was approximately $3,720.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the long-term liabilities described above, the Commonwealth is also authorized
to pledge its credit in aid of and provide contractual support for certain independent authorities
and political subdivisions within the Commonwealth. These Commonwealth liabilities are classified
as general obligation contract assistance liabilities, budgetary contractual assistance liabilities
or contingent liabilities. General obligation contract assistance liabilities arise from statutory
requirements for payments by the Commonwealth to the Massachusetts Water Pollution Abatement Trust,
the Massachusetts Department of Transportation and the Massachusetts Development Finance Agency
that are used by such entities to pay a portion of the debt service on certain of their outstanding
bonds. Such liabilities constitute a pledge of the Commonwealth&#146;s credit for which a two-thirds
vote of the Legislature is required. Budgetary contractual assistance liabilities arise from
statutory requirements for payments by the Commonwealth under certain capital leases. Such
liabilities do not constitute a pledge of the Commonwealth&#146;s credit. Contingent liabilities relate
to debt obligations of independent authorities and agencies of the Commonwealth that are expected
to be paid without Commonwealth assistance, but for which the Commonwealth has some kind of
liability if expected payment sources do not materialize.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts statutes limit the Commonwealth&#146;s ability to issue direct debt. The direct debt
limit for fiscal year 2011 was approximately $18.0&nbsp;billion. Outstanding debt subject to the limit
at fiscal year end was approximately $16.3&nbsp;billion. The limit increases by 5% each year. Pursuant
to legislation enacted over the years, certain outstanding Commonwealth debt obligations are not
counted in computing the amount of bonds subject to the limit. The limit for fiscal year 2012 is
approximately $18.9&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legislation enacted in 1999 also provides that no more than 10% of the appropriations in any
fiscal year may be expended for payment of interest and principal on general obligation debt of the
Commonwealth. Debt service relating to bonds that are excluded from the debt limit on direct debt
is not included in the limit on debt service appropriations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the 2009 fiscal year, the Commonwealth announced an administrative policy that sets the
annual borrowing limit at a level designed to keep debt service at a maximum of 8% of budgeted
revenues. The debt management policy also limits future annual growth in the bond cap to not more
than $125&nbsp;million through fiscal 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. </I>The State&#146;s general obligation bonds are rated AA&#043; by S&#038;P and Aa1 by Moody&#146;s
(ratings confirmed as of March&nbsp;1, 2012). There can be no assurance that such ratings will be
maintained in the future. It should be noted that the creditworthiness of obligations issued by
local Massachusetts issuers may be unrelated to the creditworthiness of obligations issued by the
Commonwealth, and that there is no obligation on the part of the State to make payment on such
local obligations in the event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The Commonwealth is a defendant in numerous legal proceedings pertaining
to matters
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">incidental to the performance of routine governmental operations. Such litigation
includes, but is not limited to, claims asserted against the Commonwealth arising from alleged
torts, alleged breaches of contracts, condemnation proceedings and other alleged violations of law.
For those cases in which it is probable that a loss will be incurred and the amount of potential
judgment can be reasonably be estimated or a settlement or judgment has been reached but not paid,
the Attorney General estimates fiscal year 2012 liability at $20&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of Massachusetts municipal obligations. The information provided is only a brief
summary of the complex factors affecting the financial situation in Massachusetts and is derived
from sources that are generally available to investors and are believed to be accurate. It is
based in part on information obtained from various State agencies in Massachusetts or contained in
Official Statements for various Massachusetts municipal obligations. No independent verification
has been made of the accuracy or completeness of any of the preceding information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding New Jersey Municipal Securities. </B>A Fund that
invests in New Jersey (referred to herein as the &#147;State&#148; or &#147;New Jersey&#148;) municipal securities is
susceptible to political, economic, regulatory or other factors affecting issuers of New Jersey
municipal securities. The following information constitutes only a brief summary of a number of
the complex factors which may impact issuers of New Jersey municipal securities and does not
purport to be a complete or exhaustive description of all adverse conditions to which issuers of
New Jersey municipal securities may be subject. Such information is derived from official
statements utilized in connection with the issuance of New Jersey municipal securities, as well as
from other publicly available documents. Such information has not been independently verified by
the Fund and the Fund assumes no responsibility for the completeness or accuracy of such
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social
and environmental policies and conditions, which are not within the control of such issuers, could
have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local New Jersey issuers may be unrelated to the creditworthiness of
obligations issued by the State, and there is no obligation on the part of the State to make
payments on such local obligations. There may be specific factors that are applicable in connection
with investment in the obligations of particular issuers located within New Jersey, and it is
possible the Fund will invest in obligations of particular issuers as to which such specific
factors are applicable. The information set forth below is intended only as a general summary and
not as a discussion of any specific factors that may affect any particular issuer of New Jersey
municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook. </I>New Jersey is the eleventh largest state in population and
the fifth smallest in land area. According to the United States Bureau of the Census, the
population of New Jersey was 8,414,350 in 2000 and 8,791,894 in 2010. With an average of 1,196
persons per square mile, it is the most densely populated of all the states. Centrally located in
the Northeast, New Jersey is near many major cities such as New York, Boston, Washington D.C., and
Philadelphia. The State&#146;s favorable location is bolstered by an extensive highway system, as well
as other major land, air, and water transportation systems and facilities. The Port of
Newark-Elizabeth Marine Terminal is the East Coast&#146;s largest seaport and handles about one-third of
the nation&#146;s ocean going trade. Various commercial and industrial businesses have headquarters or
regional offices within New Jersey&#146;s borders, including substantial construction, pharmaceutical,
manufacturing, chemical, financial and service industries. Since 1978, casino gambling in Atlantic
City has been an important State tourist attraction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey has a diversified economic base, consisting of a variety of manufacturing,
constructions and service industries, supplemented by rural areas with selective commercial
agriculture. The construction, manufacturing and mining sectors experienced the largest job losses
over the recession. Since the beginning of 2010, the greatest employment increases have been in
the other services, education and health services, and professional and business services sectors.
Layoffs of government employees due to the State&#146;s persistent budget issues and the re-entry of
formerly discouraged jobseekers into the job market have contributed to the State&#146;s high
unemployment which still exceeded the national average by .7% as of January&nbsp;2012.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s economic indicators (not seasonally adjusted), showed that total private dwelling
units authorized by building permits in January&nbsp;2012, were 950, up from 922 the prior year, the
unemployment rate for January, 2012 was 9.0%, which is down from 9.4% the prior year and non-farm
payroll employment in January, 2012 was approximately 3,807,300, up from approximately 3,756,300
the prior year. Real per capital personal income in New Jersey was approximately $45,233 in the
third quarter of 2011, up from $45, 232 in the third quarter of 2009. New Jersey unemployment
still exceeds the national average as of January&nbsp;2012 by .7%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>The primary government&#146;s assets and deferred outflows for fiscal
year 2011 <I>total </I>$36.9&nbsp;billion, an increase of $925.5&nbsp;million from the prior fiscal year. As of
June&nbsp;30, 2011, liabilities exceed assets and deferred outflows by $34.2&nbsp;billion. The State&#146;s
unrestricted net assets, which represent net assets that have no statutory commitments and are
available for discretionary use, totaled a negative $45.1&nbsp;billion. The negative balance was
primarily a result of under funding the annual pension costs to the State&#146;s retirement system and
the State&#146;s recognition of other postemployment benefits. Financing activities that have
contributed to the State &#145;s negative unrestricted net asst amount include liabilities from pension
bonds, the funding of a portion of local elementary and high school construction, and the
securitization of a major portion of annual tobacco master settlement agreement receipts, with no
corresponding assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The economic slowdown caused a falloff in State revenues. During fiscal 2011 the State
implemented tax increases, expenditure reductions (including layoffs of State employees),
expenditure deferrals, and draw-downs of reserves, as well as using federal stimulus money. The
State and its political subdivisions also face increasing financial pressure from costs relating to
pensions and other post-employment benefits for government employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>The State Constitution has a balanced budget measure which provides that no
money shall be drawn from the State Treasury but for appropriations made by law and that no law
appropriating money for any state purpose shall be enacted if the appropriations contained therein,
together with all prior appropriations made for the same fiscal period, shall exceed the total
amount of revenue on hand and anticipated to be available to meet such appropriations during such
fiscal period, as certified by the Governor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the State Constitution has a debt limitation clause which provides that the State
Legislature shall not, in any manner, create in any fiscal year a debt or liability of the State,
which, together with any previous debts or liabilities, shall exceed at any time 1% of the total
amount appropriated by the general appropriation law for such year, unless the same shall be
authorized by a law for some single object or work distinctly specified therein, or shall have been
approved by the voters. The debt limitation clause was amended in 2008 and currently prohibits the
State Legislature from enacting any law that creates or authorizes the creation of a debt or
liability of an autonomous State corporate entity, which debt or liability has a pledge of an
annual appropriation as the means to pay the principal of and interest on such debt or liability,
unless approved by the voters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>Total budgeted revenues for fiscal 2012 are $29.6&nbsp;billion, which is
approximately 4% above fiscal 2011 levels. Total budgeted appropriations for fiscal 2012 are $29.7
billion, which is approximately 1.2% above fiscal 2011 levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of New Jersey. </I>For the year ended June&nbsp;20, 2011, New Jersey&#146;s
long-term debt obligations increased 12.3%, to $65.1&nbsp;billion, which includes a net increase in
bonded debt of $7.1&nbsp;billion. During the fiscal year, the State issued $4.9&nbsp;billion in bonds. New
money issuances represented $1.6&nbsp;billion, primarily for transportation and education system
improvements, while $3.3&nbsp;billion represented five refunding transactions that provided the State
with $30.9&nbsp;million in net present value savings. During fiscal year 2011, the State paid $2.4
billion in debt service on its long-term obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-bonded portions of the State&#146;s long-term debt total $27.0&nbsp;billion. This amount represents
a $6.0&nbsp;billion increase from the prior fiscal year and is mainly attributable to increases in net
pension obligations as well as the State&#146;s other postemployment benefits obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey&#146;s debt burden has increased substantially in the past decade and is high by any
number of measurements, which may reduce financial flexibility in the future. New Jersey now has
the fourth highest per capita debt burden among the states.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. Bond ratings. </I>The State&#146;s general obligation bonds are rated AA- by S&#038;P and
Aa3 by Moody&#146;s (ratings confirmed as of March&nbsp;1, 2012. There can be no assurance that such ratings
will be maintained in the future. It should be noted that the creditworthiness of obligations
issued by local New Jersey issuers may be unrelated to the creditworthiness of obligations issued
by the State of New Jersey, and that there is no obligation on the part of the State to make
payment on such local obligations in the event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of New Jersey municipal obligations. </I>The New Jersey Local Bond Law (N.J.S.A.
Section&nbsp;40A:2-1 et seq.) (&#147;Local Bond Law&#148;) governs the issuance of bonds and notes by local units
(including counties). The statute provides that (i)&nbsp;the power and obligation of a local unit to
pay any and all bonds and notes issued by it pursuant to the Local Bond Law shall be unlimited,
(ii)&nbsp;the county or municipality shall levy ad valorem taxes upon all taxable property therein for
the payment of the principal of and interest on such bonds and notes, without limitation as to rate
or amount, (iii)&nbsp;no local unit shall authorize obligations for any improvement or purpose having a
period of usefulness of less than five years, and (iv)&nbsp;after issuance, all obligations shall be
conclusively presumed to be fully authorized and issued under all of the laws of the State, and any
person shall be estopped from questioning their sale, execution or delivery by the local unit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No bond ordinance will be finally adopted if it appears from the supplemental debt statement
required by the Local Bond Law that the percentage of net debt as stated therein exceeds 2%, in the
case of a county, or 3 <FONT style="FONT-size: 70%"><SUP>1</SUP></FONT>/<FONT style="FONT-size: 60%">2</FONT>%, in the case of a municipality. The Local Bond Law sets forth certain
exceptions to the foregoing debt limitation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A local government may seek a waiver from the Local Finance Board from the debt limitation for
a bond ordinance authorizing obligations solely for the exceptions set forth in the Local Bond Law.
Approval of bond and note financing in excess of the debt limit in certain instances require the
applicant to justify and demonstrate the existence of extraordinary conditions. The Local Finance
Board is a functional area within the Division of Local Government Services. It is statutorily
responsible for promulgating rules and regulations on the fiscal obligations, fiscal reporting and
overseeing the fiscal condition of all New Jersey municipalities, counties, local authorities and
special districts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2010, New Jersey enacted a property tax cap that placed a 2% limit on annual property-tax
increases, which may put additional financial pressure local governments. Costs associated with
debt service are not subject to the property tax cap.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings (described in the State&#146;s recent financial statements) that, if decided against the
State might require the State to make significant future expenditures or substantially impair
future revenue sources. Because of the prospective nature of these proceedings, it is not presently
possible to predict the outcome of such litigation, estimate the potential impact on the ability of
the State to pay debt service costs on its obligations, or determine what impact, if any, such
proceedings may have on the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of New Jersey municipal obligations. The information provided is only a brief
summary of the complex factors affecting the financial situation in New Jersey and is derived from
sources that are generally available to investors and are believed to be accurate. It is based in
part on information obtained from various State agencies in New Jersey or contained in Official
Statements for various New Jersey municipal obligations. No independent verification has been made
of the accuracy or completeness of any of the preceding information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding New York Municipal Securities</B>. Funds that invest
in New York municipal securities are susceptible to political, economic, regulatory or other
factors affecting issuers of New York municipal securities. The following information constitutes
only a brief summary of a number of the complex factors which may impact issuers of New York
municipal securities and does not purport to be a complete or exhaustive description of all adverse
conditions to which issuers of New York municipal securities may be subject. Such information is
derived from official statements utilized in connection with the issuance of New York municipal
securities, as well as from other publicly available documents. Such information has not been
independently verified by the Funds, and the Funds assume no responsibility for the completeness or
accuracy of such information.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the budget, receipts
and disbursements of the State of New York (&#147;New York&#148; or the &#147;State&#148;) that would ordinarily be
included in various public documents issued thereby, such as an official statement prepared in
connection with the issuance of general obligation bonds of the State. Such an official statement,
together with any updates or supplements thereto, may generally be obtained upon request to the
Division of Budget of the State of New York (&#147;DOB&#148;) of the State. There may be specific factors
that are applicable in connection with investment in the obligations of particular issuers located
within New York, and it is possible a Fund will invest in obligations of particular issuers as to
which such specific factors are applicable. However, the information set forth below is intended
only as a general summary and not as a discussion of any specific factors that may affect any
particular issuer of New York municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. New York is the third most populous state in the nation and
has a relatively high level of personal wealth. The State&#146;s economy is diverse, with a
comparatively large share of the nation&#146;s financial activities, information, education, and health
services employment, and a very small share of the nation&#146;s farming and mining activity. The
State&#146;s location and its air transport facilities and natural harbors have made it an important
link in international commerce. Travel and tourism constitute an important part of the economy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2010, economic conditions began to improve for both the nation and New York State.
Private sector employment slowly started to increase, although gains were partially offset by
rising job losses in government. While the State as a whole outperformed the nation, the recovery
in the State was still slow by historical standards, and not all regions of the State benefitted
equally. At the beginning of 2011, the recovery continued to be weak, with consumers buffeted by
rising energy prices and renewed declines in home values.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although job growth resumed in 2010, unemployment rates remain high. During the recession,
the unemployment rate more than doubled for the nation (rising from 4.4% in May&nbsp;2007 to 10.1% in
October&nbsp;2009) and for New York State (rising from 4.3% in March&nbsp;2007 to 8.9% in September&nbsp;2009).
By December&nbsp;2010 the rate had only eased to 9.4% for the nation and 8.2% for New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal income rebounded in 2010 following declines in 2009. Nationally, personal income
increased by 3%, while New York&#146;s gain of 4.1% was the second-highest growth rate among all the
states. Wages, the largest component of personal income, increased in New York in 2010 after
falling by 7.2% in 2009. The rebound in personal income and wages reflects Wall Street&#146;s continued
recovery from the financial crisis. During 2010, the broker/dealer operations of New York Stock
Exchange member firms earned $27.6&nbsp;billion, second only to the record profits of $61.4&nbsp;billion
earned in 2009 (during the previous two years, the industry had combined losses of $53.8&nbsp;billion).
The rapid return to profitability was driven by government bailouts, the Federal Reserve&#146;s low
interest rate polices and other government actions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although the securities industry accounted for less than 3% of all jobs in the State it
comprised 12.5% of all wages in 2010 and accounted for more than one-third of the statewide
increase in total wages in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General government results</I>. An operating surplus of $1.5&nbsp;billion is reported in the New York
State General Fund for fiscal year ended March&nbsp;31, 2011. This results in an accumulated General
Fund deficit of $2&nbsp;billion. The State completed its fiscal year ended March&nbsp;31, 2011, with a
combined Governmental Funds operating surplus of $1.9&nbsp;billion as compared to a combined
Governmental Funds operating surplus for the preceding fiscal year of $123&nbsp;million. The combined
operating surplus of $1.9&nbsp;billion included an operating surplus in the General Fund of $1.5&nbsp;billion
as well as in the Federal Special Reserve Fund of $2&nbsp;million, in the General Debt Service Fund of
$276&nbsp;million and in the Other Governmental Funds of $94&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s financial position as shown in its Governmental Funds Balance Sheet as of March
31, 2011, includes a fund balance of $5.8&nbsp;billion comprised of $34&nbsp;billion of assets available to
liquidate liabilities of $28.2&nbsp;billion. The Governmental Funds fund balance includes a $2&nbsp;billion
accumulated deficit in the General Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>New York&#146;s budget process begins with the Governor&#146;s submission of the
Executive Budget to the Legislature each January, in preparation for the start of the fiscal year
on April 1. New York&#146;s Constitution requires the Governor to submit an Executive Budget that is
balanced on a cash basis in the General Fund&#151; the Fund that receives the majority of State taxes,
and all income not earmarked for a particular program or
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">activity. In acting on the bills
submitted by the Governor, the Legislature has certain powers to alter the recommended
appropriations and proposed changes to existing law. Once the appropriation bills and other bills
become law, the Division of Budget of the State of New York (&#147;DOB&#148;) revises the State Financial
Plan to reflect the Legislature&#146;s actions, and begins the process of implementing the budget.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State budgetary outlook. </I>The DOB currently projects that the State will end the 2011-12
fiscal year with a General Fund balance of $1.7&nbsp;billion, which consists of $1.0&nbsp;billion in the Tax
Stabilization Reserve, $275&nbsp;million in the Rainy Day Reserve, $275&nbsp;million in the Contingency
Reserve Fund, and $13&nbsp;million in undesignated fund balance. The estimated closing balance reflects
the assumption that the estimated current year shortfall of $350&nbsp;million is closed through
administrative or legislative actions or both..
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Fund disbursements, including transfers to other funds, are expected to total $56.8
billion in 2011-12, an increase of $1.4&nbsp;billion (2.4%) over preliminary 2010-11 results. General
Fund spending is projected to grow at an average annual rate of 12.8% from 2010-11 through 2013-14.
State Operating Funds disbursements for 2011-12 are estimated to total $86.9&nbsp;billion, and
increase of $2.4&nbsp;billion (2.9%) over preliminary 2010-11 results. For both the General Fund and
State Operating Funds, spending growth is driven by Medicaid, education, pension costs, employee
and retiree health benefits, social services programs and debt service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the most recent State annual report, it was noted that the enacted 2011-12 budget made
significant progress in addressing the State&#146;s structural deficit primarily through spending
reductions and without relying heavily on non-recurring or temporary revenue. The State also needs
to do a better job of monitoring its debt levels. Debt service is one of the fastest growing
categories of the budget and much of this debt has been issued by public authorities without voter
approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The budget gap for 2012-13, which the Governor must address in his Executive Budget due on
February&nbsp;1, 2012, is now projected at $3.25&nbsp;billion. In the General Fund, the projected budget
gaps total approximately $3.25&nbsp;billion in 2012-13, $3.3&nbsp;billion in 2013-14 and $4.8&nbsp;billion in
2013-14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Debt and other financing activities. </I>The State has obtained long-term financing in the form
of voter-approved general obligation debt (&#147;voter-approved debt&#148;) and other obligations that are
authorized by legislation but not approved by the voters (&#147;non-voter&#150;approved debt&#148;), including
lease-purchase contractual obligations where the State&#146;s legal obligation to make payments is
subject to and paid from annual appropriations made by the Legislature or from assignment of
revenue in the case of Tobacco Settlement Revenue Bonds. The indebtedness of the State may be
classified as State-supported debt and State-related debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-supported debt. </I>State-supported debt includes general obligation debt, to which the
full faith and credit of the State has been pledged, and lease-purchase and contractual obligations
of public authorities and municipalities, where the State&#146;s legal obligation to make payments to
those public authorities and municipalities is subject to and paid from annual appropriations made
by the Legislature. These include the State Personal Income Tax (&#147;PIT&#148;) Revenue Bond Program and
the New York Local Government Assistance Program bonds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Debt Reform Act of 2000 (the &#147;Act&#148;) imposes statutory limitations which restrict the
issuance of State-supported debt to capital purposes only and establishes a maximum term of 30
years for such debt. The Act also imposed phased-in caps that ultimately limit the amount of new
State-supported debt (issued on or after April&nbsp;1, 2000) to 4% of State personal income, and new
State-supported debt service (on debt issued on and after April&nbsp;1, 2000) to 5% of total
governmental funds receipts. For the fiscal year ended March&nbsp;31, 2011, the cumulative debt
outstanding and debt service caps were 4.00% and 4.32%, respectively. The Act does not apply to
debt which is not considered State-supported and therefore does not encompass State-guaranteed
debt, moral obligation debt, and contingent-contractual obligations financing such as the bonds
issued by the Tobacco Settlement Financing Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General obligation debt</I>. General obligation debt is debt to which the full faith and credit
of the State has been pledged. Under New York&#146;s Constitution, the State may not, with limited
exceptions for emergencies, undertake long-term general obligation borrowing (i.e., borrowing for
more than one year) unless the borrowing is authorized in a specific amount for a single work or
purpose by the Legislature and approved by the voters. Under the State Constitution, the State may
undertake short-term general obligation borrowings without voter approval (i)
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in anticipation of
the receipt of taxes and revenues, by issuing general obligation tax and revenue anticipation
notes, and (ii)&nbsp;in anticipation of the receipt of proceeds from the sale of duly authorized but
unissued general obligation bonds, by issuing bond anticipation notes. General obligation debt is
currently authorized for transportation, environment and housing purposes. The State had $3.625
billion in general obligation bonds outstanding at 2011 fiscal year-end. During the year the State
issued $500&nbsp;million in general obligation bonds. The total amount of general obligation bonded
debt authorized but not yet issued at 2010&#150;2011&nbsp;year-end was $1.7&nbsp;billion. At March&nbsp;31, 2011 the
State had $56.1&nbsp;billion in bonds, notes and other financing agreements outstanding compared with
$55.3&nbsp;billion last year, an increase of $842&nbsp;million. New York has never defaulted on any of its
general obligation debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-supported lease-purchase and contractual-obligation financings. </I>Prior to the
commencement of the State PIT Revenue issuances in 2002, public authorities or municipalities
issued other long-term, lease-purchase and contractual-obligation debt. This type of debt, where
debt service is payable from monies received from the State and is subject to annual State
appropriation, not general obligations of the State. Under this financing structure bonds were
issued to finance various capital programs, including those which finance the State&#146;s highway and
bridge projects, State University of New York and City University of New York educational
facilities, health and mental hygiene facilities, prison construction and rehabilitation, economic
development projects, State buildings and housing programs, and equipment acquisitions. Debt
service payable to certain public authorities from State appropriations for such lease-purchase and
contractual obligation financings may be paid from general resources of the State or from dedicated
tax and other sources (i.e., State personal income taxes, motor vehicle and motor fuel
related-taxes, dormitory facility rentals, and patient charges). Although these financing
arrangements involve a contractual agreement by the State to make payments to a public authority,
municipality or other entity, the State&#146;s obligation to make such payments is expressly made
subject to appropriation by the Legislature and the actual availability of money to the State for
making the payments. New York has never defaulted on any of its obligations under lease purchase
or contractual obligation financing arrangements. As of March&nbsp;31, 2011, the State had long-term
debt obligations of $40.4&nbsp;billion under lease/purchase and other financing arrangements (nonvoter
approved), a decrease from $40.7&nbsp;billion for fiscal 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-related debt. </I>State-related debt is a broader measure of State debt that includes the
State-supported debt referenced above, as well as State-guaranteed debt (to which the full faith
and credit of the State has been pledged), moral obligation financings and certain
contingent-contractual obligation financings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Contingent contractual-obligation financing. </I>New York may also enter into statutorily
authorized contingent contractual-obligation via a service contracts obligating it to pay debt
service on bonds, subject to annual appropriation, in the event there are shortfalls in revenues
from other non-State resources pledged, or otherwise available, to pay the debt service on the
bonds. New York has never been required to make any payments under this financing arrangement, but
the bankruptcy of certain hospitals in the secured hospitals program may require the State to make
payments in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Moral obligation financings. </I>Moral obligation financing generally involves the issuance of
debt by a public authority to finance a revenue-producing project or other activity. The debt is
secured by project revenues and includes statutory provisions requiring the State, subject to
appropriation by the Legislature, to make up any deficiencies which may occur in the issuer&#146;s debt
service reserve fund. There has never been a payment default on any moral obligation debt of any
public authority. The DOB does not expect the State to increase statutory authorizations for moral
obligation bond programs. The State has not been called upon to make any payments pursuant to any
moral obligations since the 1986-87 fiscal year and no such requirements are anticipated during the
2011-12 fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>State-guaranteed financings. </I>Pursuant to specific constitutional authorization, New York may
also directly guarantee certain public authority obligations. Payments of debt service on
State-guaranteed bonds and notes are legally enforceable obligations of the State. The only
current authorization provides for the State guarantee of the repayment of certain borrowings for
designated projects of the New York State Job Development Authority. The State has never been
called upon to make any direct payments pursuant to any such guarantees and does not anticipate
that it will be called upon to make any payments pursuant to the State guarantee in the 2011-12
fiscal year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Public authorities. </I>Public authorities refer to certain public benefit corporations, created
pursuant to State
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">law. Public authorities are not subject to the constitutional restrictions on
the incurrence of debt that apply to the State itself and may issue bonds and notes within the
amounts and restrictions set forth in legislative authorization. The State&#146;s access to the public
credit markets could be impaired and the market price of its outstanding debt may be materially and
adversely affected if any of its public authorities were to default on their respective
obligations, particularly those using State-supported or State-related debt. As of December&nbsp;31,
2010, there were 17 public authorities that had outstanding debt of $100&nbsp;million or more, and the
aggregate outstanding debt, including refunding bonds, of these State public authorities was
approximately $161&nbsp;billion, only a portion of which constitutes State-supported or State-related
debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New York City (the &#147;City&#148;). </I>The fiscal demands on New York may be affected by the fiscal
condition of the City, which relies in part on State aid to balance its budget and meet its cash
requirements. It is also possible that the State&#146;s finances may be affected by the ability of the
City, and certain entities issuing debt for the benefit of the City, to market securities
successfully in the public credit markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Localities. </I>Certain localities outside the City have experienced financial problems and
have requested and received additional State assistance during the last several State fiscal years.
Between 2004 and July&nbsp;2010, the New York Legislature authorized 21 bond issuances to finance local
government operating deficits. Like the State, local governments must respond to changing
political, economic and financial influences over which they have little or no control. Such
changes may adversely affect the financial condition of certain local governments. For example,
the State or federal government may reduce (or in some cases eliminate) funding of some local
programs or disallow certain claims which, in turn, may require local governments to fund these
expenditures from their own resources. It is also possible that localities or local public
authorities may suffer serious financial difficulties that could jeopardize local access to the
public credit markets, which may adversely affect the marketability of notes and bonds issued by
localities within the State. Localities may also face unanticipated problems resulting from
certain pending litigation, judicial decisions and long-range economic trends. Other large-scale
potential problems, such as declining urban populations, increasing expenditures, and the loss of
skilled manufacturing jobs, may also adversely affect localities and necessitate State assistance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings</I>. The State&#146;s general obligation bonds are rated AA (with a stable outlook) by
S&#038;P and Aa2 (with a stable outlook) by Moody&#146;s (ratings confirmed as of December&nbsp;12, 2011 and
December&nbsp;8, 2011, respectively). There can be no assurance that such ratings will be maintained in
the future. It should be noted that the creditworthiness of obligations issued by local New York
issuers may be unrelated to the creditworthiness of obligations issued by the State of New York,
and that there is no obligation on the part of the State to make payment on such local obligations
in the event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Risk management</I>. New York State does not insure its buildings or their contents against
theft, fire or other risks and does not insure its automobiles against the possibility of bodily
injury and property damages. The State does, however, have fidelity insurance on State employees.
Workers&#146; compensation coverage is provided on a self-insurance basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a defendant in numerous legal proceedings pertaining to
matters incidental to the performance of routine governmental operations. Such litigation
includes, but is not limited to, claims asserted against the State arising from alleged torts,
alleged breaches of contracts, condemnation proceedings and other alleged violations of State and
federal laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included in the State&#146;s outstanding litigation are a number of cases challenging the legality
or the adequacy of a variety of significant social welfare programs primarily involving the State&#146;s
Medicaid and mental health programs. Adverse judgments in these matters generally could result in
injunctive relief coupled with prospective changes in patient care that could require substantial
increased financing of the litigated programs in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to pending and threatened litigation, the State has reported liabilities of $538
million for awarded and anticipated unfavorable judgments. In addition, the State is party to
other claims and litigation that its legal counsel has advised may result in possible adverse court
decisions with estimated potential losses of approximately $379&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Tax-Free New York Fund is susceptible to political, economic or
regulatory
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">factors affecting issuers of New York municipal obligations. The information provided
is only a brief summary of the complex factors affecting the financial situation in New York and is
derived from sources that are generally available to investors and are believed to be accurate. It
is based in part on information obtained from various State agencies in New York or contained in
Official Statements for various New York municipal obligations. No independent verification has
been made of the accuracy or completeness of any of the preceding information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Special Investment Considerations Regarding Ohio Municipal Securities. </B>A Fund that invests in
Ohio (referred to herein as the &#147;State&#148; or New Jersey&#148;) municipal securities is susceptible to
political, economic, regulatory or other factors affecting issuers of Ohio municipal securities.
The following information constitutes only a brief summary of a number of the complex factors which
may impact issuers of Ohio municipal securities and does not purport to be a complete or exhaustive
description of all adverse conditions to which issuers of Ohio municipal securities may be subject.
Such information is derived from official statements utilized in connection with the issuance of
Ohio municipal securities, as well as from other publicly available documents. Such information
has not been independently verified by the Fund and the Fund assumes no responsibility for the
completeness or accuracy of such information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary below does not include all of the information pertaining to the economy, budget,
receipts and disbursements of the State that would ordinarily be included in various public
documents, such as an official statement prepared in connection with the issuance of general
obligation bonds of the State. Additionally, many factors, including national, economic, social
and environmental policies and conditions, which are not within the control of such issuers, could
have an adverse impact on the financial condition of such issuers. The creditworthiness of
obligations issued by local Ohio issuers may be unrelated to the creditworthiness of obligations
issued by the State, and there is no obligation on the part of the State to make payments on such
local obligations. There may be specific factors that are applicable in connection with investment
in the obligations of particular issuers located within Ohio, and it is possible the Fund will
invest in obligations of particular issuers as to which such specific factors are applicable. The
information set forth below is intended only as a general summary and not as a discussion of any
specific factors that may affect any particular issuer of Ohio municipal securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Economic condition and outlook</I>. Although manufacturing (including auto-related manufacturing)
in Ohio remains an integral part of the State&#146;s economy, the greatest growth in recent years has
been in the non-manufacturing sectors. In 2009, Ohio&#146;s economic output as measured by gross state
product totaled $462.0&nbsp;billion, 3.30% of the national gross product and eighth largest among the
states. Ohio ranks fifth within the manufacturing sector as a whole ($73.2&nbsp;billion) and third in
durable goods ($42.0&nbsp;billion). Ohio is the seventh largest exporting state with 2009 merchandise
exports totaling $34.1&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The State&#146;s overall unemployment rate is commonly somewhat higher than the national figure.
For example, the reported average monthly State unemployment rates for 2007, 2008, 2009, and 2010
were 5.6%, 6.6%, 10.2%, and 10.1%, respectively, compared to national rates of 4.6%, 5.8%, 9.3%,
and 9.6% , respectively. In 2011 the State&#146;s monthly rates fluctuated above and below the national
rates, and in December&nbsp;2011, the State unemployment rate was 8.1% compared to the national rate of
8.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payroll employment in Ohio increased in 2004 through 2006 and decreased in 2007 through 2010.
Employment is shifting toward the service industry, with manufacturing employment decreasing. The
&#147;non-manufacturing&#148; sector employs approximately 88% of all non-farm payroll workers in the State.
While diversifying more into the service and other non-manufacturing areas, the Ohio economy
continues to rely in part on durable goods manufacturing largely concentrated in motor vehicles and
machinery, including electrical machinery. As a result, general economic activity, as in many
other industrially developed states, tends to be more cyclical than in some other states and in the
nation as a whole. Agriculture is an important segment of the economy, with over half the State&#146;s
area devoted to farming and a significant portion of total employment in agribusiness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ohio is the seventh most populous state. The Census count for 2010 was 11,536,504, up from
11,353,140 in 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Revenues and expenditures. </I>Most State operations are financed through the General Revenue
Fund (&#147;GRF&#148;). Personal income and sales-use taxes are the major sources of GRF tax revenue.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ohio Office of Budget and Management (&#147;OBM&#148;) continually monitors and analyzes
revenues and expenditures developments (including pending litigation) affecting both, and prepares
a financial report summarizing its analysis at the end of each month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2010-11 biennial appropriations Act (the &#147;2010-11 Act&#148;) was approved on July&nbsp;17, 2009.
All necessary debt service and lease-rental payments related to State obligations for the entire
2010-11 biennium were fully appropriated for the three week interim period and under the final
2010-11 Act. Reflecting the final implementation of the restructuring of State taxes commenced in
2006-07 and a conservative underlying economic forecast, the 2010-11 Act provided for total GRF
biennial appropriations of approximately $50.5&nbsp;billion (a 3.8% decrease from the 2008-09 biennial
expenditures) and total GRF biennial revenues of approximately $51.1&nbsp;billion (a 4.2% decrease from
the 2008-09 biennial revenues). Appropriations for major program categories compared to 2008-09
actual spending reflected increases of 3.4% for Medicaid (excluding American Recovery and
Reinvestment Act of 2009 (&#147;ARRA&#148;) funding) and 0.7% for corrections and youth services; and
decreases of 13.8% for mental health and development disabilities, 8.3% for higher education, and
5.15% for elementary and secondary education. The 2010-11 Act also included the restructuring of
$736&nbsp;million of fiscal years 2010 and 2011 GRF fund debt service into fiscal years 2012 through
2025.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2011, net assets of the State&#146;s primary government increased by $2.6
billion and ended fiscal year 2011 with a balance of $22.8&nbsp;billion. Net assets of the State&#146;s
component units increased by $1.4&nbsp;billion and ended fiscal year 2011 with a balance of $13.8
billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the General Fund&#146;s fund balance was approximately $2.2&nbsp;billion. The
General Fund&#146;s fund balance increased by $606.9&nbsp;million (exclusive of a $3.8&nbsp;million increase in
inventories) or 37.6% during fiscal year 2011. The General Fund includes the State&#146;s GRF as well
as other funds, such as the budget stabilization fund and certain reimbursement-supported funds
used for activities administered by State agencies and departments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Budget process. </I>Consistent with the Ohio Constitution provision that no State appropriation
may be made for a period longer than two years, the State operates on the basis of a fiscal
biennium for its appropriations and expenditures, and is effectively precluded by law from ending
its July 1 to June&nbsp;30 fiscal year or fiscal biennium in a deficit position. Most State operations
are financed through the GRF, for which the personal income and sales use taxes are the major
sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Current State budget. </I>The 2012-13 biennial appropriations Act (the &#147;2012-13 Act&#148;) was
approved on June&nbsp;30, 2011. To address the use of non-recurring funding sources in the 2010-11
biennium including amounts received under ARRA, the 2012-13 Act includes targeted spending cuts
across most State agencies and major new Medicaid reform and cost containment measures. Reflecting
tax law changes and a conservative underlying economic forecast, the 2012-13 Act provides for total
GRF biennial appropriations of approximately $55.78&nbsp;billion (an 11% increase from 2010-11 GRF
biennial expenditures) and total GRF biennial estimated revenues of approximately $56.07&nbsp;billion (a
6% increase from 2010-11 GRF revenues). GRF appropriations include a 30% increase for Medicaid
(due in part to the absence of ARRA funding in the current biennium) and 3% for elementary an
secondary educations; decreases of 9% for higher education and 8% for mental health and
developmental disabilities; and flat funding for corrections and youth services. The 2012-13 Act
also reflects the restructuring of $440&nbsp;million of fiscal year 2012 general revenue fund debt
service into fiscal years 2013 through 2025.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Major new sources of revenues or expenditure savings reflected in the 2012-13 Act include:
</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Transfer of the States liquor sales system to JobsOhio, a nonprofit
corporation created to promote economic development, job creation and
retention, job training and the recruitment of business to the State. In
consideration of this transfer, the 2012-13 Act reflects that the State
anticipates receiving a $500&nbsp;million one-time payment from JobsOhio in fiscal
year 2012. With that transfer, the State will forgo annual deposits to the GRF
from net liquor profits (those deposits totaled $153.0&nbsp;million in fiscal year
2011). In 2011, a complaint was filed claiming the law authorizing the
creation of JobsOhio, as amended by the 2012-13 Act, is an improper special act
conferring corporate powers and that the State may not lend its aid and credit
to JobsOhio. The</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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>court granted the State&#146;s motions to dismiss the complaint based on lack of
standing. On December&nbsp;23, 2011, plaintiffs appealed the trial court&#146;s
ruling and the parties are awaiting a decision from the Court of Appeals.</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sale of a State-owned prison facility to private operators.</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reducing local government fund allocations by $111&nbsp;million in fiscal year
2012 and $340&nbsp;million in fiscal year 2013.</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reducing public library fund allocations resulting in expenditure reductions
of $52.3&nbsp;million in fiscal year 2012 and $102.8&nbsp;million in fiscal year 2013.</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accelerated phase-out of reimbursement payments to local governments and
school districts in connection with the elimination of the tangible personal
property tax resulting in an increased share of the Commercial Activity Tax
being deposited into the GRF (estimated at $293.5&nbsp;million in fiscal year 2012
and $597.7&nbsp;million in fiscal year 2013).</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accelerated phase-out of reimbursement payments to local governments and
school districts for electric power generation deregulation and the entire
natural gas deregulation resulting in a larger share of the kilowatt-hour tax
and natural gas consumption tax being relocated to the GRF (estimated at $141.6
million in fiscal year 2012 and $147.4&nbsp;million in fiscal year 2013).</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="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$235&nbsp;million from transfers to the GRF of unclaimed funds and from other
non-GRF funds and $12&nbsp;million from a tax amnesty program.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations of the State of Ohio. </I>The incurrence or assumption of debt by the State without a
popular vote is, with limited exceptions, prohibited by the State Constitution. The State may
incur debt to cover casual deficits or to address failures in revenues or to meet expenses not
otherwise provided for, but limited in amount to $750,000. The Constitution expressly precludes
the State from assuming the debts of any county, city, town or township, or of any corporation.
(An exception in both cases is for debts incurred to repel invasion, suppress insurrection, or
defend the State in war.) The Constitution provides that &#147;Except the debts above specified
no debt whatever shall hereafter be created by, or on behalf of the state.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By 19 constitutional amendments approved from 1921 to present, Ohio voters have authorized the
incurrence of State general obligation debt and the pledge of taxes or excises to its payment, all
related to the financing of capital facilities, except for four that funded bonuses for veterans,
one that funded coal technology research and development, and one for research and development
activities. Currently, tax supported general obligation debt of the State is authorized to be
incurred for the following purposes: highways, local infrastructure, coal development, natural
resources, higher education, common schools, conservation, research and development, site
development, and veterans compensation. Although supported by the general obligation pledge,
highway debt is also backed by a pledge of and has always been paid from the State&#146;s motor fuel
taxes and other highway user receipts that are constitutionally restricted in use to highway
related purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A 1999 constitutional amendment provides an annual debt service &#147;cap&#148; applicable to future
issuances of State direct obligations payable from the GRF or net State lottery proceeds.
Generally, new obligations may not be issued if future fiscal year debt service on those new and
the then outstanding bonds of those categories would exceed 5% of the total estimated GRF revenues
plus net State lottery proceeds during the fiscal year of issuance. Application of the cap may be
waived in a particular instance by a three-fifths vote of each house of the Ohio General Assembly
and may be changed by future constitutional amendments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to its issuance of highway bonds, the State has financed selected highway
infrastructure projects by issuing bonds and entering into agreements that call for debt service
payments to be made from federal transportation funds allocated to the State, subject to biennial
appropriations by the General Assembly. The highest annual State payment under those agreements
in the current or any future fiscal year is $173.1&nbsp;million in fiscal year
</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">2012. In the event of any insufficiency in the anticipated federal
allocations to make payments on State bonds, the payments are to be made from any lawfully
available moneys appropriated to Ohio Department of Transportation for the purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State agencies also have participated in buildings and equipment, information systems and
non-highway transportation projects that have local as well as State use and benefit, in connection
with which the State has entered into lease-purchase agreements with terms ranging from 7 to 20
years. Certificates of Participation (COPs) have been issued in connection with those agreements
that represent fractionalized interests in and are payable from the State&#146;s anticipated lease
payments. The maximum annual payment from GRF appropriations under those existing agreements is
$30.5 in fiscal year 2013 and the total GRF-supported principal amount outstanding is $186.4
million. Payments by the State are subject to biennial appropriations by the General Assembly with
the lease terms subject to renewal if appropriations are made. The approval of the OBM Director
and either the General Assembly or the state controlling board is required if COPs are to be
publicly-offered in connection with those agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A statewide economic development program assists the financing of facilities and equipment for
industry, commerce, research and distribution, including technology innovation, by providing loans
and loan guarantees. The law authorizes the issuance of State bonds and notes secured by a pledge
of portions of the State profits from liquor sales. The General Assembly has authorized the
issuance of these obligations with a maximum of $630&nbsp;million to be outstanding at any one time, of
which not more than $84&nbsp;million may be issued for eligible advanced energy projects and not more
than $100&nbsp;million may be issued for eligible logistics and distribution projects. The aggregate
amount from the net liquor profit to be used in any fiscal year to pay debt service on these bonds
may not exceed $63&nbsp;million. Pursuant to constitutional authority, the State has issued $250
million of bonds or notes for revitalization purposes that are also payable from a separate,
subordinate pledge of State liquor profits. The maximum annual debt service on all State bonds
payable from State liquor profits is $51.1&nbsp;million in fiscal year 2016.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain State agencies issue revenue bonds that are payable from revenues from or relating to
revenue producing facilities, such as those issued by the Ohio Turnpike Commission. By judicial
interpretation, such revenue bonds do not constitute &#147;debt&#148; under the constitutional provisions
described above. The Constitution authorizes State bonds for certain housing purposes (issued by
the Ohio Housing Finance Agency) to which tax moneys may not be obligated or pledged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June&nbsp;30, 2011, the State had $7.87&nbsp;billion in general obligation bonds outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other issuers of Ohio municipal obligations. </I>Legislation was enacted in 1996 to address
school districts in financial straits. It is similar to similar legislation adopted in 1979 for
municipal &#147;fiscal emergencies&#148; and &#147;fiscal watch,&#148; but is particularly tailored to certain school
districts and their then existing or potential fiscal problems. There are currently eight school
districts in fiscal emergency status and five in fiscal watch status. New legislation created a
third, more preliminary, category of &#147;fiscal caution.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For those municipalities that have faced significant financial problems, there are statutory
procedures for a commission composed of State and local officials, and private sector members
experienced in business and finance appointed by the Governor to monitor the fiscal affairs of the
municipality. The municipality is required to develop a financial plan, subject to the approval of
the commission, to eliminate deficits and cure any defaults. As of March&nbsp;2012, twenty-three
municipalities, including one county and two townships, are in &#147;fiscal emergency&#148; status, three
municipalities are in &#147;fiscal watch&#148; status and three in &#147;fiscal caution&#148; status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At present the State itself does not levy ad valorem taxes on real or tangible personal
property. Those taxes are levied by political subdivisions and local taxing districts. The
Constitution has since 1934 limited the amount of the aggregate levy of ad valorem property taxes
on particular property, without a vote of the electors or municipal charter provision, to 1% of
true value in money, and statutes limit the amount of that aggregate levy without a vote or charter
provision to 10 mills per $1 of assessed valuation &#151; commonly referred to in the context of Ohio
local government finance as the &#147;ten-mill limitation.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bond ratings. </I>The State&#146;s general obligation bonds are rated AA&#043; by S&#038;P and Aa1 by Moody&#146;s
(ratings confirmed as of March&nbsp;1, 2012. There can be no assurance that such ratings will be
maintained in the future. It
</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">should be noted that the creditworthiness of obligations issued by
local Ohio issuers may be unrelated to the creditworthiness of obligations issued by the State of
Ohio, and that there is no obligation on the part of the State to make payment on such local
obligations in the event of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Legal proceedings</I>. The State is a party to numerous legal proceedings, many of which normally
occur in governmental operations. In addition, the State is involved in certain other legal
proceedings affecting the Department of Commerce, the Department of Transportation, and the Bureau
of Workers&#146; Compensation. (described in the State&#146;s recent financial statements). As of June&nbsp;30,
2011, $26.8&nbsp;million remains payable to the defendant in the Department of Transportation case and
has been recorded as a liability in the State&#146;s financial statements. Because of the prospective
nature of the other proceedings, it is not presently possible to predict the outcome of such
litigation, estimate the potential impact on the State&#146;s financial position, or determine what
impact, if any, such proceedings may have on the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other considerations</I>. The Fund is susceptible to political, economic or regulatory factors
affecting issuers of Ohio municipal obligations. The information provided is only a brief summary
of the complex factors affecting the financial situation in Ohio and is derived from sources that
are generally available to investors and are believed to be accurate. It is based in part on
information obtained from various State agencies in Ohio or contained in Official Statements for
various Ohio municipal obligations. No independent verification has been made of the accuracy or
completeness of any of the preceding information.
</DIV>

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</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a description of the factors underlying the debt ratings of Moody&#146;s, S&#038;P and
Fitch.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Moody&#146;s Long-Term Debt Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Aaa: </B>Obligations rated Aaa are judged to be of the highest quality, with minimal credit risk. Aa:
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. A:
Obligations rated A are considered upper-medium grade and are subject to low credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Baa: </B>Obligations rated Baa are subject to moderate credit risk. They are considered medium-grade
and as such may possess certain speculative characteristics.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ba: </B>Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>B: </B>Obligations rated B are considered speculative and are subject to high credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Caa: </B>Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ca: </B>Obligations rated Ca are highly speculative and are likely in, or very near, default, with some
prospect of recovery of principal and interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>C: </B>Obligations rated C are the lowest rated class of bonds and are typically in default, with
little prospect for recovery of principal or interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: Moody&#146;s applies numerical modifiers 1, 2, and 3 in each generic rating classification from
Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its
generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates
a ranking in the lower end of that generic rating category.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Moody&#146;s Short-Term Prime Rating System</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>P-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term
obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NP (Not Prime)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating
categories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note: In addition, in certain countries the prime rating may be modified by the issuer&#146;s or
guarantor&#146;s senior unsecured long-term debt rating.
</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"><U>Moody&#146;s MIG/VMIG US Short-Term Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In municipal debt issuance, there are three rating categories for short-term obligations that are
considered investment grade. These ratings are designated as Moody&#146;s Investment Grade (&#147;MIG&#148;) and
are divided into three levels &#151; MIG 1 through MIG 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, those short-term obligations that are of speculative quality are designated SG, or
speculative grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of variable rate demand obligations (&#147;VRDOs&#148;), a two-component rating is assigned. The
first element represents Moody&#146;s evaluation of the degree of risk associated with scheduled
principal and interest payments. The second element represents Moody&#146;s evaluation of the degree of
risk associated with the demand feature, using the MIG rating scale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The short-term rating assigned to the demand feature of VRDOs is designated as VMIG. When either
the long- or short-term aspect of a VRDO is not rated, that piece is designated NR, e.g., Aaa/NR or
NR/VMIG 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MIG ratings expire at note maturity. By contrast, VMIG rating expirations will be a function of
each issue&#146;s specific structural or credit features.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gradations of investment quality are indicated by rating symbols, with each symbol representing a
group in which the quality characteristics are broadly the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 1/VMIG 1</B>: This designation denotes superior credit quality. Excellent protection is
afforded by established cash flows, highly reliable liquidity support or demonstrated broad-based
access to the market for refinancing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 2/VMIG 2</B>: This designation denotes strong credit quality. Margins of protection are
ample although not as large as in the preceding group.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>MIG 3/VMIG 3</B>: This designation denotes acceptable credit quality. Liquidity and cash flow
protection may be narrow and market access for refinancing is likely to be less well established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>SG</B>: This designation denotes speculative-grade credit quality. Debt instruments in this
category may lack sufficient margins of protection.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Long-Term Issue Credit Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issue credit ratings are based, in varying degrees, on Standard &#038; Poor&#146;s analysis of the following
considerations:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Likelihood of payment &#151; capacity and willingness of the obligor to meet its
financial commitment on an obligation in accordance with the terms 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nature of and provisions 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Protection afforded by, and relative position of, the obligation in the event
of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other
laws affecting creditors&#146; rights.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Issue ratings are an assessment of default risk, but may incorporate an assessment of relative
seniority or ultimate recovery in the event of default. Junior obligations are typically rated
lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such
differentiation may apply when an entity has both senior and subordinated obligations, secured and
unsecured obligations, or operating company and holding company obligations.)
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;AAA&#146; has the highest rating assigned by Standard &#038; Poor&#146;s. The obligor&#146;s
capacity to meet its financial commitment on the obligation is extremely strong.
</DIV>





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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;AA&#146; differs from the highest-rated obligations only to a small degree. The
obligor&#146;s capacity to meet its financial commitment on the obligation is very strong.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;A&#146; is somewhat more susceptible to the adverse effects of changes in
circumstances and economic conditions than obligations in higher-rated categories. However, the
obligor&#146;s capacity to meet its financial commitment on the obligation is still strong.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;BBB&#146; exhibits adequate protection parameters. However, adverse economic
conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor
to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BB, B, CCC, CC and C</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Obligations rated &#145;BB&#146;, &#145;B&#146;, &#145;CCC&#146;, &#145;CC&#146;, and &#145;C&#146; are regarded as having significant speculative
characteristics. &#145;BB&#146; indicates the least degree of speculation and &#145;C&#146; the highest. While such
obligations will likely have some quality and protective characteristics, these may be outweighed
by large uncertainties or major exposures to adverse conditions.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;BB&#146; is less vulnerable to nonpayment than other speculative issues. However,
it faces major ongoing uncertainties or exposure to adverse business, financial, or economic
conditions which could lead to the obligor&#146;s inadequate capacity to meet its financial commitment
on the obligation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;B&#146; is more vulnerable to nonpayment than obligations rated &#145;BB&#146;, but the
obligor currently has the capacity to meet its financial commitment on the obligation. Adverse
business, financial, or economic conditions will likely impair the obligor&#146;s capacity or
willingness to meet its financial commitment on the obligation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;CCC&#146; is currently vulnerable to nonpayment, and is dependent upon favorable
business, financial, and economic conditions for the obligor to meet its financial commitment on
the obligation. In the event of adverse business, financial, or economic conditions, the obligor
is not likely to have the capacity to meet its financial commitment on the obligation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;CC&#146; is currently highly vulnerable to nonpayment.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A &#145;C&#146; rating is assigned to obligations that are currently highly vulnerable to nonpayment,
obligations that have payment arrearages allowed by the terms of the documents, or obligations of
an issuer that is the subject of a bankruptcy petition or similar action which have not experienced
a payment default. Among others, the &#145;C&#146; rating may be assigned to subordinated debt, preferred
stock or other obligations on which cash payments have been suspended in accordance with the
instrument&#146;s terms or when preferred stock is the subject of a distressed exchange
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">offer, whereby some or all of the issue is either repurchased for an amount of cash or replaced by
other instruments having a total value that is less than par.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when payments on an
obligation, including a regulatory capital instrument, are not made on the date due even if the
applicable grace period has not expired, unless Standard &#038; Poor&#146;s believes that such payments will
be made during such grace period. The &#145;D&#146; rating also will be used upon the filing of bankruptcy
petition or the taking of similar action if payments on an obligation are jeopardized. An
obligation&#146;s rating is lowered to &#145;D&#146; upon completion of distressed exchange offer, whereby some or
all of the issue is either repurchased for an amount of cash or replaced by other instruments
having a total value that is less than par.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Plus (&#043;) or minus (-)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ratings from &#145;AA&#146; to &#145;CCC&#146; may be modified by the addition of a plus (&#043;) or minus (-) sign to
show relative standing within the major rating categories.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This indicates that no rating has been requested, that there is insufficient information on which
to base a rating, or that Standard &#038; Poor&#146;s does not rate a particular obligation as a matter of
policy.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Short-Term Issue Credit Ratings</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-1&#146; is rated in the highest category by Standard &#038; Poor&#146;s. The
obligor&#146;s capacity to meet its financial commitment on the obligation is strong. Within this
category, certain obligations are designated with a plus sign (&#043;). This indicates that the
obligor&#146;s capacity to meet its financial commitment on these obligations is extremely strong.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-2&#146; is somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than obligations in higher rating categories. However,
the obligor&#146;s capacity to meet its financial commitment on the obligation is satisfactory.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;A-3&#146; exhibits adequate protection parameters. However, adverse
economic conditions or changing circumstances are more likely to lead a weakened capacity of the
obligor to meet its financial commitment on the obligation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B&#146; is regarded as having significant speculative characteristics.
Ratings of &#145;B-1&#146;, &#145;B-2&#146;, and &#145;B-3&#146; may be assigned to indicate finer distinctions within the &#145;B&#146;
category. The obligor currently has the capacity to meet its financial commitment on the
obligation; however, it faces major ongoing uncertainties which could lead to the obligor&#146;s
inadequate capacity to meet its financial commitment on the obligation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-1&#146; is regarded as having significant speculative characteristics,
but the obligor has a relatively stronger capacity to meet its financial commitments over the
short-term compared to other speculative-grade obligors.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-2&#146; is regarded as having significant speculative characteristics,
and the obligor has an average speculative-grade capacity to meet its financial commitments over
the short-term compared to other speculative-grade obligors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>B-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;B-3&#146; is regarded as having significant speculative characteristics,
and the obligor has a relatively weaker capacity to meet its financial commitments over the
short-term compared to other speculative-grade obligors.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;C&#146; is currently vulnerable to nonpayment and is dependent upon
favorable business, financial, and economic conditions for the obligor to meet its financial
commitment on the obligation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term obligation rated &#145;D&#146; is in payment default. The &#145;D&#146; rating category is used when
payments on an obligation, including a regulatory capital instrument, are not made on the date due
even if the applicable grace period has not expired, unless Standard &#038; Poor&#146;s believes that such
payments will be made during such grace period. The &#145;D&#146; rating also will be used upon the filing
of a bankruptcy petition or the taking of similar action if payments on an obligation are
jeopardized.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Municipal Short-Term Note Ratings Definitions</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Standard &#038; Poor&#146;s U.S. municipal note rating reflects Standard &#038; Poor&#146;s opinion about the
liquidity factors and market access risks unique to the notes. Notes due in three years or less
will likely receive a note rating. Notes with an original maturity of more than three years will
most likely receive a long-term debt rating. In determining which type of rating, if any, to
assign, Standard &#038; Poor&#146;s analysis will review the following considerations:
</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Amortization schedule &#151; the larger final maturity relative to other
maturities, the more likely it will be treated as a note; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Source of payment &#151; the more dependent the issue is on the market for its
refinancing, the more likely it will be treated as a note.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note rating symbols are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Strong capacity to pay principal and interest. An issue determined to possess a very strong
capacity to pay debt service is given a plus (&#043;) designation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial
and economic changes over the term of the notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>SP-3</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Speculative capacity to pay principal and interest.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Standard &#038; Poor&#146;s Dual Ratings</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standard &#038; Poor&#146;s assigns &#147;dual&#148; ratings to all debt issues that have a put option or demand
feature as part of their structure. The first rating addresses the likelihood of repayment of
principal and interest as due, and the second rating addresses only the demand feature. The
long-term rating symbols are used for bonds to denote the long-term maturity and the short-term
rating symbols for the put option (for example, &#145;AAA/A-1&#043;&#146;). With U.S. municipal short-term demand
debt, note rating symbols are used with the short-term issue credit rating symbols (for example,
&#145;SP-1&#043;/A-1&#043;&#146;)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ratings and other credit related opinions of Standard &#038; Poor&#146;s and its affiliates are
statements of opinion as of the date they are expressed and not statements of fact or
recommendations to purchase, hold or sell any securities or make any investment decisions.
Standard &#038; Poor&#146;s assumes no obligation to update any information following publication. Users of
ratings and credit related opinions should not rely on them in making any investment decision.
Standard &#038; Poor&#146;s opinions and analysis do not address the suitability of any security. Standard &#038;
Poor&#146;s Financial Services LLC does not act as a fiduciary or an investment advisor. While Standard
&#038; Poor&#146;s has obtained information from sources it believes to be reliable, Standard &#038; Poor&#146;s does
not perform an audit and undertakes no duty of due diligence or independent verification of any
information it receives. Ratings and credit related opinions may be changed, suspended, or
withdrawn at any time.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Credit Rating Scales</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fitch Ratings&#146; credit ratings provide an opinion on the relative ability of an entity to meet
financial commitments, such as interest, preferred dividends, repayment of principal, insurance
claims or counterparty obligations. Credit ratings are used by investors as indications of the
likelihood of receiving the money owed to them in accordance with the terms on which they invested.
The agency&#146;s credit ratings cover the global spectrum of corporate, sovereign (including
supranational and sub-national), financial, bank, insurance, municipal and other public finance
entities and the securities or other obligations they issue, as well as structured finance
securities backed by receivables or other financial assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The terms &#147;investment grade&#148; and &#147;speculative grade&#148; have established themselves over time as
shorthand to describe the categories &#145;AAA&#146; to &#145;BBB&#146; (investment grade) and &#145;BB&#146; to &#145;D&#146; (speculative
grade). The terms &#147;investment grade&#148; and &#147;speculative grade&#148; are market conventions, and do not
imply any recommendation or endorsement of a specific security for investment purposes.
&#147;Investment grade&#148; categories indicate relatively low to moderate credit risk, while ratings in the
&#147;speculative&#148; categories either signal a higher level of credit risk or that a default has already
occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A designation of &#147;Not Rated&#148; or &#147;NR&#148; is used to denote securities not rated by Fitch where Fitch
has rated some, but not all, securities comprising an issuance capital structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit ratings express risk in relative rank order, which is to say they are ordinal measures of
credit risk and are not predictive of a specific frequency of default or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fitch Ratings&#146; credit ratings do not directly address any risk other than credit risk. In
particular, ratings do not deal with the risk of a market value loss on a rated security due to
changes in interest rates, liquidity and other market considerations. However, in terms of payment
obligation on the rated liability, market risk may be considered to the extent that it influences
the ability of an issuer to pay upon a commitment. Ratings nonetheless do not reflect market risk
to the extent that they influence the size or other conditionality of the obligation to pay upon a
commitment (for example, in the case of index-linked bonds).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the default components of ratings assigned to individual obligations or instruments, the agency
typically rates to the likelihood of non-payment or default in accordance with the terms of that
instrument&#146;s documentation. In limited cases, Fitch Ratings may include additional considerations
(i.e. rate to a higher or lower standard than that implied in the obligation&#146;s documentation). In
such cases, the agency will make clear the assumptions underlying the agency&#146;s opinion in the
accompanying rating commentary.
</DIV>





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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Long-Term Rating Scales</U>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rated entities in a number of sectors, including financial and non-financial corporations,
sovereigns and insurance companies, are generally assigned Issuer Default Ratings (&#147;IDRs&#148;). IDRs
opine on an entity&#146;s relative vulnerability to default on financial obligations. The &#147;threshold&#148;
default risk addressed by the IDR is generally that of the financial obligations whose non-payment
would best reflect the uncured failure of that entity. As such, IDRs also address relative
vulnerability to bankruptcy, administrative receivership or similar concepts, although the agency
recognizes that issuers may also make pre-emptive and therefore voluntary use of such mechanisms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In aggregate, IDRs provide an ordinal ranking of issuers based on the agency&#146;s view of their
relative vulnerability to default, rather than a prediction of a specific percentage likelihood of
default. For historical information on the default experience of Fitch-rated issuers, please
consult the transition and default performance studies available from the Fitch Ratings website.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AAA: Highest credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;AAA&#146; ratings denote the lowest expectation of default risk. They are assigned only in cases of
exceptionally strong capacity for payment of financial commitments. This capacity is highly
unlikely to be adversely affected by foreseeable events.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>AA: Very high credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;AA&#146; ratings denote expectations of very low default risk. They indicate very strong capacity for
payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A: High credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;A&#146; ratings denote expectations of low default risk. The capacity for payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse
business or economic conditions than is the case for higher ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BBB: Good credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;BBB&#146; ratings indicate that expectations of default risk are currently low. The capacity for
payment of financial commitments is considered adequate but adverse business or economic conditions
are more likely to impair this capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>BB: Speculative.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;BB&#146; ratings indicate an elevated vulnerability to default risk, particularly in the event of
adverse changes in business or economic conditions over time; however, business or financial
flexibility exists which supports the servicing of financial commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B: Highly speculative.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;B&#146; ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is
vulnerable to deterioration in the business and economic environment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CCC: Substantial credit risk.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is a real possibility.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CC: Very high levels of credit risk.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default of some kind appears probable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C: Exceptionally high levels of credit risk</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is imminent or inevitable, or the issuer is in standstill. Conditions that are indicative
of a &#145;C&#146; category rating for an issuer include:
</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">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuer has entered into a grace or cure period following non-payment of a
material financial 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuer has entered into a temporary negotiated waiver or standstill
agreement following a payment default on a material financial obligation; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fitch Ratings otherwise believes a condition of &#145;RD&#146; or &#145;D&#146; to be imminent or
inevitable, including through the formal announcement of a coercive debt exchange.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RD: Restricted default.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;RD&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has experienced an uncured payment
default on a bond, loan or other material financial obligation but which has not entered into
bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure,
and which has not otherwise ceased business. This would include:
</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">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the selective payment default on a specific class or currency of debt;</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">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the uncured expiry of any applicable grace period, cure period or default
forbearance period following a payment default on a bank loan, capital markets security
or other material financial 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extension of multiple waivers or forbearance periods upon a payment default
on one or more material financial obligations, either in series or in parallel; 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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>execution of a coercive debt exchange on one or more material financial
obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D: Default.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#145;D&#146; ratings indicate an issuer that in Fitch Ratings&#146; opinion has entered into bankruptcy filings,
administration, receivership, liquidation or other formal winding-up procedure, or which has
otherwise ceased business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default ratings are not assigned prospectively to entities or their obligations; within this
context, non-payment on an instrument that contains a deferral feature or grace period will
generally not be considered a default until after the expiration of the deferral or grace period,
unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a coercive
debt exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Imminent&#148; default typically refers to the occasion where a payment default has been intimated by
the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a
scheduled payment, but (as is typical) has a grace period during which it may cure the payment
default. Another alternative would be where an issuer has formally announced a coercive debt
exchange, but the date of the exchange still lies several days or weeks in the immediate future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In all cases, the assignment of a default rating reflects the agency&#146;s opinion as to the most
appropriate rating category consistent with the rest of its universe of ratings, and may differ
from the definition of default under the terms of an issuer&#146;s financial obligations or local
commercial practice.
</DIV>





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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The modifiers &#147;&#043;&#148; or &#147;-&#148; may be appended to a rating to denote relative status within major rating
categories. Such suffixes are not added to the &#145;AAA&#146; Long-Term IDR category, or to Long-Term IDR
categories below &#145;B&#146;.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Fitch Short-Term Rating Scales</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A short-term issuer or obligation rating is based in all cases on the short-term vulnerability to
default of the rated entity or security stream and relates to the capacity to meet financial
obligations in accordance with the documentation governing the relevant obligation. Short-Term
Ratings are assigned to obligations whose initial maturity is viewed as &#147;short term&#148; based on
market convention. Typically, this means up to 13&nbsp;months for corporate, sovereign, and structured
obligations, and up to 36&nbsp;months for obligations in U.S. public finance markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F1: Highest short-term credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an
added &#147;&#043;&#148; to denote any exceptionally strong credit feature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F2: Good short-term credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Good intrinsic capacity for timely payment of financial commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F3: Fair short-term credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The intrinsic capacity for timely payment of financial commitments is adequate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B: Speculative short-term credit quality.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near
term adverse changes in financial and economic conditions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C: High short-term default risk.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Default is a real possibility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>RD: Restricted default.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates an entity that has defaulted on one or more of its financial commitments, although it
continues to meet other financial obligations. Applicable to entity ratings only.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D: Default.</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicates a broad-based default event for an entity, or the default of a short-term obligation.
</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>APPENDIX C</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>STRATEGIC TRANSACTIONS; OPTIONS AND FUTURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This appendix provides additional information about the investment policies and restrictions
for some of the Funds. Capitalized terms not otherwise defined herein are used as defined in the
Fund&#146;s original prospectus, as amended. References herein to the &#147;Prospectus&#148; should be read as
references to the Fund&#146;s original prospectus, as amended.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B><I>Invesco Van Kampen California Value Municipal Income Trust (VCV), Invesco Van Kampen Select
Sector Municipal Trust (VKL)&nbsp;and Invesco Van Kampen Massachusetts Value Municipal Income Trust
(VMV)</I></B></U>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell exchange-listed and over-the-counter put and call options on
securities, financial futures, fixed-income indices and other financial instruments, purchase and
sell financial futures contracts and enter into various interest rate transactions such as swaps,
caps, floors or collars. Collectively, all the above are referred to as &#147;Strategic Transactions.&#148;
Strategic Transactions may be used to attempt to protect against possible changes in the market
value of securities held in or to be purchased for the Fund&#146;s portfolio resulting from securities
markets fluctuations, to protect the Fund&#146;s unrealized gains in the value of its portfolio
securities, to facilitate the sale of such securities for investment purposes, to manage the
effective maturity or duration of the Fund&#146;s portfolio, or to establish a position in the
derivatives markets as a temporary substitute for purchasing or selling particular securities.
Strategic Transactions, other than Strategic Transactions involving financial futures and options
thereon, may also be used to enhance potential gain. Any or all of these investment techniques may
be used at any time and there is no particular strategy that dictates the use of one technique
rather than another, as use of any Strategic Transaction is a function of numerous variables
including market conditions. The ability of the Fund to utilize these Strategic Transactions
successfully will depend on the Adviser&#146;s ability to predict pertinent market movements, which
cannot be assured. The Fund will comply with applicable regulatory requirements when implementing
these strategies, techniques and instruments. Strategic Transactions involving financial futures
and options thereon will be purchased, sold or entered into only for bona fide hedging, risk
management or portfolio management purposes and not for speculative purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions have risks associated with them including possible default by the other
party to the transaction, illiquidity and, to the extent the Adviser&#146;s view as to certain market
movements is incorrect, the risk that the use of such Strategic Transactions could result in losses
greater than if they had not been used. Use of put and call options may result in losses to the
Fund, force the sale of portfolio securities at inopportune times or for prices other than at
current market values, limit the amount of appreciation the Fund can realize on its investments or
cause the Fund to hold a security it might otherwise sell. The use of options and futures
transactions entails certain other risks. In particular, the variable degree of correlation
between price movements of futures contracts and price movements in the related portfolio position
of the Fund creates the possibility that losses on the hedging instrument may be greater than gains
in the value of the Fund&#146;s position. In addition, futures and options markets may not be liquid in
all circumstances and certain over-the-counter options may have no markets. As a result, in certain
markets, the Fund might not be able to close out a transaction without incurring substantial
losses, if at all. Although the contemplated use of these futures contracts and options thereon
should tend to minimize the risk of loss due to a decline in the value of the hedged position, at
the same time they tend to limit any potential gain which might result from an increase in value of
such position. Finally, the daily variation margin requirements for futures contracts and the sale
of options thereon would create a greater ongoing potential financial risk than would purchases of
options, where the exposure is limited to the cost of the initial premium. Losses resulting from
the use of Strategic Transactions would reduce net asset value, and possibly income, and such
losses can be greater than if the Strategic Transactions had not been utilized. Income earned or
gains realized or deemed to be earned or realized, if any, by the Fund from engaging in Strategic
Transactions generally will be taxable income of the Fund. Such income will be allocated to both
the Common Shares and the Preferred Shares on a pro rata basis. The Strategic Transactions that the
Fund may use and some of their risks are described more fully below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may, but is not required to, utilize various other investment strategies as described
below to hedge various market risks (such as interest rates), to manage the effective maturity or
duration of securities 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">portfolios or to enhance potential gain. Such strategies are generally accepted by modern
portfolio managers and are regularly utilized by many mutual funds and other institutional
investors. Techniques and instruments may change over time as new instruments and strategies are
developed or regulatory changes occur.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Strategic Transactions</I>. In the course of pursuing these investment strategies, the Fund may
purchase and sell exchange-listed and over-the-counter put and call options on securities,
financial futures, interest rate indices and other financial instruments, purchase and sell
financial futures contracts and enter into various interest rate transactions such as swaps, caps,
floors or collars (collectively, all the above are called &#147;Strategic Transactions&#148;). Presently,
options on municipal securities are traded exclusively over-the-counter, although if options on
municipal securities were to be listed for trading on a national securities exchange the Fund might
trade in such exchange-listed options. Strategic Transactions may be used to attempt to protect
against possible changes in the market value of securities held in or to be purchased for the
Fund&#146;s portfolio resulting from securities markets fluctuations, to protect the Fund&#146;s unrealized
gains in the value of its portfolio securities, to facilitate the sale of such securities for
investment purposes, to manage the effective maturity or duration of the Fund&#146;s portfolio, or to
establish a position as a temporary substitute for purchasing or selling particular securities.
Some Strategic Transactions may also be used to enhance potential gain although no more than 5% of
the Fund&#146;s assets will be committed to Strategic Transactions entered into for non-hedging or risk
management purposes. Any or all of these investment techniques may be used at any time and there
is no particular strategy that dictates the use of one technique rather than another, as the use of
any Strategic Transaction is a function of numerous variables including market conditions. The
ability of the Fund to utilize these Strategic Transactions successfully will depend on the
Adviser&#146;s ability to predict pertinent market movements, which cannot be assured. The Fund will
comply with applicable regulatory requirements when implementing these strategies, techniques and
instruments. Strategic Transactions involving financial futures and options thereon will be
purchased, sold or entered into only for bona fide hedging, risk management or portfolio management
purposes and not for speculative purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions have risks associated with them including possible default by the other
party to the transaction, illiquidity and, to the extent the Adviser&#146;s view as to certain market
movements is incorrect, the risk that the use of such Strategic Transactions could result in losses
greater than if they had not been used. Use of put and call options may result in losses to the
Fund, force the sale of portfolio securities at inopportune times or for prices other than current
market values, limit the amount of appreciation the Fund can realize on its investments or cause
the Fund to hold a security it might otherwise sell. The use of options and futures transactions
entails certain other risks. In particular, the variable degree of correlation between price
movements of futures contracts and price movements in the related portfolio position of the Fund
creates the possibility that losses on the hedging instrument may be greater than gains in the
value of the Fund&#146;s position. In addition, futures and options markets may not be liquid in all
circumstances and certain over-the-counter options may have no markets. As a result, in certain
markets, the Fund might not be able to close out a transaction without incurring substantial
losses, if at all. Although the contemplated use of these futures contracts and options thereon
should tend to minimize the risk of loss due to a decline in the value of the hedged position, at
the same time they tend to limit any potential gain which might result from an increase in value of
such position. Finally, the daily variation margin requirements for futures contracts and the sale
of options thereon would create a greater ongoing potential financial risk than would purchases of
options, where the exposure is limited to the cost of the initial premium. Losses resulting from
the use of Strategic Transactions would reduce net asset value, and possibly income, and such
losses can be greater than if the Strategic Transactions had not been utilized. Income earned or
gains realized or deemed to be earned or realized, if any, by the Fund from engaging in Strategic
Transactions generally will be taxable income of the Fund. Such income will be allocated to both
the Common Shares and the Preferred Shares on a pro rata basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Characteristics of Options</I>. Put options and call options typically have similar
structural characteristics and operational mechanics regardless of the underlying instrument on
which they are purchased or sold. Thus, the following general discussion relates to each of the
particular types of options discussed in greater detail below. In addition, many Strategic
Transactions involving options require segregation of Fund assets in special accounts, as described
below under &#147;Use of Segregated and Other Special Accounts.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A put option gives the purchaser of the option, upon payment of a premium, the right to sell,
and the writer the obligation to buy, the underlying security, commodity, index or other instrument
at the exercise price. For instance, the Fund&#146;s purchase of a put option on a security might be
designed to protect its holdings in the underlying instrument (or, in some cases, a similar
instrument) against a substantial decline in the market value by
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">giving the Fund the right to sell such instrument at the option exercise price. A call option,
upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the
obligation to sell, the underlying instrument at the exercise price. The Fund&#146;s purchase of a call
option on a security, financial future, index or other instrument might be intended to protect the
Fund against an increase in the price of the underlying instrument that it intends to purchase in
the future by fixing the price at which it may purchase such instrument. An American style put or
call option may be exercised at any time during the option period while a European style put or
call option may be exercised only upon expiration or during a fixed period prior thereto. The Fund
is authorized to purchase and sell exchange listed options and over-the-counter options (&#147;OTC
options&#148;). Exchange listed options are issued by a regulated intermediary such as the Options
Clearing Corporation (&#147;OCC&#148;), which guarantees the performance of the obligations of the parties to
such options. The discussion below uses the OCC as a paradigm, but is also applicable to other
financial intermediaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With certain exceptions, OCC issued and exchange listed options generally settle by physical
delivery of the underlying security, although in the future cash settlement may become available.
Index options and Eurodollar instruments are cash settled for the net amount, if any, to the extent
the option is &#147;in-the-money&#148; (i.e., where the value of the underlying instrument exceeds in the
case of a call option, or is less than, in the case of a put option, the exercise price of the
option) at the time the option is exercised. Frequently, rather than taking or making delivery of
the underlying instrument through the process of exercising the option, listed options are closed
by entering into offsetting purchase or sale transactions that do not result in ownership of the
new option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s ability to close out its position as a purchaser or seller of an OCC or exchange
listed put or call option is dependent, in part, upon the liquidity of the option market. Among
the possible reasons for the absence of a liquid option market on an exchange are: (i)&nbsp;insufficient
trading interest in certain options; (ii)&nbsp;restrictions on transactions imposed by an exchange;
(iii)&nbsp;trading halts, suspensions or other restrictions imposed with respect to the particular
classes or series of options or underlying securities including reaching daily price limits; (iv)
interruption of the normal operations of the OCC or an exchange; (v)&nbsp;inadequacy of the facilities
of an exchange or OCC to handle current trading volume; or (vi)&nbsp;a decision by one or more exchanges
to discontinue the trading of options (or a particular class or series of options), in which event
the relevant market for that option on that exchange would cease to exist, although outstanding
options on that exchange would generally continue to be exercisable in accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The hours of trading for listed options may not coincide with the hours during which the
underlying financial instruments are traded. To the extent that the option markets close before
the markets for the underlying financial instruments, significant price movements can take place in
the underlying markets that cannot be reflected in the option markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTC options are purchased from or sold to securities dealers, financial institutions or other
parties (&#147;Counterparties&#148;) through direct bilateral agreements with the Counterparty. In contrast
to exchange listed options, which generally have standardized terms and performance mechanics, all
the terms of an OTC option, including such terms as method of settlement, term, exercise price,
premium, guaranties and security, are set by negotiation of the parties. The Fund will only enter
into OTC options that have a buy-back provision permitting the Fund to require the Counterparty to
buy back the option at a formula price within seven days. The Fund expects generally to enter into
OTC options that have cash settlement provisions, although it is not required to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the parties provide for it, there is no central clearing or guaranty function in an OTC
option. As a result, if the Counterparty fails to make or take delivery of the security or other
instrument underlying an OTC option it has entered into with the Fund or fails to make a cash
settlement payment due in accordance with the terms of the option, the Fund will lose any premium
it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the
Adviser must access the creditworthiness of each such Counterparty or any guarantor or credit
enhancement of the Counterparty&#146;s credit to determine the likelihood that the terms of the OTC
option will be satisfied. The Fund will engage in OTC option transactions only with United States
government securities dealers recognized by the Federal Reserve Bank in New York as &#147;primary
dealers&#148;, broker-dealers, domestic or foreign banks or other financial institutions which have
received a short-term credit rating of A-1 from S&#038;P or P-1 from Moody&#146;s Investor Services
(&#147;Moody&#146;s&#148;) or any equivalent rating from any other nationally recognized statistical rating
organization (&#147;NRSRO&#148;). The staff of the Securities and Exchange Commission currently takes the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">position that assets used as cover or segregated in connection with the amount of the Fund&#146;s
obligation pursuant to certain OTC options are illiquid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Fund sells a call option, the premium that it receives may serve as a partial hedge, to
the extent of the option premium, against a decrease in the value of the underlying securities or
instruments in its portfolio or will increase the Fund&#146;s income. The sale of put options can also
provide income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell call options on municipal securities and other financial
instruments that the adviser believes have a high degree of correlation to the municipal securities
which the Fund may purchase, including U.S. Treasury and agency securities, mortgage-backed
securities and Eurodollar instruments that are traded on U.S. securities exchanges and in the
over-the-counter markets and related futures on such securities. All calls sold by the Fund must
be &#147;covered&#148; or must meet the asset segregation requirements described below as long as the call is
outstanding (i.e., the Fund must own the securities or futures contract subject to the call). Even
though the Fund will receive the option premium to help protect it against loss, a call sold by the
Fund exposes the Fund during the term of the option to possible loss of opportunity to realize
appreciation in the market price of the underlying security and may require the Fund to hold a
security which it might otherwise have sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase and sell put options that relate to municipal securities and other
financial instruments that the Adviser believes have a high degree of correlation to the municipal
securities which the Fund may purchase, including U.S. Government Securities, mortgage-backed
securities, and Eurodollar instruments (whether or not it holds the above securities in its
portfolio) or futures on such securities. The Fund will not sell put options if, as a result, more
than 50% of the Fund&#146;s assets would be required to be segregated to cover its potential obligations
under its hedging, duration management, risk management, and other Strategic Transactions other
than those with respect to futures and options thereon. In selling put options, there is a risk
that the Fund may be required to buy the underlying security at a disadvantageous price above the
market price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Characteristics of Futures</I>. The Fund may purchase and sell financial futures
contracts or purchase put and call options on such futures as a hedge against anticipated interest
rate movements for duration management and for risk management purposes. Futures are generally
bought and sold on the commodities exchanges where they are listed with payment of initial and
variation margin as described below. The sale of a futures contract creates a firm obligation by
the Fund, as seller, to deliver the specific type of financial instrument called for in the
contract at a specific future time for a specified price (or, with respect to index futures and
Eurodollar instruments, the net cash amount). Options on futures contracts are similar to options
on securities except that an option on a futures contract gives the purchaser the right in return
for the premium paid to assume a position in a futures contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s use of financial futures and options thereon will in all cases be consistent with
applicable regulatory requirements and in particular the rules and regulations of the Commodity
Futures Trading Commission and will be entered into for bona fide hedging (including duration
management), risk management or other portfolio management purposes. Typically, maintaining a
futures contract or selling an option thereon requires the Fund to deposit with a financial
intermediary as security for its obligations an amount of cash or other specified assets (initial
margin) which initially is typically 1% to 5% of the face amount of the contract (but may be higher
in some circumstances). Additional cash or assets (variation margin) may be required to be
deposited thereafter on a daily basis as the mark to market value of the contract fluctuates. The
purchase of options on financial futures involves payment of a premium for the option without any
further obligation on the part of the Fund. If the Fund exercises an option on a futures contract
it will be obligated to post initial margin (and potential subsequent variation margin) for the
resulting futures position just as it would for any position. Futures contracts and options
thereon are generally settled by entering into an offsetting transaction but there can be no
assurance that the position will be offset prior to settlement and that delivery will not occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option (except for closing
transactions) for other than bona fide hedging purposes if, immediately thereafter, the sum of the
amount of its initial margin and premiums on open futures contracts and options thereon would
exceed 5% of the Fund&#146;s net assets (taken at current value); however, in the case of an option that
is in-the-money at the time of the purchase, the in-the-money amount may be excluded in calculating
the 5% limitation. Certain state securities laws to which the Fund may be subject may
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">further restrict the Fund&#146;s ability to engage in transactions in futures contracts and related
options. The segregation requirements with respect to futures and options thereon are described
below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices and Other Financial Indices</I>. The Fund also may purchase and
sell call and put options on securities indices and other financial indices, including indices
based upon municipal securities to the extent that an active market exists or develops, and, in so
doing can achieve many of the same objectives it would achieve through the sale or purchase of
options on individual securities or other instruments. Options on securities indices and other
financial indices are similar to options on a security or other instrument except that, rather than
settling by physical delivery of the underlying instrument, they settle by cash settlement, i.e.,
an option on an index gives the holder the right to receive, upon exercise of the option, an amount
of cash if the closing level of the index upon which the option is based exceeds, in the case of a
call, or is less than, in the case of a put, the exercise price of the option (except if, in the
case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess
of the closing price of the index over the exercise price of the option, which also may be
multiplied by a formula value. The seller of the option is obligated, in return for the premium
received, to make delivery of this amount. The gain or loss on an option on an index depends on
price movements in the instruments making up the market, market segment, industry or other
composite on which the underlying index is based, rather than price movements in individual
securities, as is the case with respect to options on securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Combined Transactions</I>. The Fund may enter into multiple transactions, including multiple
options transactions, multiple futures transactions and any combination of futures and options
transactions (&#147;component&#148; transactions), instead of a single Strategic Transaction, as part of a
single or combined strategy when, in the opinion of the Adviser, it is in the best interests of the
Fund to do so. A combined transaction will usually contain elements of risk that are present in
each of its component transactions. Although combined transactions are normally entered into based
on the Adviser&#146;s judgment that the combined strategies will reduce risk or otherwise more
effectively achieve the desired portfolio management goal, it is possible that the combination will
instead increase such risks or hinder achievement of the portfolio management objective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Swaps, Caps, Floors and Collars</I>. Among the Strategic Transactions into which the Fund may
enter are interest rate and index swaps and the purchase or sale of related caps, floors and
collars. The Fund expects to enter into these transactions primarily to preserve a return or
spread on a particular investment or portion of its portfolio, to protect against currency
fluctuations, as a duration management technique or to protect against any increase in the price of
securities the Fund anticipates purchasing at a later date. The Fund intends to use these
transactions as hedges and not as speculative investments and will not sell interest rate caps or
floors where it does not own securities or other instruments providing the income stream the Fund
may be obligated to pay. Interest rate swaps involve the exchange by the Fund with another party
of their respective commitments to pay or receive interest, e.g., an exchange of floating rate
payments for fixed rate payments with respect to a notional amount of principal. An index swap is
an agreement to swap cash flows on a notional amount based on changes in the values of the
reference indices. The purchase of a cap entitles the purchaser to receive payments on a notional
principal amount from the party selling such cap to the extent that a specified index exceeds a
predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive
payments on a notional principal amount from the party selling such floor to the extent that a
specified index falls below a predetermined interest rate or amount. A collar is a combination of
a cap and a floor that preserves a certain return within a predetermined range of interest rates or
values.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into swaps, caps, floors or collars on either an asset-based or
liability-based basis, depending on whether it is hedging its assets or its liabilities, and will
usually enter into swaps on a net basis, i.e., the two payment streams are netted out in a cash
settlement on the payment date or dates specified in the instrument, with the Fund receiving or
paying, as the case may be, only the net amount of the two payments. Inasmuch as these swaps,
caps, floors and collars are entered into for good faith hedging purposes, the Adviser and the Fund
believe such obligations do not constitute senior securities under the 1940 Act and, accordingly,
will not treat them as being subject to its borrowing restrictions. The Fund will not enter into
any swap, cap, floor or collar transaction unless, at the time of entering into such transaction,
the unsecured long-term debt of the Counterparty, combined with any credit enhancements, is rated
at least A by S&#038;P or Moody&#146;s or has an equivalent rating from an NRSRO or is determined to be of
equivalent credit quality by the Adviser. If there is a default by the Counterparty, the Fund will
have contractual remedies pursuant to the agreements related to the transaction. The swap market
has grown substantially in recent years with a large number of banks and investment banking firms
acting both as principals
</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">and as agents utilizing standardized swap documentation. As a result, the swap market has become
relatively liquid. Caps, floors and collars are more recent innovations for which standardized
documentation has not yet been fully developed and, accordingly, they are less liquid than swaps.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Eurodollar Instruments</I>. The Fund may make investments in Eurodollar instruments. Eurodollar
instruments are U.S. dollar-denominated futures contracts or options thereon which are linked to
the London Interbank Offered Rate (&#147;LIBOR&#148;). Eurodollar futures contracts enable purchasers to
obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings.
The Fund might use Eurodollar futures contracts and options thereon to hedge against changes in
LIBOR, to which many interest rate swaps and fixed income instruments are linked.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Use of Segregated and Other Special Accounts</I>. Many Strategic Transactions, in addition to
other requirements, require that the Fund segregate liquid high grade assets with its custodian to
the extent Fund obligations are not otherwise &#147;covered&#148; through ownership of the underlying
security or financial instrument. In general, either the full amount of any obligation by the Fund
to pay or deliver securities or assets must be covered at all times by the securities or
instruments required to be delivered, or an amount of cash or liquid high grade securities at least
equal to the current amount of the obligation must be segregated with the Fund&#146;s custodian. The
segregated assets cannot be sold or transferred unless equivalent assets are substituted in their
place or it is no longer necessary to segregate them. For example, a call option written by the
Fund will require the Fund to hold the securities subject to the call (or securities convertible
into the underlying securities without additional consideration) or to segregate liquid high grade
assets sufficient to purchase and deliver the securities if the call is exercised. A call option
sold by the Fund on an index will require the Fund to own portfolio securities which correlate with
the index or to segregate liquid high grade assets equal to the excess of the index value over the
exercise price on a current basis. A put option written by the Fund requires the Fund to segregate
liquid, high grade assets equal to the exercise price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OTC options entered into by the Fund, including those on securities, financial instruments or
indices, OCC issued and exchange listed index options, swaps, caps, floors and collars will
generally provide for cash settlement. As a result, with respect to these instruments the Fund
will only segregate an amount of assets equal to its accrued net obligations, as there is no
requirement for payment or delivery of amounts in excess of the net amount. These amounts
generally will equal 100% of the exercise price in the case of a put, or the in-the-money amount in
the case of a call. In addition, when the Fund sells a call option on an index at a time when the
in-the-money amount exceeds the exercise price, the Fund will segregate, until the option expires
or is closed out, cash or cash equivalents equal in value to such excess. OCC issued and exchange
listed options sold by the Fund other than those above generally settle with physical delivery, and
the Fund will segregate an amount of assets equal to the full value of the option. OTC options
settling with physical delivery, if any, will be treated the same as other options settling with
physical delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a futures contract or an option thereon, the Fund must deposit initial margin
and possible daily variation margin in addition to segregating assets sufficient to meet its
obligation to purchase or provide securities or to pay the amount owed at the expiration of an
index-based futures contract. Such assets may consist of cash, cash equivalents, liquid debt or
other acceptable assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to swaps entered into on a net basis, the Fund will accrue the net amount of the
excess, if any, of its obligations over its entitlements with respect to each swap on a daily basis
and will segregate an amount of cash or liquid high grade securities having a value equal to the
accrued excess. Caps, floors and collars require segregation of assets with a value equal to the
Fund&#146;s net obligation, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategic Transactions may be covered by other means when consistent with applicable
regulatory policies. The Fund may also enter into offsetting transactions so that its combined
position, coupled with any segregated assets, equals its net outstanding obligation in related
options and Strategic Transactions. For example, the Fund could purchase a put option if the
strike price of that option is the same or higher than the strike price of a put option sold by the
Fund. Moreover, instead of segregating assets if the Fund held a futures or forward contract, it
could purchase a put option on the same futures or forward contract with a strike price as high or
higher than the price of the contract held. Other Strategic Transactions may also be offset in
combinations. If the offsetting transaction
</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">terminates at the time of or after the primary transaction, no segregation is required; but if it
terminates prior to such time, assets equal to any remaining obligation would need to be
segregated.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s activities involving Strategic Transactions may be limited by the requirements of
Subchapter M of the Internal Revenue Code for qualification as a regulated investment company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B><I>Invesco Van Kampen High Income Trust II (VLT)</I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Investment Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Fund&#146;s investment objective and policies, the Fund may: purchase and
sell options on fixed-income securities and on indices based on fixed-income securities to the
extent a market in any such indices exists or develops and engage in interest rate and other
hedging transactions. These investment practices entail risks. The Adviser may use some or all of
the following hedging and risk management practices when their use appears appropriate. Although
the Adviser believes that these investment practices may further the Fund&#146;s investment objective,
no assurance can be given that these investment practices will achieve this result. If the Fund
issues Senior Securities and seeks to obtain a rating of the Senior Securities, the rating service
issuing such rating may, as a condition thereof, impose asset coverage or other requirements
compliance with which may restrict the Fund&#146;s ability to engage in these investment practices. The
Fund anticipates the imposition of some such restrictions in connection with obtaining a rating of
the Preferred Shares. The Fund cannot predict what, if any, additional requirements may be imposed
by such rating service in connection with its rating of any Senior Securities other than the
anticipated requirements in connection with seeking a rating of the Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Securities Options Transactions</I>. The Fund may invest in options on fixed-income securities.
Such options may be traded over-the- counter or on a national securities exchange. In general, the
Fund may purchase and sell (write)&nbsp;options on up to 25% of its assets. The SEC requires that
obligations of investment companies such as the Fund, in connection with option sale positions,
must comply with certain segregation or coverage requirements which are more fully described below.
No limitation exists on the amount of the Fund&#146;s assets which can be used to comply with such
segregation or cover requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option gives the purchaser the right to buy, and obligates the writer to sell, the
underlying security at the agreed upon exercise (or &#147;strike&#148;) price during the option period. A put
option gives the purchaser the right to sell, and obligates the writer to buy, the underlying
security at the strike price during the option period. Purchasers of options pay an amount, known
as a premium, to the option writer in exchange for the right under the option contract. Option
contracts may be written with terms which would permit the holder of the option to purchase or sell
the underlying security only upon the expiration date of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase put and call options in hedging transactions to protect against a
decline in the market value of the securities in the Fund&#146;s portfolio (e.g., by the purchase of a
put option) and to protect against an increase in the cost of fixed-income securities that the Fund
may seek to purchase in the future (e.g., by the purchase of a call option). In the event the Fund
purchases put and call options, paying premiums therefor, and price movements in the underlying
securities are such that exercise of the options would not be profitable for the Fund, then to the
extent such underlying securities correlate in value to the Fund&#146;s portfolio securities, losses of
the premiums paid may be offset by an increase in the value of the Fund&#146;s portfolio securities (in
the case of a purchase of put options) or by a decrease in the cost of acquisition of securities by
the Fund (in the case of a purchase of call options).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also sell put and call options as a means of increasing the yield on the Fund&#146;s
portfolio and as a means of providing limited protection against decreases in market value of the
Fund&#146;s portfolio. When the Fund sells an option, if the underlying securities do not increase (in
the case of a call option) or decrease (in the case of a put option) to a price level that would
make the exercise of the option profitable to the holder of the option, the option generally will
expire without being exercised and the Fund will realize as profit the premium received for such
option. When a call option of which the Fund is the writer is exercised, the Fund will be required
to sell the underlying securities to the option holder at the strike price; therefore the Fund will
not participate in any increase in the price of such securities above the strike price. When a put
option of which the Fund is the writer is exercised, 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 will be required to purchase the underlying securities at the strike price, which may be
in excess of the market value of such securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-the-counter options (&#147;OTC options&#148;) differ from exchange-traded options in several
respects. They are transacted directly with dealers and not with a clearing corporation, and a risk
exists of non-performance by the dealer. OTC options are available for a greater variety of
securities and for a wider range of expiration dates and exercise prices than are available for
exchange-traded options. Because OTC options are not traded on an exchange, pricing is done
normally by reference to information from a market maker, which information is monitored carefully
by the Adviser and verified in appropriate cases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally the Fund&#146;s policy, in order to avoid the exercise of an option sold by it, will be
to cancel its obligation under the option by entering into a closing purchase transaction, if
available, unless selling (in the case of a call option) or to purchasing (in the case of a put
option) the underlying securities is determined to be in the Fund&#146;s interest. A closing purchase
transaction consists of the Fund purchasing an option having the same terms as the option sold by
the Fund and has the effect of cancelling the Fund&#146;s position as a seller. The premium which the
Fund will pay in executing a closing purchase transaction may be higher (or lower) than the premium
received when the option was sold, depending in large part upon the relative price of the
underlying security at the time of each transaction. To the extent options sold by the Fund are
exercised and the Fund either delivers portfolio securities to the holder of a call option or
liquidates securities in its portfolio as a source of funds to purchase securities put to the Fund,
the Fund&#146;s portfolio turnover rate will increase, which would cause the Fund to incur additional
brokerage expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the option period the Fund, as a covered call writer, gives up the potential
appreciation above the exercise price should the underlying security rise in value, and the Fund,
as a secured put writer, retains the risk of loss should the underlying security decline in value.
For the covered call writer, substantial appreciation in the value of the underlying security would
result in the security being &#147;called away&#148; at the strike price of the option which may be
substantially below the fair market value of such security. For the secured put writer, substantial
depreciation in the value of the underlying security would result in the security being &#147;put to&#148;
the writer at the strike price of the option which may be substantially in excess of the fair
market value of such security. If a covered call option or a secured put option expires
unexercised, the writer realizes a gain, and the buyer a loss, in the amount of the premium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that an active market exists or develops, whether on a national securities
exchange or over-the-counter, in options on indices based upon fixed-income securities, the Fund
may purchase and sell options on such indices, subject to the limitation that the Fund may purchase
and sell options on up to 25% of its assets. Through the writing or purchase of index options the
Fund can achieve many of the same objectives as through the use of options on individual
securities. Options on securities indices are similar to options on securities except that, rather
than the right to take or make delivery of a security at a specified price, an option on a
securities index gives the holder the right to receive, upon exercise of the option, an amount of
cash if the closing level of the securities index upon which the option is based is greater than,
in the case of a call, or less than, in the case of a put, the strike price of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price movements in securities which the Fund owns or intends to purchase will not correlate
perfectly with movements in the level of an index and, therefore, the Fund bears the risk of a loss
on an index option which is not offset completely by movements in the price of such securities.
Because index options are settled in cash, a call writer cannot determine the amount of its
settlement obligations in advance and, unlike call writing on specific securities, cannot provide
in advance for, or cover, its potential settlement obligations by acquiring and holding the
underlying securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate and Other Hedging Transactions</I>. In order to seek to protect the value of its
portfolio securities against declines resulting from changes in interest rates or other market
changes, the Fund may enter into various hedging transactions, such as financial futures contracts
and related options contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into various interest rate hedging transactions using financial instruments
with a high degree of correlation to the securities which the Fund may purchase for its portfolio,
including interest rate futures contracts in such financial instruments and interest rate related
indices, put and call options on such futures contracts
</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">and on such financial instruments. The Fund expects to enter into these transactions to &#147;lock
in&#148; a return or spread on a particular investment or portion of its portfolio, to protect against
any increase in the price of securities the Fund anticipates purchasing at a later date, or for
other risk management strategies. Financial futures and options contracts and the risks attendant
to the Fund&#146;s use thereof are described more completely below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not engage in the foregoing transactions for speculative purposes, but only as a
means to hedge risks associated with management of the Fund&#146;s portfolio. Typically, investment in
these contracts requires the Fund to deposit with the applicable exchange or other specified
financial intermediary as a good faith deposit for its obligations, known as &#147;initial margin,&#148; an
amount of cash or specified debt securities which initially is 1%-15% of the face amount of the
contract and which thereafter fluctuates on a periodic basis as the value of the contract
fluctuates. Thereafter, the Fund must make additional deposits equal to any net losses due to
unfavorable price movements of the contract and will be credited with an amount equal to any net
gains due to favorable price movements. These additional deposits or credits are calculated and
required daily and are known as &#147;variation margin.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC generally requires that when an investment company, such as the Fund, effects
transactions of the foregoing nature, such a fund either must segregate cash or high quality,
readily marketable portfolio securities with its custodian in the amount of its obligations under
the foregoing transactions or must cover such obligations by maintaining positions in portfolio
securities, futures contracts or options that would serve to satisfy or offset the risk of such
obligations. When effecting transactions of the foregoing nature, the Fund will comply with such
segregation or cover requirements. No limitation exists as to the percentage of the Fund&#146;s assets
which may be segregated in connection with such transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option if, immediately after such
investment, the sum of the amount of its initial margin deposits and premiums on open contracts and
options would exceed 5% of the Fund&#146;s total assets at current value. The Fund, however, may invest
more than such amount in the future if it obtains authority to do so from the appropriate
regulatory agencies without rendering the Fund a commodity pool operator or adversely affecting its
status as an investment company for federal securities law or income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the foregoing transactions present certain risks. In particular, the variable degree of
correlation between price movements of futures contracts and price movements in the security being
hedged creates the possibility that losses on the hedge may be greater than gains in the value of
the Fund&#146;s securities. In addition, these instruments may not be liquid in all circumstances and
are closed out generally by entering into offsetting transactions rather than by disposing of the
obligations. As a result, in volatile markets, the Fund may not be able to close out a transaction
without incurring losses. Although the contemplated use of those contracts should tend to reduce
the risk of loss due to a decline in the value of the hedged security, at the same time the use of
these contracts could tend to limit any potential gain which might result from an increase in the
value of such security. Finally, the daily deposit requirements for futures contracts create an
ongoing greater potential financial risk than do option purchase transactions, where the exposure
is limited to the cost of the premium for the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of futures contracts and options thereon by the Fund is subject to the ability
of the Adviser to predict correctly movements in the direction of interest rates and other factors
affecting markets for securities. If the Adviser&#146;s expectations are not met, the Fund would be in a
worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged
against the possibility of an increase in interest rates which would adversely affect the price of
securities in its portfolio and the price of such securities increases instead, the Fund will lose
part or all of the benefit of the increased value of its securities because it will have offsetting
losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash
to meet daily variation margin requirements, it may have to sell securities to meet such
requirements. Such sales of securities may, but will not necessarily, be at increased prices which
reflect the rising market. The Fund may have to sell securities at a time when it is
disadvantageous to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to engaging in transactions utilizing options on futures contracts, the Fund may
purchase put and call options on securities and, as developed from time to time, on interest
indices and other instruments. Purchasing options may increase investment flexibility and improve
total return, but also risks loss of the option
</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">premium if an asset the Fund has the option to buy declines in value or if an asset the Fund
has the option to sell increases in value.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund also may enter into various other hedging transactions, such as interest rate swaps
and the purchase or sale of interest rate caps and floors. The Fund expects to enter into these
transactions primarily to preserve a return or spread on a particular investment or portion of its
portfolio or to protect against any increase in the price of securities the Fund anticipates
purchasing at a later date. The Fund intends to use these transactions as a hedge and not as a
speculative investment. The Fund will not sell interest rate caps or floors that it does not own.
Interest rate swaps involve the exchange by the Fund with another party of their respective
commitments to pay or receive interest, e.g., an exchange of floating rate payments for fixed rate
payments. The purchase of an interest rate cap entitles the purchaser, to the extent that a
specified index exceeds a predetermined interest rate, to receive payments of interest on a
notional principal amount from the party selling such interest rate cap. The purchase of an
interest rate floor entitles the purchaser, to the extent that a specified index falls below a
predetermined interest rate, to receive payments of interest on a notional principal amount from
the party selling such interest rate floor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into interest rate swaps, caps and floors on either an asset-based or
liability- based basis, depending on whether it is hedging its assets or its liabilities, and will
enter usually into interest rate swaps on a net basis, i.e., the two payment streams are netted
out, with the Fund receiving or paying, as the case may be, only the net amount of the two
payments. Inasmuch as these hedging transactions are entered into for good faith risk management
purposes, the Adviser and the Fund believe such obligations do not constitute senior securities
and, accordingly, will not treat them as being subject to its investment restrictions on borrowing.
The net amount of the excess, if any, of the Fund&#146;s obligations over its entitlements with respect
to each interest rate swap will be accrued on a daily basis and an amount of cash or liquid
securities having an aggregate net asset value at least equal to the accrued excess will be
maintained in a segregated account by the Fund&#146;s custodian. The creditworthiness of firms with
which the Fund enters into interest rate swaps, caps or floors will be monitored on an ongoing
basis by the Adviser pursuant to procedures adopted and reviewed, on an ongoing basis, by the Board
of Trustees of the Fund. If a default occurs by the other party to such transaction, the Fund will
have contractual remedies pursuant to the agreements related to the transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New options and futures contracts and other financial products, and various combinations
thereof, continue to be developed and the Fund may invest in any such options, contracts and
products as may be developed to the extent consistent with its investment objective and the
regulatory requirements applicable to investment companies.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. The Fund may engage in futures and options transactions in accordance with its
investment objective and policies. The Fund intends to engage in such transactions if it appears
advantageous to the Adviser to do so in order to pursue its investment objective, to hedge against
the effects of market conditions and to stabilize the value of its assets. The use of futures and
options, and the possible benefits and attendant risks are discussed below, along with information
concerning certain other investment policies and techniques.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Futures Contracts</I>. The Fund may enter into financial futures contracts for the
future delivery of a financial instrument, such as a security, or the cash value of a securities
index. This investment technique is designed primarily to hedge (i.e., protect) against anticipated
future changes in market conditions which otherwise might adversely affect the value of securities
which the Fund holds or intends to purchase. A &#147;sale&#148; of a futures contract means the undertaking
of a contractual obligation to deliver the securities, or the cash value of an index, called for by
the contract at a specified price during a specified delivery period. A &#147;purchase&#148; of a futures
contract means the undertaking of a contractual obligation to acquire the securities, or cash value
of an index, at a specified price during a specified delivery period. At the time of delivery in
the case of fixed income securities pursuant to the contract, adjustments are made to recognize
differences in value arising from the delivery of securities with a different interest rate than
that specified in the contract. In some cases, securities called for by a futures contract may not
have been issued at the time the contract was written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although some financial futures contracts by their terms call for the actual delivery or
acquisition of securities, in most cases the contractual commitment is closed out before delivery
without having to make or take delivery of the security. The offsetting of a contractual obligation
is accomplished by purchasing (or selling, as the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-10<!-- /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">case may be) on a commodities exchange an identical futures contract calling for delivery in
the same period. Such a transaction cancels the obligation to make or take delivery of the
securities. All transactions in the futures market are made, offset or fulfilled through a clearing
house associated with the exchange on which the contracts are traded. The Fund will incur brokerage
fees when it purchases or sells contracts, and will be required to maintain margin deposits.
Futures contracts entail risks. If the Adviser&#146;s judgment about the general direction of securities
markets or interest rates is wrong, the Fund&#146;s overall performance may be poorer than if the Fund
had not entered into such contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be an imperfect correlation between movements in prices of futures contracts and
portfolio securities being hedged. In addition, the market prices of futures contracts may be
affected by certain factors. If participants in the futures market elect to close out their
contracts through offsetting transactions rather than meet margin requirements, distortions in the
normal relationship between the securities and futures markets could result. Price distortions
could also result if investors in futures contracts decide to make or take delivery of underlying
securities rather than engage in closing transactions due to the resultant reduction in the
liquidity of the futures market. In addition, because from the point of view of speculators, the
margin requirements in the futures market may be less onerous than margin requirements in the cash
market, increased participation by speculators in the futures market could cause temporary price
distortions. Due to the possibility of price distortions in the futures market and because of the
imperfect correlation between movements in the prices of securities and movements in the prices of
futures contracts, a correct forecast of market trends by the Adviser may still not result in a
successful hedging transaction. If this should occur, the Fund could lose money on the financial
futures contracts and also on the value of its portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Financial Futures Contracts</I>. The Fund may purchase and write call and put options
on financial futures contracts. An option on a futures contract gives the purchaser the right, in
return for the premium paid, to assume a position in a futures contract at a specified exercise
price at any time during the period of the option. Upon exercise, the writer of the option delivers
the futures contract to the holder at the exercise price. The Fund would be required to deposit
with its custodian initial margin and maintenance margin with respect to put and call options on
futures contracts written by it. Options on futures contracts involve risks similar to those risks
relating to transactions in financial futures contracts described above. Also, an option purchased
by the Fund may expire worthless, in which case the Fund would lose the premium paid therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities</I>. The Fund may write covered call options so long as it owns securities
which are acceptable for escrow purposes and may write secured put options, which means that so
long as the Fund is obligated as a writer of a put option, it will invest an amount, not less than
the exercise price of the put option, in eligible securities. A call option gives the purchaser the
right to buy, and the writer the obligation to sell, the underlying security at the exercise price
during the option period. A put option gives the purchaser the right to sell, and the writer the
obligation to buy, the underlying security at the exercise price during the option period. The
premium received for writing an option will reflect, among other things, the current market price
of the underlying security, the relationship of the exercise price to the market price, the price
volatility of the underlying security, the option period, supply and demand and interest rates. The
Fund may write or purchase spread options, which are options for which the exercise price may be a
fixed dollar spread or yield spread between the security underlying the option and another security
that is used as a benchmark. The exercise price of an option may be below, equal to or above the
current market value of the underlying security at the time the option is written. The buyer of a
put who also owns the related security is protected by ownership of a put option against any
decline in that security&#146;s price below the exercise price, less the amount paid for the option. At
times the Fund may wish to establish a position in a security upon which call options are
available. By purchasing a call option on such security the Fund would be able to fix the cost of
acquiring the security, this being the cost of the call plus the exercise price of the option. This
procedure also provides some protection from an unexpected downturn in the market, because the Fund
is only at risk for the amount of the premium paid for the call option which it can, if it chooses,
permit to expire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices</I>. The Fund also may purchase and write call and put options on
securities indices. Through the writing or purchase of index options, the Fund can achieve many of
the same objectives as through the use of options on individual securities. Options on securities
indices are similar to options on a security except that, rather than the right to take or make
delivery of a security at a specified price, an option on a securities index gives the holder the
right to receive, upon exercise of the option, an amount of cash if the closing level of the
securities index upon which the option is based is greater than, in the case of a call, or less
than, in the case of a put,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-11<!-- /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">the exercise price of the option. This amount of cash is equal to the difference between the
closing price of the index and the exercise price of the option. The writer of the option is
obligated, in return for the premium received, to make delivery of this amount. Unlike options on
securities (which require, upon exercise, delivery of the underlying security), all settlements of
options on securities indices, upon exercise thereof, are in cash, and the gain or loss on an
option on an index depends on price movements in the market generally (or in a particular industry
or segment of the market on which the underlying index base) rather than price movements in
individual securities, as is the case with respect to options on securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund writes an option on a securities index, it will be required to deposit with its
custodian eligible securities equal in value to 100% of the exercise price in the case of a put, or
the contract&#146;s value in the case of a call. In addition, where the Fund writes a call option on a
securities index at a time when the contract value exceeds the exercise price, the Fund will
segregate, until the option expires or is closed out, cash or cash equivalents equal in value to
such excess.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options on futures contracts and index options involve risks similar to those risks relating
to transactions in financial futures described above. Also, an option purchased by the Fund may
expire worthless, in which case the Fund would lose the premium paid therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Over-the-Counter Options</I>. As previously indicated in this Prospectus (see &#147;Investment
Practices&#151;Securities Options Transactions&#148;), the Fund may deal in OTC options. The Fund
understands the position of the staff of the SEC to be that purchased OTC options and the assets
used as &#147;cover&#148; for written OTC options are illiquid securities. The Fund and the Adviser disagree
with this position and have found the dealers with which they engage in OTC options transactions
generally agreeable to and capable of entering into closing transactions. As also indicated in
this Prospectus, the Fund has adopted procedures for engaging in OTC options for the purpose of
reducing any potential adverse impact of such transactions upon the liquidity of the Fund&#146;s
portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of these procedures the Fund will only engage in OTC options transactions with primary
dealers that have been specifically approved by the Board of Trustees of the Fund. The Fund and its
Adviser believe that the approved dealers should be agreeable and able to enter into closing
transactions if necessary and, therefore, present minimal credit risks to the Fund. The Fund
anticipates entering into written agreements with those dealers to whom the Fund may sell OTC
options, pursuant to which the Fund would have the absolute right to repurchase the OTC options
from such dealers at any time at a price determined pursuant to a formula set forth in certain no
action letters published by the SEC staff. The Fund will not engage in OTC options transactions if
the amount invested by the Fund in OTC options plus, with respect to OTC options written by the
Fund, the amounts required to be treated as illiquid pursuant to the terms of such letters (and the
value of the assets used as cover with respect to OTC option sales which are not within the scope
of such letters), plus the amount invested by the Fund in illiquid securities, would exceed 20% of
the Fund&#146;s total assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Restrictions</I>. To the extent required to comply with applicable SEC releases and
staff positions, when purchasing a futures contract or writing a put option, the Fund will
maintain, in a segregated account, cash or liquid high-grade securities equal to the value of such
contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required to comply with Commodity Futures Trading Commission Regulations and
avoid &#147;commodity pool operator&#148; status, the Fund will not enter into a futures contract or purchase
an option thereon if immediately thereafter the initial margin deposits for futures contracts held
by the Fund plus premiums paid by it for open options on futures would exceed 5% of the Fund&#146;s
total assets. The Fund will not engage in transactions in financial futures contracts or options
thereon for speculation, but only to attempt to hedge against changes in market conditions
affecting the values of securities which the Fund holds or intends to purchase. When futures
contracts or options thereon are purchased to protect against a price increase on securities
intended to be purchased later, it is anticipated that at least 75% of such intended purchases will
be completed. When other futures contracts or options thereon are purchased, the underlying value
of such contracts will at all times not exceed the sum of: (1)&nbsp;accrued profit on such contracts
held by the broker; (2)&nbsp;cash or high quality money market instruments set aside in an identifiable
manner; and (3)&nbsp;cash proceeds from investments due in 30&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting and Tax Considerations</I>. When the Fund writes an option, an amount equal to the
premium received by it is included in the Fund&#146;s Statement of Assets and Liabilities as a
liability. The amount of the liability
</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">is subsequently marked to market to reflect the current market value of the option written.
When the Fund purchases an option, the premium paid by the Fund is recorded as an asset and is
subsequently adjusted to the current market value of the option.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a regulated futures contract purchased or sold by the Fund, an amount equal to
the initial margin deposit is recorded as an asset. The amount of the asset is subsequently
adjusted to reflect changes in the amount of the deposit as well as changes in the value of the
contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain listed options and futures contracts are considered &#147;section 1256 contracts&#148; for
federal income tax purposes. In general, gain or loss realized by the Fund on section 1256
contracts will be considered 60% long term and 40% short term capital gain or loss. Also, section
1256 contracts held by the Fund at the end of each taxable year (and at October&nbsp;31 for purposes of
calculating the excise tax) will be &#147;marked to market&#148;, that is, treated for federal income tax
purposes as though sold for fair market value on the last business day of such taxable year. The
Fund can elect to exempt its section 1256 contracts which are part of a &#147;mixed straddle&#148; (as
described below) from the application of section 1256.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss realized by the Fund upon the expiration or sale of certain over-the-counter put
and call options held by the Fund will be either long term or short term capital gain or loss
depending upon the Fund&#146;s holding period with respect to such option. However, gain or loss
realized upon the expiration or closing out of such options that are written by the Fund will be
treated as short term capital gain or loss. In general, if the Fund exercises an option, or an
option that the Fund has written is exercised, gain or loss on the option will not be separately
recognized, but the premium received or paid will be included in the calculation of gain or loss
upon disposition of the property underlying the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any security, option or futures contract, delayed delivery transaction, or other position
entered into or held by the Fund in conjunction with any other position held by the Fund may
constitute a &#147;straddle&#148; for federal income tax purposes. A straddle of which at least one, but not
all, of the positions are section 1256 contracts will constitute a &#147;mixed straddle&#148;. In general,
straddles are subject to certain rules that may affect the character and timing of the Fund&#146;s gains
and losses with respect to straddle positions by requiring, among other things, that loss realized
on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an
offsetting position until such position is disposed of; that the Fund&#146;s holding period in certain
straddle positions not begin until the straddle is terminated (possibly resulting in gain being
treated as short term capital gain rather than long term capital gain); and that losses recognized
with respect to certain straddle positions, that would otherwise constitute short term capital
losses, be treated as long term capital losses. Different elections are available to the Fund which
may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B><I>Invesco Van Kampen Municipal Trust (VKQ), Invesco Van Kampen Trust for Value Municipals (VIM)
and Invesco Van Kampen Ohio Quality Municipal Trust (VOQ) </I></B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Options and Futures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>. The Fund may engage in futures and options transactions in accordance with its
investment objective and policies. The Fund intends to engage in such transactions if it appears
advantageous to the Adviser to do so in order to pursue its investment objective, to hedge against
the effects of market conditions and to stabilize the value of its assets. The use of futures and
options, and the possible benefits and attendant risks are discussed below, along with information
concerning certain other investment policies and techniques.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the investment objective and policies described above, the Fund may engage
in interest rate and other hedging and risk management transactions; and purchase and sell options
on municipal securities and on indices based on municipal securities. These investment practices
entail risks. The Adviser may use some or all of the following hedging and risk management
practices when their use appears appropriate. Although the Adviser believes that these investment
practices may further the Fund&#146;s investment objective, no assurance can be given that these
investment practices will achieve this result.
</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;<I>Securities Options Transactions</I>. The Fund may invest in options on municipal securities. Such
options are traded over-the-counter, although if options on municipal securities were to be listed
for trading on a national securities exchange the Fund may trade in exchange-listed options. In
general, the Fund may purchase and sell (write)&nbsp;options on up to 20% of its assets. The Securities
and Exchange Commission (the &#147;SEC&#148;) requires that obligations of investment companies such as the
Fund, in connection with options sale positions, must comply with certain segregation or cover
requirements which are more fully described below. There is no limitation on the amount of the
Fund&#146;s assets which can be used to comply with such segregation or cover requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A call option gives the purchaser the right to buy, and the writer the obligation to sell, the
underlying security at the agreed upon exercise (or &#147;strike&#148;) price during the option period. A put
option gives the purchaser the right to sell, and the writer the obligation to buy, the underlying
security at the strike price during the option period. Purchasers of options pay an amount, known
as a premium, to the option writer in exchange for the right under the option contract. Option
contracts may be written with terms which would permit the holder of the option to purchase or sell
the underlying security only upon the expiration date of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may purchase put and call options in hedging transactions to protect against a
decline in the market value of municipal securities in the Fund&#146;s portfolio (<I>e.g., </I>by the purchase
of a put option) and to protect against an increase in the cost of fixed income securities that the
Fund may seek to purchase in the future (<I>e.g., </I>by the purchase of a call option). In the event the
Fund purchases put and call options, paying premiums therefor, and price movements in the
underlying securities are such that exercise of the options would not be profitable for the Fund,
to the extent such underlying securities correlate in value to the Fund&#146;s portfolio securities,
losses of the premiums paid may be offset by an increase in the value of the Fund&#146;s portfolio
securities (in the case of a purchase of put options) or by a decrease in the cost of acquisition
of securities by the Fund (in the case of a purchase of call options).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may also sell put and call options as a means of increasing the yield on the Fund&#146;s
portfolio and also as a means of providing limited protection against decreases in market value of
the Fund&#146;s portfolio. When the Fund sells an option, if the underlying securities do not increase
(in the case of a call option) or decrease (in the case of a put option) to a price level that
would make the exercise of the option profitable to the holder of the option, the option generally
will expire without being exercised and the Fund will realize as profit the premium received for
such option. When a call option of which the Fund is the writer is exercised, the option holder
purchases the underlying security at the strike price and the Fund does not participate in any
increase in the price of such securities above the strike price. When a put option of which the
Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at
the strike price, which may be in excess of the market value of such securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over-the-counter options (&#147;OTC options&#148;) differ from exchange-traded options in several
respects. They are transacted directly with dealers and not with a clearing corporation, and there
is a risk of non-performance by the dealer. OTC options are available for a greater variety of
securities and for a wider range of expiration dates and exercise prices than for exchange-traded
options. Because OTC options are not traded on an exchange, pricing is normally done by reference
to information from a market maker, which information is carefully monitored by the Adviser and
verified in appropriate cases. The Fund may be required to treat certain of its OTC options
transactions as illiquid securities as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It will generally be the Fund&#146;s policy, in order to avoid the exercise of an option sold by
it, to cancel its obligation under the option by entering into a closing purchase transaction, if
available, unless it is determined to be in the Fund&#146;s interest to sell (in the case of a call
option) or to purchase (in the case of a put option) the underlying securities. A closing purchase
transaction consists of the Fund purchasing an option having the same terms as the option sold by
the Fund and has the effect of cancelling the Fund&#146;s position as a seller. The premium which the
Fund will pay in executing a closing purchase transaction may be higher than the premium received
when the option was sold, depending in large part upon the relative price of the underlying
security at the time of each transaction. To the extent options sold by the Fund are exercised and
the Fund either delivers portfolio securities to the holder of a call option or liquidates
securities in its portfolio as a source of funds to purchase securities put to the Fund, the Fund&#146;s
portfolio turnover rate will increase, which would cause the Fund to incur additional brokerage
expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the option period the Fund, as a covered call writer, gives up the potential
appreciation above the exercise price should the underlying security rise in value, and the Fund,
as a secured put writer, retains the risk of
</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">loss should the underlying security decline in value. For the covered call writer, substantial
appreciation in the value of the underlying security would result in the security being &#147;called
away&#148; at the strike price of the option which may be substantially below the fair market value of
such security. For the secured put writer, substantial depreciation in the value of the underlying
security would result in the security being &#147;put to&#148; the writer at the strike price of the option
which may be substantially in excess of the fair market value of such security. If a covered call
option or a secured put option expires unexercised, the writer realizes a gain, and the buyer a
loss, in the amount of the premium.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent that an active market exists or develops, whether on a national securities
exchange or over-the-counter, in options on indices based upon municipal securities, the Fund may
purchase and sell options on such indices, subject to the limitation that the Fund may purchase and
sell options on up to 20% of its assets. Through the writing or purchase of index options the Fund
can achieve many of the same objectives as through the use of options on individual securities.
Options on securities indices are similar to options on securities except that, rather than the
right to take or make delivery of a security at a specified price, an option on a securities index
gives the holder the right to receive, upon exercise of the option, an amount of cash if the
closing level of the securities index upon which the option is based is greater than, in the case
of a call, or less than, in the case of a put, the strike price of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price movements in securities which the Fund owns or intends to purchase will not correlate
perfectly with movements in the level of an index and, therefore, the Fund bears the risk of a loss
on an index option which is not completely offset by movements in the price of such securities.
Because index options are settled in cash, a call writer cannot determine the amount of its
settlement obligations in advance and, unlike call writing on specific securities, cannot provide
in advance for, or cover, its potential settlement obligations by acquiring and holding the
underlying securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned or deemed to be earned, if any, by the Fund from transactions in securities
options will be taxable income of the Fund. Under a revenue ruling issued by the Service, the Fund
is required to allocate net capital gains and other taxable income, if any, among Common Shares and
Preferred Shares on a pro rata basis for the year in which such net capital gains or other taxable
income is realized. For a further discussion of certain characteristics of options and risks
associated with options transaction, see below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest Rate and Other Hedging Transactions</I>. In order to seek to protect the value of its
portfolio securities against declines resulting from changes in interest rates or other market
changes, the Fund may enter into various hedging transactions, such as financial futures contracts
and related options contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may enter into various interest rate hedging transactions using financial instruments
with a high degree of correlation to the municipal securities which the Fund may purchase for its
portfolio, including interest rate futures contracts in such financial instruments (<I>e.g., </I>futures
contracts on U.S. Treasury securities) and interest rate related indices <I>(e.g., </I>municipal bond
indices), put and call options on such futures contracts and on such financial instruments. The
Fund expects to enter into these transactions to &#147;lock in&#148; a return or spread on a particular
investment or portion of its portfolio, to protect against any increase in the price of securities
the Fund anticipates purchasing at a later date, or for other risk management strategies such as
managing the effective dollar weighted average duration of the Fund&#146;s portfolio. Financial futures
and options contracts and the risks attendant to the Fund&#146;s use thereof are more completely
described below. The successful utilization of hedging and risk management transactions requires
skills different from those needed in the selection of the Fund&#146;s portfolio securities. The Fund
believes that the Adviser possesses the skills necessary for the successful utilization of hedging
and risk management transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not engage in the foregoing transactions for speculative purposes, but only as a
means to hedge risks associated with management of the Fund&#146;s portfolio. Typically, investments in
futures contracts and sales of futures options contracts require the Fund to deposit in a custodial
account a good faith deposit, known as &#147;initial margin,&#148; in connection with its obligations in an
amount of cash or specified debt securities which generally is equal to 1%-15% of the face amount
of the contract, which initial margin requirement may be revised periodically by the applicable
exchange as the volatility of the contract fluctuates. Thereafter, the Fund must make additional
deposits with the applicable financial intermediary equal to any net losses due to unfavorable
price movements of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-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">the contract, and will be credited with an amount equal to any net gains due to favorable
price movements. These additional deposits or credits are calculated and required daily and are
known as &#147;variation margin.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC generally requires that when investment companies, such as the Fund, effect
transactions of the foregoing nature, such funds must either segregate cash or high quality,
readily marketable portfolio securities with its custodian or financial intermediary in the amount
of its obligations under the foregoing transactions, or cover such obligations by maintaining
positions in portfolio securities, futures contracts or options that would serve to satisfy or
offset the risk of such obligations. When effecting transactions of the foregoing nature, the Fund
will comply with such segregation or cover requirements. There is no limitation as to the
percentage of the Fund&#146;s assets which may be segregated with respect to such transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not enter into a futures contract or related option, if, immediately after such
investment, the sum of the amount of its initial margin deposits and premiums on open contracts and
options would exceed 5<I>% </I>of the Fund&#146;s total assets at current value. The Fund may, however, invest
more than such amount in the future if it obtains authority to do so from the appropriate
regulatory agencies without rendering the Fund a commodity pool operator or adversely affecting its
status as an investment company for federal securities law or income tax purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the foregoing transactions present certain risks. In particular, the variable degree of
correlation between price movements of futures contracts and price movements in the securities
being hedged creates the possibility that losses on the hedge may be greater than gains in the
value of the Fund&#146;s securities. In addition, these instruments may not be liquid in all
circumstances and generally are closed out by entering into offsetting transactions rather than by
delivery or cash settlement at maturity. As a result, in volatile markets, the Fund may not be able
to close out a transaction without incurring losses. Although the contemplated use of those
contracts should tend to reduce the risk of loss due to a decline in the value of the hedged
security, at the same time the use of these contracts could tend to limit any potential gain which
might result from an increase in the value of such security. Finally, the daily deposit
requirements for futures contracts and sales of futures options contracts create an ongoing greater
potential financial risk than do option purchase transactions, where the exposure is limited to the
cost of the premium for the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful use of futures contracts and options thereon by the Fund is subject to the ability
of the Adviser to predict correctly movements in the direction of interest rates and other factors
affecting markets for securities. If the Adviser&#146;s expectations are not met, the Fund would be in a
worse position than if a hedging strategy had not been pursued. For example, if the Fund has hedged
against the possibility of an increase in interest rates which would adversely affect the price of
securities in its portfolio and the price of such securities increases instead, the Fund will lose
part or all of the benefit of the increased value of its securities because it will have offsetting
losses in its futures positions. In addition, in such situations, if the Fund has insufficient cash
to meet daily variation margin requirements, it may have to sell securities to meet such
requirements. Such sales of securities may be, but will not necessarily be, at increased prices
which reflect the rising market. The Fund may have to sell securities at a time when it is
disadvantageous to do so.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to engaging in transactions utilizing options on futures contracts, the Fund may
purchase put and call options on securities and, as developed from time to time, on interest
indices and other instruments. Purchasing options may increase investment flexibility and improve
total return, but also risks loss of the option premium if an asset the Fund has the option to buy
declines in value or if an asset the Fund has the option to sell increases in value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent permitted by applicable regulatory authority, the Fund also may enter into
various other hedging transactions, such as interest rate swaps and the purchase or sale of
interest rate caps and floors. The Fund expects to enter into these transactions primarily to
preserve a return or spread on a particular investment or portion of its portfolio or to protect
against any increase in the price of securities the Fund anticipates purchasing at a later date.
The Fund intends to use these transactions as a hedge and not as a speculative investment. The Fund
will not sell interest rate caps or floors that it does not own. Interest rate swaps involve the
exchange by the Fund with another party of their respective commitments to pay or receive interest,
<I>e.g., </I>an exchange of floating rate payments for fixed rate payments. The purchase of an interest
rate cap entitles the purchaser, to the extent that a specified index exceeds a predetermined
interest rate, to receive payments of interest on a notional principal amount (the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-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">reference amount with respect to which interest obligations are determined, although no actual
exchange of principal occurs) from the party selling such interest rate cap. The purchase of an
interest rate floor entitles the purchaser, to the extent that a specified index falls below a
predetermined interest rate, to receive payments of interest on a notional principal amount from
the party selling such interest rate floor. The Fund will not enter into swaps, caps or floors if,
on a net basis, the aggregate notional principal amount with respect to such agreements exceeds the
net assets of the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inasmuch as these hedging transactions are entered into for good-faith risk management
purposes, the Adviser and the Fund believe such obligations do not constitute senior securities.
The staff of the SEC is presently considering its position with respect to swaps, caps and floors
as senior securities. Pending a determination by the staff, the Fund will either treat swaps, caps
and floors as being subject to its senior securities restrictions or will refrain from engaging in
swaps, caps and floors. Once the staff has expressed a position with respect to swaps, caps and
floors, the Fund intends to engage in swaps, caps and floors, if at all, in a manner consistent
with such position. The Fund will usually enter into interest rate swaps on a net basis, <I>i.e.,</I>
where the two parties make net payments with the Fund receiving or paying, as the case may be, only
the net amount of the two payments. The net amount of the excess, if any, of the Fund&#146;s obligations
over its entitlements with respect to each interest rate swap will be accrued and an amount of cash
or liquid securities having an aggregate net asset value at least equal to the accrued excess will
be designated on the Fund&#146;s books. If the Fund enters into a swap on other than a net basis, the
Fund will designate on the Fund&#146;s books the full amount of the Fund&#146;s obligations under each such
swap. The Fund may enter into swaps, caps and floors with member banks of the Federal Reserve
System, members of the New York Stock Exchange or other entities determined by the Adviser,
pursuant to procedures adopted and reviewed on an ongoing basis by the Board of Trustees, to be
creditworthy. If a default occurs by the other party to such transaction, the Fund will have
contractual remedies pursuant to the agreements related to the transaction but such remedies may be
subject to bankruptcy and insolvency laws which could affect the Fund&#146;s rights as a creditor. The
swap market has grown substantially in recent years with a large number of banks and financial
services firms acting both as principals and as agents utilizing standardized swap documentation.
As a result, the swap market has become relatively liquid. Caps and floors are more recent
innovations and they are less liquid than swaps. There can be no assurance, however, that the Fund
will be able to enter into interest rate swaps or to purchase interest rate caps or floors at
prices or on terms the Adviser believes are advantageous to the Fund. In addition, although the
terms of interest rate swaps, caps and floors may provide for termination, there can be no
assurance that the Fund will be able to terminate an interest rate swap or to sell or offset
interest rate caps or floors that it has purchased. Payments received on transactions in swaps,
caps or floors will generally constitute taxable income or gains to the Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New options and futures contracts and other financial products, and various combinations
thereof, continue to be developed and the Fund may invest in any such options, contracts and
products as may be developed to the extent consistent with its investment objective and the
regulatory requirements applicable to investment companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income earned or deemed to be earned, if any, by the Fund from its hedging activities, will be
taxable income of the Fund. Such income will be allocated to both the Common Shares and the
Preferred Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Financial Futures Contracts</I>. The Fund may enter into financial futures contracts for the
future delivery of a financial instrument, such as a security, or the cash value of a securities
index. This investment technique is designed primarily to hedge (i.e., protect) against anticipated
future changes in market conditions which otherwise might adversely affect the value of securities
which the Fund holds or intends to purchase. A &#147;sale&#148; of a futures contract means the undertaking
of a contractual obligation to deliver the securities, or the cash value of an index, called for by
the contract at a specified price during a specified delivery period. A &#147;purchase&#148; of a futures
contract means the undertaking of a contractual obligation to acquire the securities, or cash value
of an index, at a specified price during a specified delivery period. At the time of delivery, in
the case of fixed income securities pursuant to the contract, adjustments are made to recognize
differences in value arising from the delivery of securities with a different interest rate than
that specified in the contract. In some cases, securities called for by a futures contract may not
have been issued at the time the contract was written.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although some financial futures contracts by their terms call for the actual delivery or
acquisition of securities, in most cases the contractual commitment is closed out before delivery
without having to make or take delivery of the security. The offsetting of a contractual obligation
is accomplished by purchasing (or selling, as the case may be) on a commodities exchange an
identical futures contract calling for delivery in the same period. Such a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-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">transaction cancels the obligation to make or take delivery of the securities. All
transactions in the futures market are made, offset or fulfilled through a clearing house
associated with the exchange on which the contracts are traded. The Fund will incur brokerage fees
when it purchases or sells contracts, and will be required to maintain margin deposits. Futures
contracts entail risk. If the Adviser&#146;s judgment about the general direction of securities markets
or interest rates is wrong, the Fund&#146;s overall performance may be poorer than if the Fund had not
entered into such contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be an imperfect correlation between movements in prices of futures contracts and
portfolio securities being hedged. In addition, the market prices of futures contracts may be
affected by certain factors. If participants in the futures market elect to close out their
contracts through offsetting transactions rather than meet margin requirements, distortions in the
normal relationship between the securities and futures markets could result. Price distortions
could also result if investors in futures contracts decide to make or take delivery of underlying
securities rather than engage in closing transactions due to the resultant reduction in the
liquidity of the futures market. In addition, because from the point of view of speculators, the
margin requirements in the futures market may be less onerous than margin requirements in the cash
market, increased participation by speculators in the futures market could cause temporary price
distortions. Due to the possibility of price distortions in the futures market and because of the
imperfect correlation between movements in the prices of securities and movements in the prices of
futures contracts, a correct forecast of market trends by the Adviser may still not result in a
successful hedging transaction. If this should occur, the Fund could lose money on the financial
futures contracts and also on the value of its portfolio securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Financial Futures Contracts</I>. The Fund may purchase and write call and put options
on financial futures contracts. An option on a futures contract gives the purchaser the right, in
return for the premium paid, to assume a position in a futures contract at a specified exercise
price at any time during the period specified in the terms of the option. Upon exercise, the writer
of the option delivers the futures contract to the holder at the exercise price. The Fund would be
required to deposit with its custodian initial margin and maintenance margin with respect to put
and call options on futures contracts written by it. Options on futures contracts involve risks
similar to those risks relating to transactions in financial futures contracts described above.
Also, an option purchased by the Fund may expire worthless, in which case the Fund would lose the
premium paid therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities</I>. The Fund may write covered call options so long as it owns securities
which are acceptable for escrow purposes and may write secured put options, which means that so
long as the Fund is obligated as a writer of a put option, it will invest an amount, not less than
the exercise price of the put option, in eligible securities. A call option gives the purchaser the
right to buy, and the writer the obligation to sell, the underlying security at the exercise price
during the period specified in the terms of the option. A put option gives the purchaser the right
to sell, and the writer the obligation to buy, the underlying security at the exercise price during
the period specified in the terms of the option. The premium received for writing an option will
reflect, among other things, the current market price of the underlying security, the relationship
of the exercise price to the market price, the price volatility of the underlying security, the
option period, supply and demand and interest rates. The Fund may write or purchase spread options,
which are options for which the exercise price may be a fixed dollar spread or yield spread between
the security underlying the option and another security that is used as a benchmark. The exercise
price of an option may be below, equal to or above the current market value of the underlying
security at the time the option is written. The buyer of a put who also owns the related security
is protected by ownership of a put option against any decline in that security&#146;s price below the
exercise price, less the amount paid for the option. At times the Fund may wish to establish a
position in a security upon which call options are available. By purchasing a call option on such
security the Fund would be able to fix the cost of acquiring the security, this being the cost of
the call plus the exercise price of the option. This procedure also provides some protection from
an unexpected downturn in the market, because the Fund is only at risk for the amount of the
premium paid for the call option which it can, if it chooses, permit to expire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options on Securities Indices</I>. The Fund also may purchase and write call and put options on
securities indices. Through the writing or purchase of index options, the Fund can achieve many of
the same objectives as through the use of options on individual securities. Options on securities
indices are similar to options on a security except that, rather than the right to take or make
delivery of a security at a specified price, an option on a securities index gives the holder the
right to receive, upon exercise of the option, an amount of cash if the closing level of the
securities index upon which the option is based is greater than, in the case of a call, or less
than, in the case of a put,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->C-18<!-- /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">the exercise price of the option. This amount of cash is equal to the difference between the
closing price of the index and the exercise price of the option. The writer of the option is
obligated, in return for the premium received, to make delivery of this amount. Unlike options on
securities (which require, upon exercise, delivery of the underlying security), settlements of
options on securities indices, upon exercise thereof, are in cash, and the gain or loss on an
option on an index depends on price movements in the market generally (or in a particular industry
or segment of the market on which the underlying index base) rather than price movements in
individual securities, as is the case with respect to options on securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Fund writes an option on a securities index, it will be required to deposit with its
custodian eligible securities equal in value to 100% of the exercise price in the case of a put, or
the contract&#146;s value in the case of a call. In addition, where the Fund writes a call option on a
securities index at a time when the contract value exceeds the exercise price, the Fund will
segregate, until the option expires or is closed out, cash or cash equivalents equal in value to
such excess.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options on securities and index options involve risks similar to those risks relating to
transactions in financial futures described above. Also, an option purchased by the Fund may expire
worthless, in which case the Fund would lose the premium paid therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Over-the-Counter Options</I>. As previously indicated in this Prospectus (see &#147;Investment
Practices&#151;Securities Options Transactions&#148;), the Fund may deal in OTC options. The Fund
understands the position of the staff of the SEC to be that purchased OTC options and the assets
used as &#147;cover&#148; for written OTC options arc illiquid securities. The Fund and the Adviser disagree
with this position and have found the dealers with which they engage in OTC options transactions
generally agreeable to and capable of entering into closing transactions. The Fund has adopted
procedures for engaging in OTC options for the purpose of reducing any potential adverse impact of
such transactions upon the liquidity of the Fund&#146;s portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of these procedures the Fund will only engage in OTC options transactions with respect
to U.S. government securities with primary dealers that have been specifically approved by the
Board of Trustees of the Fund. The Fund will engage in OTC options transactions with respect to
municipal securities only with dealers that have been specifically approved by the Board of
Trustees. The Fund and its Adviser believe that the approved dealers should be agreeable and able
to enter into closing transactions as necessary and, therefore, present minimal credit risks to the
Fund. The Fund anticipates entering into written agreements with those dealers to whom the Fund may
sell OTC options, pursuant to which the Fund would have the absolute right to repurchase the OTC
options from such dealers at any time at a price with respect to U.S. government securities
determined pursuant to a formula set forth in certain no action letters published by the SEC staff.
The Fund will not engage in OTC options transactions if the amount invested by the Fund in OTC
options, plus, with respect to OTC options written by the Fund, the amounts required to be treated
as illiquid pursuant to the terms of such letters (and the value of the assets used as cover with
respect to OTC option sales which are not within the scope of such letters), plus the amount
invested by the Fund in illiquid securities, would exceed 15% of the Fund&#146;s total assets. OTC
options on securities other than U.S. government securities, including options on municipal
securities, may not be within the scope of such letters and, accordingly, the amount invested by
the Fund in OTC options on such other securities and the value of the assets used as cover with
respect to OTC option sales regarding such non-U.S. government securities will be treated as
illiquid and subject to the 15% limitation on the Fund&#146;s assets which may be invested in illiquid
securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Restrictions</I>. To the extent required to comply with applicable SEC releases and
staff positions, when purchasing a futures contract or writing a put option, the Fund will
designate on the Fund&#146;s books cash or liquid high-grade securities equal to the value of such
contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required to comply with Commodity Futures Trading Commission Regulations and
avoid &#147;commodity pool operator&#148; status, the Fund will not enter into a futures contract or purchase
an option thereon if immediately thereafter the initial margin deposits for futures contracts held
by the Fund plus premiums paid by it for open options on futures would exceed 5% of the Fund&#146;s
total assets. The Fund will not engage in transactions in financial futures contracts or options
thereon for speculation, but only to attempt to hedge against changes in market conditions
affecting the values of securities which the Fund holds or intends to purchase. When futures
contracts or options thereon are purchased to protect against a price increase on securities
intended to be purchased later, it is anticipated that at least 75% of such intended purchases will
be completed. When other futures contracts or options
</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">thereon are purchased, the underlying value of such contracts will at all times not exceed the
sum of: (1)&nbsp;accrued profit on such contracts held by the broker; (2)&nbsp;cash or high quality money
market instruments set aside in an identifiable manner; and (3)&nbsp;cash proceeds from investments due
in 30&nbsp;days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Accounting and Tax Considerations</I>. When the Fund writes an option, an amount equal to the
premium received by it is included in the Fund&#146;s Statement of Assets and Liabilities as a
liability. The amount of the liability is subsequently marked to market to reflect the current
market value of the option written. When the Fund purchases an option, the premium paid by the Fund
is recorded as an asset and is subsequently adjusted to the current market value of the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a regulated futures contract purchased or sold by the Fund, an amount equal to
the initial margin deposit is recorded as an asset. The amount of the asset is subsequently
adjusted to reflect changes in the amount of the deposit as well as changes in the value of the
contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain listed options and futures contracts are considered &#147;section 1256 contracts&#148; for
Federal income tax purposes. In general, gain or loss realized by the Fund on section 1256
contracts will be considered 60% long term and 40% short term capital gain or loss. Also, section
1256 contracts held by the Fund at the end of each taxable year (and at October&nbsp;31 for purposes of
calculating the excise tax) will be &#147;marked to market&#148;, that is, treated for Federal income tax
purposes as though sold for fair market value on the last business day of such taxable year. The
Fund can elect to exempt its section 1256 contracts which are part of a &#147;mixed straddle&#148; (as
described below) from the application of section 1256.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain or loss realized by the Fund upon the expiration or sale of certain over-the-counter put
and call options held by the Fund will be either long term or short term capital gain or loss
depending upon the Fund&#146;s holding period with respect to such option. However, gain or loss
realized upon the expiration or closing out of such options that are written by the Fund will be
treated as short term capital gain or loss. In general, if the Fund exercises an option, or an
option that the Fund has written is exercised, gain or loss on the option will not be separately
recognized, but the premium received or paid will be included in the calculation of gain or loss
upon disposition of the property underlying the option.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any security, option or futures contract, delayed delivery transaction, or other position
entered into or held by the Fund in conjunction with any other position held by the Fund may
constitute a &#147;straddle&#148; for Federal income tax purposes. A straddle of which at least one, but not
all, the positions are section 1256 contracts will constitute a &#147;mixed straddle&#148;. In general,
straddles are subject to certain rules that may affect the character and timing of the Fund&#146;s gains
and losses with respect to straddle positions by requiring, among other things, that loss realized
on disposition of one position of a straddle be deferred to the extent of any unrealized gain in an
offsetting position until such position is disposed of; that the Fund&#146;s holding period in certain
straddle positions not begin until the straddle is terminated (possibly resulting in gain being
treated as short term capital gain rather than long term capital gain); and that losses recognized
with respect to certain straddle positions, that would otherwise constitute short term capital
losses, be treated as long term capital losses. Different elections are available to the Fund which
may mitigate the effects of the straddle rules, particularly with respect to mixed straddles.
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended in 2010, blended portfolio turnover rates of the predecessor funds
and the Funds are presented in the tables below. For the fiscal year or period ended 2011 and the
fiscal year ended 2012, the portfolio turnover rates for each Fund are presented in the tables
below. Variations in turnover rate may be due to a fluctuating volume of shareholder purchase and
redemption orders, market conditions and/or changes in the predecessor fund&#146;s adviser&#146;s or
Invesco&#146;s investment outlook.
</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="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income
Opportunities Trust II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was
October&nbsp;31; the current fiscal year end is the last day of 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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Four months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October 31, 2010</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">Invesco Value Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen California Value
Municipal Income Trust
</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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Opportunity
Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment
Grade New York Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Bond Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Value Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Investment Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Quality Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Quality Municipal
Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco California Municipal Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Select Sector
Municipal Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Value
Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">%</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"><SUP style="FONT-size: 85%; vertical-align: text-top">1</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Four months ended</B><BR>
<B>February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>October  31, 2010</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">Invesco New York Quality Municipal
Securities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Massachusetts Value
Municipal Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Ohio Quality Municipal
Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen Trust for Investment
Grade New Jersey Municipals
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was May
31; the current fiscal year end is the last day of 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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Nine months ended</B><BR>
<B>February 28,</B> <BR>
<B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Premium Income Trust
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was
December&nbsp;31; the current fiscal year end is the last day of 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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Two months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Van Kampen High Income Trust II
</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>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">135</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco High Yield Investments Fund, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">62</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">109</TD>
    <TD nowrap valign="top">%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to February&nbsp;28, 2010, the fiscal year end of the Funds in the table below was March&nbsp;31;
the current fiscal year end is the last day of 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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Eleven months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco Municipal Income Opportunities Trust III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14</TD>
    <TD nowrap valign="top">%</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"><SUP style="FONT-size: 85%; vertical-align: text-top">2</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</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">3</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from December&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</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">4</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->D-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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>




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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the last three fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, the
management (MGMT)&nbsp;fees payable by the Fund, the amounts waived by the Adviser and the net fees paid
by the Fund were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net </B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee
<br>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee <BR>
Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>MGMT<BR>
 Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee <BR>
Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee <BR>
Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>MGMT<BR>
 Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee <BR>
Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee <BR>
Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>MGMT<BR>
 Fee Paid</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">Invesco Municipal
Income
Opportunities Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">598,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">598,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">605,593</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">605,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">553,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">553,714</TD>
    <TD>&nbsp;</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="100%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable
by each Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Four months ended
February 28,
2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2009</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>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</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>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</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>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</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">Invesco Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,260,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,260,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">400,246</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">400,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,259,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,257,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,185,054</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">1,185,054</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,328,663</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">1,328,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,879</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">428,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,367,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,361,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292,771</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">1,292,771</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
California Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,527,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(160,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,367,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">774,801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,574,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(268,891</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,305,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,359,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(429,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,930,507</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Municipal
Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,230,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(260,730</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,970,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,355,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,318,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(454,127</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,864,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,006,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(728,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,278,185</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><SUP style="FONT-size: 85%; vertical-align: text-top">1</sup>&nbsp;&nbsp;The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>




<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Four months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</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">Invesco Van Kampen
Trust for
Investment Grade
New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,986,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">(94,910</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,891,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">635,799</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">635,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,009,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">(219,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,790,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,845,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">(335,500</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,509,783</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,579,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(383,025</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,196,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,464,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,359</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,353,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,647,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(588,085</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,059,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,236,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(770,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,466,096</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal Bond
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,466</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">234,466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,310</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">74,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,492</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219,526</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">219,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">256,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">256,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">81,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">81,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">256,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,210</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">249,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">241,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">241,317</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998,842</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">998,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,922</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">320,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,025,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,447</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,012,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,117</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">978,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal
Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782,350</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">782,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,217</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">246,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">773,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,479</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">770,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">737,734</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">737,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771,123</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">771,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,755</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">247,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,987</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">775,406</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730,183</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">730,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,685</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">586,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,967</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">186,967</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">593,259</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">593,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,370</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">563,370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466,256</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">466,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,383</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">148,383</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,517</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">470,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">439,192</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">439,192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California
Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132,063</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">132,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,692</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">41,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,799</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">133,799</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,475</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">129,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Select Sector
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,660,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81,874</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,578,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,407</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,688,408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,132</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,501,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,555,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(282,800</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,272,702</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Trust for Value
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,141,043</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,027</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,129,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">368,441</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">368,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,175,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124,117</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,051,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,115,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(202,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">912,839</TD>
    <TD>&nbsp;</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Four months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</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>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</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">Invesco New York
Quality Municipal
Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">231,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">231,178</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">73,078</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">73,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">210,608</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">210,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Massachusetts Value
Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(118,369</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,465</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,217</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(100,909</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(136,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Ohio Quality
Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">749,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(135,863</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">613,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">238,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,362</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">223,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(131,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">626,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,573</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,373</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
Trust for
Investment Grade
New Jersey
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">877,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(79,437</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">797,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,494</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">274,494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">869,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(128,339</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">741,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">827,317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(150,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676,917</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;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable by each
Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Nine
months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>May 31, 2009</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>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</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>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</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">Invesco Municipal
Income
Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">656,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">656,990</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">495,129</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">495,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">629,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">629,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">609,305</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">609,305</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Premium Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">949,388</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">949,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,388</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">707,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940,333</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">940,333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917,039</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">917,039</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"><SUP style="FONT-size: 85%; vertical-align: text-top">2</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->E-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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<!-- LANDSCAPE -->
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February
28, 2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable
by each Fund, the amounts waived by the Adviser and the net fees paid by each Fund were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Two
months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>December 31, 2009</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>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</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>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
High Income Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">590,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,489</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">588,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(208</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">597,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(21,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">568,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(40,600</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield
Investments Fund,
Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,038</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,506</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,464</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,000</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;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the management (MGMT)&nbsp;fees payable by
the Fund, the amounts waived by the Adviser and the net fees paid by the Fund were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Eleven
months ended February 28, 2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>March 31, 2009</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>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Net</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>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>MGMT</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Payable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Waivers</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fee Paid</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust
III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">339,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">335,639</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">312,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">312,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">320,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">320,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">336,190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">336,190</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"><SUP style="FONT-size: 85%; vertical-align: text-top">3</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from December&nbsp;31 to February&nbsp;28, 2011.</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">4</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund paid the Adviser the following amounts for administrative services for the last three
fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>.
</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="64%">&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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">88,594</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;For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the Funds paid the Adviser the
following amounts for administrative services:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Four months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>

<TD  align="center" style="border-bottom: 1px solid #000000" nowrap><B>February 28, 2011<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>October 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>October 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$121,958</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$38,672</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$266,429</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$351,127</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">119,974</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38,381</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">287,400</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">383,043</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100,594</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31,949</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100,998</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">109,130</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">162,710</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52,027</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">173,751</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">171,886</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New York
Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">80,361</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86,678</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88,401</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">168,583</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">53,605</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">188,281</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">190,866</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">60,891</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65,045</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">64,651</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71,502</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">77,633</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24,422</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">208,986</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">289,813</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,439</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">152,762</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">218,588</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">153,435</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">216,351</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">122,344</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">166,924</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">101,274</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">130,131</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,439</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43,806</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38,363</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">81,673</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95,506</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">61,560</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">68,648</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59,725</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">62,402</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value Municipal Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,439</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">42,301</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">37,598</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52,462</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52,403</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16,438</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">62,868</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56,614</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"><SUP style="FONT-size: 85%; vertical-align: text-top">1</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>


<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the Funds paid the Adviser the following
amounts for administrative services:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>May 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$37,397</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$100,774</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$97,489</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Premium Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">37,397</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">188,067</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">183,408</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February
28, 2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the Funds paid the Adviser the
following amounts for administrative services:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Two months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen High Income Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$8,082</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,934</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,493</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield Investments Fund, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8,082</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">42,766</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">49,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the Funds paid the Adviser the
following amounts for administrative services:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Eleven months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>March 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$50,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$46,550</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$51,357</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$53,791</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"><SUP style="FONT-size: 85%; vertical-align: text-top">2</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</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">3</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from December&nbsp;31 to February&nbsp;28, 2011.</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">4</sup></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>




<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" style="font-size: 10pt; margin-top: 18pt"><B>APPENDIX G</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Portfolio Manager Fund Holdings and Information on Other Managed Accounts</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco&#146;s portfolio managers develop investment models which are used in connection with the
management of certain Invesco Funds as well as other mutual funds for which Invesco or an affiliate
acts as sub-adviser, other pooled investment vehicles that are not registered mutual funds, and
other accounts managed for organizations and individuals. The &#147;Investments&#148; chart reflects the
portfolio managers&#146; investments in the Funds that they manage. Accounts are grouped into three
categories: (i)&nbsp;investments made directly in the Fund, (ii)&nbsp;investments made in an Invesco pooled
investment vehicle with the same or similar objectives and strategies as the Fund, and (iii)&nbsp;any
investments made in any Invesco Fund or Invesco pooled investment vehicle. The &#147;Assets Managed&#148;
chart reflects information regarding accounts other than the Funds for which each portfolio manager
has day-to-day management responsibilities. Accounts are grouped into three categories: (i)&nbsp;other
registered investment companies, (ii)&nbsp;other pooled investment vehicles and (iii)&nbsp;other accounts.
To the extent that any of these accounts pay advisory fees that are based on account performance
(performance-based fees), information on those accounts is specifically broken out. In addition,
any assets denominated in foreign currencies have been converted into U.S. Dollars using the
exchange rates as of the applicable date.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The following information is as of February&nbsp;29, 2012:
</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="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio <BR>
Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in each <BR>
Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in Invesco pooled investment <BR>
vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of all Investments in <BR>
Funds and Invesco pooled investment <BR>
vehicles</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Income Trust (IIM)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust (OIA)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Income Trust (IQI)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen California Value Municipal Income Trust (VCV)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="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="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio <BR>
Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in each <BR>
Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in Invesco pooled investment <BR>
vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of all Investments in <BR>
Funds and Invesco pooled investment <BR>
vehicles</B></TD>
</TR>




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

<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen High Income Trust II (VLT)</B></TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter
Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Municipal Opportunity Trust (VMO)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Municipal Trust (VKQ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1-$10,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Bond Trust (IMC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Securities (IMS)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Value Municipal Trust (IMT)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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">
<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="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio <BR>
Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in each <BR>
Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in Invesco pooled investment <BR>
vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of all Investments in <BR>
Funds and Invesco pooled investment <BR>
vehicles</B></TD>
</TR>




<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust II (OIB)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Income Opportunities Trust III (OIC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Investment Trust (IQT)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Quality Municipal Securities (IQM)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco California Municipal Income Trust (IIC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco California Quality Municipal Securities (IQC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco California Municipal Securities (ICS)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-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="30%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio <BR>
Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in each <BR>
Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in Invesco pooled investment <BR>
vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of all Investments in <BR>
Funds and Invesco pooled investment <BR>
vehicles</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco High Yield Investments Fund, Inc. (MSY)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter
Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$500,001-$1,000,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Municipal Premium Income Trust (PIA)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Select Sector Municipal Trust (VKL)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,000-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Value Municipals (VIM)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco New York Quality Municipal Securities (IQN)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100-001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-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="30%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Portfolio <BR>
Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in each <BR>
Fund</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of <BR>
Investments in Invesco pooled investment <BR>
vehicles</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Dollar Range of all Investments in <BR>
Funds and Invesco pooled investment <BR>
vehicles</B></TD>
</TR>



<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="7" align="center"><B>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$50,001-$100,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$100,001-$500,000</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"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This column reflects investments in a Fund&#146;s shares beneficially owned by a
portfolio manager (as determined in accordance with Rule&nbsp;16a-1(a) (2)&nbsp;under the Securities
Exchange Act of 1934, as amended). Beneficial ownership includes ownership by a portfolio
manager&#146;s immediate family members sharing the same household.</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>This column reflects portfolio managers&#146; investments made either directly or
through a deferred compensation or a similar plan in Invesco pooled investment vehicles with
the same or similar objectives and strategies as the Fund as of the most recent fiscal year
end of the Fund.</TD>
</TR>

</TABLE>



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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">The following information is as of February&nbsp;29, 2012:
</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="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>
    <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" colspan="3"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Companies Managed (assets in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed </B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Value Municipal Income Trust (IIM)</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,150.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Municipal Income Opportunities Trust (OIA)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,171.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Quality Municipal Income Trust (IQI)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,118.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-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">
<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="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>
    <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" colspan="3"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Companies Managed (assets in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed </B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Van Kampen California Value Municipal Income Trust (VCV)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,629.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,147.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen High Income Trust II (VLT)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter
Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$3,634.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1,908.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1,885.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Municipal Opportunity Trust (VMO)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,832.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Trust for Investment Grade New York Municipals (VTN)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,954.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,254.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Municipal Trust (VKQ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Value Municipal Bond Trust (IMC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,549.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Value Municipal Securities (IMS)</B></TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,514.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-6<!-- /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="28%">&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>
    <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" colspan="3"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Companies Managed (assets in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed </B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

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


<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Value Municipal Trust (IMT)</B></TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$13,759.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Municipal Income Opportunities Trust II (OIB)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,184.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Municipal Income Opportunities Trust III (OIC)</B></TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">William Black</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark
Paris</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jim
Phillips</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$6,239.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Quality Municipal Investment Trust (IQT)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,332.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Quality Municipal Securities (IQM)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,335.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco California Municipal Income Trust (IIC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,890.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,408.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco California Quality Municipal Securities (IQC)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,938.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,456.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-7<!-- /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="28%">&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>
    <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" colspan="3"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Companies Managed (assets in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed </B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco California Municipal Securities (ICS)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$3,070.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,587.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco High Yield Investments Fund, Inc. (MSY)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Peter
Ehret</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$3,620.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Darren Hughes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1,894.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scott Roberts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$1,871.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Municipal Premium Income Trust (PIA)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,391.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Select Sector Municipal Trust (VKL)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,322.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Trust for Value Municipals (VIM)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,424.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco New York Quality Municipal Securities (IQN)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$3,031.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,548.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$3,062.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,580.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->G-8<!-- /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="28%">&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>
    <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" colspan="3"><B>Other Registered Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Companies Managed (assets in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Pooled Investment Vehicles</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Accounts Managed </B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Portfolio</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Managed (assets in millions)</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(assets in millions)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Manager</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number of Accounts</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Assets</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,979.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,497.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="13" align="center"><B>Invesco Van Kampen Trust for Investment Grade New Jersey Municipals (VTJ)</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thomas Byron</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Stryker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Julius Williams</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$2,954.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert Wimmel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$14,472.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Potential Conflicts of Interest</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day
management responsibilities with respect to more than one Fund or other account. More
specifically, portfolio managers who manage multiple Funds and/or other accounts may be presented
with one or more of the following potential conflicts:
</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The management of multiple Funds and/or other accounts may result
in a portfolio manager devoting unequal time and attention to the
management of each Fund and/or other account. The Adviser and
each Sub-Adviser seek to manage such competing interests for the
time and attention of portfolio managers by having portfolio
managers focus on a particular investment discipline. Most other
accounts managed by a portfolio manager are managed using the same
investment models that are used in connection with the management
of the Funds.</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a portfolio manager identifies a limited investment opportunity
which may be suitable for more than one Fund or other account, a
Fund may not be able to take full advantage of that opportunity
due to an allocation of filled purchase or sale orders across all
eligible Funds and other accounts. To deal with these situations,
the Adviser, each Sub-Adviser and the Funds have adopted
procedures for allocating portfolio transactions across multiple
accounts.</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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Adviser and each Sub-Adviser determine which broker to use to
execute each order for securities transactions for the Funds,
consistent with its duty to seek best execution of the
transaction. However, for certain other accounts (such as mutual
funds for which Invesco or an affiliate acts as sub-adviser, other
pooled investment vehicles that are not registered mutual funds,
and other accounts managed for organizations and individuals), the
Adviser and each Sub-Adviser may be limited by the client with
respect to the selection of brokers or may be instructed to direct
trades through a particular broker. In these cases, trades for a
Fund in a particular security may be placed separately from,
rather than aggregated with, such other accounts. Having separate
transactions with respect to a security may temporarily affect the
market price of the security or the execution of the transaction,
or both, to the possible detriment of the Fund or other account(s)
involved.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->G-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 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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Finally, the appearance of a conflict of interest may arise where
the Adviser or Sub-Adviser has an incentive, such as a
performance-based management fee, which relates to the management
of one Fund or account but not all Funds and accounts for which a
portfolio manager has day-to-day management responsibilities.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser, each Sub-Adviser, and the Funds have adopted certain compliance procedures which
are designed to address these types of conflicts. However, there is no guarantee that such
procedures will detect each and every situation in which a conflict arises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Description of Compensation Structure</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>For the Adviser and each affiliated Sub-Adviser</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser and each Sub-Adviser seek to maintain a compensation program that is competitively
positioned to attract and retain high-caliber investment professionals. Portfolio managers receive
a base salary, an incentive bonus opportunity and an equity compensation opportunity. Portfolio
manager compensation is reviewed and may be modified each year as appropriate to reflect changes in
the market, as well as to adjust the factors used to determine bonuses to promote competitive Fund
performance. The Adviser and each Sub-Adviser evaluate competitive market compensation by reviewing
compensation survey results conducted by an independent third party of investment industry
compensation. Each portfolio manager&#146;s compensation consists of the following three elements:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base Salary. </I>Each portfolio manager is paid a base salary. In setting the base salary, the
Adviser and each Sub-Adviser&#146;s intention is to be competitive in light of the particular portfolio
manager&#146;s experience and responsibilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Annual Bonus. </I>The portfolio managers are eligible, along with other employees of the Adviser
and each Sub-Adviser, to participate in a discretionary year-end bonus pool. The Compensation
Committee of Invesco Ltd. reviews and approves the amount of the bonus pool available for the
Adviser and each of the Sub-Adviser&#146;s investment centers. The Compensation Committee considers
investment performance and financial results in its review. In addition, while having no direct
impact on individual bonuses, assets under management are considered when determining the starting
bonus funding levels. Each portfolio manager is eligible to receive an annual cash bonus which is
based on quantitative (<I>i.e. </I>investment performance) and non-quantitative factors (which may
include, but are not limited to, individual performance, risk management and teamwork).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each portfolio manager&#146;s compensation is linked to the pre-tax investment performance of the
Funds/accounts managed by the portfolio manager as described in the table 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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Sub-Adviser</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Performance time period</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Invesco<SUP style="FONT-size: 85%; vertical-align: text-top"> 2</SUP>
Invesco Australia<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><BR>

Invesco Deutschland
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance
against Fund peer group.</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">Invesco Advisors- Invesco Real Estate<SUP style="FONT-size: 85%; vertical-align: text-top">3</SUP><BR>

Invesco Senior Secured<SUP style="FONT-size: 85%; vertical-align: text-top">2, 4</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable</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">Invesco Canada<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-year performance against Fund peer group.<BR>

Three- and Five-year performance against
entire universe of Canadian funds.</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">Invesco Hong Kong<SUP style="FONT-size: 85%; vertical-align: text-top">2</SUP><BR>
Invesco Asset Management
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance
against Fund peer group.</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">Invesco Japan<SUP style="FONT-size: 85%; vertical-align: text-top">5</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">One-, Three- and Five-year performance
against the appropriate Micropol benchmark.</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"><SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Rolling time periods based on calendar year-end.</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>Portfolio managers may be granted an annual deferral award that vests on a
pro-rata basis over a four year period and final payments are based on the performance of
eligible Funds selected by the portfolio manager at the time the award is granted.</TD>
</TR>

</TABLE>


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





<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>Portfolio managers for Invesco Global Real Estate Fund, Invesco Real Estate
Fund, Invesco Global Real Estate Income Fund and Invesco V.I. Global Real Estate Fund base
their bonus on new operating profits of the U.S. Real Estate Division of Invesco.</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">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Invesco Senior Secured&#146;s bonus is based on annual measures of equity return
and standard tests of collateralization performance.</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">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Portfolio managers for Invesco Pacific Growth Fund&#146;s compensation is based
on the one-, three- and five-year performance against the appropriate Micropol benchmark.
Furthermore, for the portfolio manager(s) formerly managing the predecessor fund to
Invesco Pacific Growth Fund, they also have a ten-year performance measure.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High investment performance (against applicable peer group and/or benchmarks) would
deliver compensation generally associated with top pay in the industry (determined by reference to
the third-party provided compensation survey information) and poor investment performance (versus
applicable peer group) would result in low bonus compared to the applicable peer group or no bonus
at all. These decisions are reviewed and approved collectively by senior leadership which has
responsibility for executing the compensation approach across the organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Equity-Based Compensation. </I>Portfolio managers may be granted an annual deferral award that
allows them to select receipt of shares of certain Invesco Funds with a vesting period as well as
common shares and/or restricted shares of Invesco Ltd. stock from pools determined from time to
time by the Compensation Committee of Invesco Ltd.&#146;s Board of Directors. Awards of equity-based
compensation typically vest over time, so as to create incentives to retain key talent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio managers also participate in benefit plans and programs available generally to all
employees.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the last three fiscal years ended February&nbsp;28<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP> or 29<SUP style="FONT-size: 85%; vertical-align: text-top">th</SUP>, the Fund
paid the following commissions to brokers:
</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="64%">&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 nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 28, 2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 28, 2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal Income Opportunities Trust II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period November&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended October&nbsp;31, 2010 and 2009, the Funds paid the following
commissions to brokers:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Four months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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 nowrap align="center"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>October 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>October 31,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>13</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$5,061</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$45,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3,154</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen California Value Municipal
Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4,773</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Opportunity Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade
New York Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Bond Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,401</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,945</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Value Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3,648</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Investment Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,462</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,445</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">22,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4,773</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4,354</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco California Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,896</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9,000</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Select Sector Municipal
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Value Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco New York Quality Municipal Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">922</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Massachusetts Value
Municipal Income Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Ohio Quality Municipal Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen Trust for Investment Grade
New Jersey Municipals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</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"><SUP style="FONT-size: 85%; vertical-align: text-top">13</SUP> </TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds changed from October&nbsp;31 to the last day of February effective February&nbsp;28,
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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period June&nbsp;1, 2010 through February&nbsp;28,
2011, and the fiscal years ended May&nbsp;31, 2010 and 2009, the Funds paid the following commissions to
brokers:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nine months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>14</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>May 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>May 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Premium Income
Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$42,000</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended February&nbsp;29, 2012, the period January&nbsp;1, 2011 through February
28, 2011, and the fiscal years ended December&nbsp;31, 2010 and 2009, the Funds paid the following
commissions to brokers:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Two months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B><SUP style="FONT-size: 85%; vertical-align: text-top"><B>15</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Van Kampen
High Income Trust
II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$7,000</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco High Yield
Investments Fund,
Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended February&nbsp;29, 2012, the period April&nbsp;1, 2010 through February
28, 2011, and the fiscal years ended March&nbsp;31, 2010 and 2009, the Fund paid the following
commissions to brokers:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Eleven months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</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>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>FUND NAME</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>February 29, 2012</B></TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011<SUP style="FONT-size: 85%; vertical-align: text-top">16</SUP></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>March 31, 2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>March 31, 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Invesco Municipal
Income
Opportunities Trust
III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">.14</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">None</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"><SUP style="FONT-size: 85%; vertical-align: text-top">14</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from May&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</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">15</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for these Funds
changed from December&nbsp;31 to the last day of February effective February&nbsp;28,
2011.</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">16</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The fiscal year end for this Fund changed
from March&nbsp;31 to the last day of February effective February&nbsp;28, 2011.</TD>
</TR>

</TABLE>




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



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