<SEC-DOCUMENT>0001104659-25-089556.txt : 20250912
<SEC-HEADER>0001104659-25-089556.hdr.sgml : 20250912
<ACCEPTANCE-DATETIME>20250912161628
ACCESSION NUMBER:		0001104659-25-089556
CONFORMED SUBMISSION TYPE:	N-2
PUBLIC DOCUMENT COUNT:		24
FILED AS OF DATE:		20250912
DATE AS OF CHANGE:		20250912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000895531
		ORGANIZATION NAME:           	
		EIN:				367017425
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07404
		FILM NUMBER:		251311701

	BUSINESS ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen California Value Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL CALIFORNIA VALUE MUNIC INC TRUST
		DATE OF NAME CHANGE:	19960102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000895531
		ORGANIZATION NAME:           	
		EIN:				367017425
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290221
		FILM NUMBER:		251311700

	BUSINESS ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1331 SPRING STREET N.W.
		STREET 2:		SUITE 2500
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Van Kampen California Value Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VAN KAMPEN AMERICAN CAPITAL CALIFORNIA VALUE MUNIC INC TRUST
		DATE OF NAME CHANGE:	19960102
<IS-FILER-A-NEW-REGISTRANT>N
<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
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        <ix:header><ix:hidden><ix:nonNumeric name="dei:EntityCentralIndexKey" contextRef="C_20250912to20250912" id="Fdei_EntityCentralIndexKey20250911095000762">0000895531</ix:nonNumeric><ix:nonNumeric name="dei:AmendmentFlag" contextRef="C_20250912to20250912" id="Fdei_AmendmentFlag20250911095020732">false</ix:nonNumeric><ix:footnote id="FN20250911112613510" xml:lang="en-US">Based on the Fund&#8217;s computations.</ix:footnote>
<ix:footnote id="FN20250911112718075" xml:lang="en-US">Calculated based on the information presented. Percentages are rounded.</ix:footnote>
<ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" contextRef="C_20250912to20250912" id="Fxbrl_20240319104829481">No</ix:nonNumeric><ix:footnote id="FN20250911101725209" xml:lang="en-US">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.</ix:footnote>
<ix:footnote id="FN20250912052835893" xml:lang="en-US">Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</ix:footnote>
<ix:footnote id="FN20250911102102659" xml:lang="en-US">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average daily Managed Assets. The fee shown above is based upon outstanding leverage of 37.81% of the Fund&#8217;s total assets. If leverage of more than 37.81% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</ix:footnote>
<ix:footnote id="FN20250912052922700" xml:lang="en-US">Based upon average net assets applicable to Common Shares for the annual period ended February 28, 2025.</ix:footnote>
<ix:footnote id="FN20250911102146039" xml:lang="en-US">Based upon the Fund&#8217;s outstanding borrowings as of February 28, 2025 of approximately $146,225,000, and outstanding preferred shares as of February 28, 2025 of approximately  177,000,000, and the average daily weighted interest rate for the period ended February 28, 2025 of 4.03%, and dividends on preferred shares at an annual rate of 4.40% .</ix:footnote>
<ix:footnote id="FN20250911102722801" xml:lang="en-US">The example above does not include sales charges or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales charge and estimated offering costs.</ix:footnote>
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  <div style="font:10pt Times New Roman, Times, Serif">
    <p style="font:10pt Times New Roman, Times, serif;margin:18pt 0px 0pt;text-align:right">As filed with the Securities and Exchange Commission on September 12, 2025</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right">Securities Act File No. 333-[____]</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:right;text-indent:261pt">Investment Company Act File No. 811-07404</p>
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    <p style="font:14pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>United States</strong></p>
    <p style="font:14pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Securities and Exchange Commission</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Washington, D.C. 20549</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center;text-indent:2.5in">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1.25in;text-indent:0.5in"><span>&#9744;</span> Post-Effective Amendment No.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">Copies to:</p>
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          <td style="text-align:center;font-size:10pt;width:50%"><span style="font-size:10pt">Matthew R. DiClemente, Esquire</span></td>
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          <td style="text-align:center;font-size:10pt"><span style="font-size:10pt">Mena M. Larmour, Esquire</span></td>
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          <td style="text-align:center;font-size:10pt"><span style="font-size:10pt">Stradley Ronon Stevens and Young, LLP</span></td>
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          <td style="text-align:center;font-size:10pt">Philadelphia. Pennsylvania 19103-7018</td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;text-align:center">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">Approximate Date of Commencement of Proposed Public Offering:</p>
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          <td style="font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.</span></td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <td style="font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</span></td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">&#160;</p>
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          <td style="font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.</span></td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">&#160;</p>
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          <td style="font-size:10pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.</span></td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>It is proposed that this filing will become effective (check appropriate box):</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>PRELIMINARY BASE PROSPECTUS</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>[_____] Shares</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Invesco California Value Municipal Income Trust</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><i>The Fund</i>. Invesco California Value Municipal Income Trust (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company. The Fund&#8217;s investment objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes, consistent with preservation of capital. The investment objective is fundamental and may not be changed without approval of a majority of the Fund&#8217;s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;).</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Common Shares are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;). The trading or &#8220;ticker&#8221; symbol of the Common Shares is &#8220;VCV.&#8221; The closing price of the Common Shares, as reported by the NYSE on September&#160;8, 2025, was $10.44 per Common Share. The net asset value of the Common Shares at the close of business on that same date was $10.13 per Common Share. Rights issued by the Fund may also be listed on a securities exchange.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A Statement of Additional Information, dated [___] (the &#8220;SAI&#8221;), containing additional information about the Fund has been filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the SAI, annual and semi-annual reports to shareholders and other information about the Fund and make shareholder inquiries by calling 800-959-4246, by writing to the Fund at Invesco Distributors Inc., 11 Greenway Plaza, Houston, Texas, 77046-1173 or from the Fund&#8217;s website www.invesco.com/reports. The information contained in, or that can be accessed through, the Fund&#8217;s website is not part of this Prospectus, except to the extent specifically incorporated by reference herein. You also may obtain a copy of the SAI (and other information regarding the Fund) from the SEC&#8217;s web site (http://www.sec.gov).</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>The Securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other governmental agency.</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Neither the SEC nor any state securities commission has approved or disapproved of these Securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</strong></p>
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</div><div style="margin-left:3.0pt;margin-right:3.0pt;"> <div style="font:10pt Times New Roman, Times, Serif"><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>TABLE OF CONTENTS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;border-collapse:collapse;border-spacing:0px"><tr style="vertical-align:top;background-color:rgb(204,238,255)"><td style="width:90%"><a href="#a_001">P<span style="font-family:Times New Roman, Times, Serif;font-size:10pt">ROSPECTUS SUMMARY</span></a></td><td style="width:10%;text-align:right"><a href="#a_001"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">4</span></a></td></tr><tr style="vertical-align:top"><td><a href="#a_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SUMMARY OF FUND EXPENSES</span></a></td><td style="text-align:right"><a href="#a_002"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">8</span></a></td></tr><tr style="vertical-align:top;background-color:rgb(204,238,255)"><td><a href="#a_003"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">FINANCIAL HIGHLIGHTS</span></a></td><td style="text-align:right"><a href="#a_003"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">9</span></a></td></tr><tr style="vertical-align:top"><td><a href="#a_004"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">SENIOR SECURITIES</span></a></td><td style="text-align:right"><a href="#a_004"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">11</span></a></td></tr><tr style="vertical-align:top;background-color:rgb(204,238,255)"><td><a href="#a_005"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">THE FUND</span></a></td><td style="text-align:right"><a href="#a_005"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">11</span></a></td></tr><tr style="vertical-align:top"><td><a href="#a_006"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">USE OF PROCEEDS</span></a></td><td style="text-align:right"><a href="#a_006"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">11</span></a></td></tr><tr style="vertical-align:top;background-color:rgb(204,238,255)"><td><a href="#a_007"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">MARKET AND NET ASSET VALUE INFORMATION</span></a></td><td style="text-align:right"><a href="#a_007"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">11</span></a></td></tr><tr style="vertical-align:top"><td><a href="#a_008"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">INVESTMENT OBJECTIVE AND POLICIES</span></a></td><td style="text-align:right"><a 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The Fund has not authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this Prospectus is accurate only as of the date of this Prospectus. 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Some important factors that could cause actual results to differ materially from those in any forward looking statements include changes in interest rates, market, financial or legal uncertainties, including changes in tax law, and the timing and frequency of defaults on underlying investments. Consequently, the inclusion of any projections, forecasts and estimates herein should not be regarded as a representation by the Fund or any of its affiliates or any other person or entity of the results that will actually be achieved by the Fund. Neither the Fund nor its affiliates has any obligation to update or otherwise revise any projections, forecasts and estimates including any revisions to reflect changes in economic conditions or other circumstances arising after the date hereof or to reflect the occurrence of unanticipated events, even if the underlying assumptions do not come to fruition. 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The Fund may offer and sell such Securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods. The Prospectus Supplement relating to any offering of Securities will describe such offering, including, as applicable, the names of any underwriters, dealers or agents and information regarding any applicable purchase price, fee, commission or discount arrangements made with those underwriters, dealers or agents or the basis upon which such amount may be calculated.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The Fund may not sell any Securities through agents, underwriters or dealers without delivery of this Prospectus and a Prospectus Supplement, describing the method and terms of the particular offering of such Securities. 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The amount treated as a tax-free return of capital will reduce the Common Shareholder&#8217;s adjusted basis in his or her Common Shares, thereby increasing his or her potential gain or reducing his or her potential loss on the subsequent sale of his or her Common Shares. To the extent the Fund&#8217;s distribution policy results in distributions in excess of its net investment income and net capital gain, such distributions will decrease its total assets and increase its expense ratio to a greater extent than would have been the case if distributions were limited to these amounts. 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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_002"><strong>SUMMARY OF FUND EXPENSES</strong></span></p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The following table contains information about the costs and expenses that Common Shareholders will bear directly or indirectly. The table is based on the capital structure of the Fund as of February&#160;28, 2025.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <td style="padding-left:0.125in;width:86%;font:10pt Times New Roman, Times, Serif;text-align:left">Maximum Sales Charge (<ix:nonNumeric id="Fxbrl_20250911101456935" name="cef:BasisOfTransactionFeesNoteTextBlock" contextRef="C_20250912to20250912" escape="true"><span style="font-size:10pt;font-family:Times New Roman">as a percentage of offering price</span></ix:nonNumeric>)</td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">[-<ix:nonFraction id="Fxbrl_20250911101757511" name="cef:OtherTransactionExpensesPercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="2" format="ixt:fixed-zero">-</ix:nonFraction>]</span></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><sup>(2)</sup></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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          <ix:continuation id="F20250911115028870" continuedAt="F20250911101638637">
            <div>&#160;</div>
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        <ix:continuation id="F20250911101602409">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.</span></td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(2)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Common Shareholders will pay service fee of $2.50&#160;and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</span></td>
                </tr>

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        <ix:continuation id="F20250911101638637">
          <div>
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                <tr style="vertical-align:top">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(4)&#160;</sup>&#160;</span></td>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(5)&#160;</sup>&#160;</span></td>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse;border-spacing:0px">

                <tr style="vertical-align:bottom">
                  <td style="text-align:center">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
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                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">3 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">5 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">10 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:#CCEEFF">
                  <td style="width:57%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Total Expenses paid by Common Shareholders<sup>(1)</sup>&#160;</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:7%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
                  <td style="width:1%">&#160;</td>
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                  <td style="width:2%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
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            </table>
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          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">0.91</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom">
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.52</td>
          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.59</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.64</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.69</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.79</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.03</td>
          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(0.02</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">&#8212;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">&#8212;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">&#8212;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom">
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911162333298_xbrl_20250911161920858" name="cef:AnnualDividendPayment" contextRef="C_20190301to20200229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal" sign="-">0.55</ix:nonFraction></td>
          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911162333298_xbrl_20250911161922482" name="cef:AnnualDividendPayment" contextRef="C_20180301to20190228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal" sign="-">0.61</ix:nonFraction></td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911162333298_xbrl_20250911161925986" name="cef:AnnualDividendPayment" contextRef="C_20170301to20180228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal" sign="-">0.64</ix:nonFraction></td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911162333298_xbrl_20250911161927890" name="cef:AnnualDividendPayment" contextRef="C_20160301to20170228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal" sign="-">0.69</ix:nonFraction></td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911162333298_xbrl_20250911161929690" name="cef:AnnualDividendPayment" contextRef="C_20150301to20160229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal" sign="-">0.79</ix:nonFraction></td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">)</td>
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        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom">
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          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911161920858" name="us-gaap:NetAssetValuePerShare" contextRef="C_20200229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">13.90</ix:nonFraction></td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911161922482" name="us-gaap:NetAssetValuePerShare" contextRef="C_20190228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">12.81</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911161925986" name="us-gaap:NetAssetValuePerShare" contextRef="C_20180228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">13.00</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911161927890" name="us-gaap:NetAssetValuePerShare" contextRef="C_20170228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">13.28</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911161929690" name="us-gaap:NetAssetValuePerShare" contextRef="C_20160229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">13.95</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911162343107_xbrl_20250911161920858" name="us-gaap:SharePrice" contextRef="C_20200229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">12.60</ix:nonFraction></td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911162343107_xbrl_20250911161922482" name="us-gaap:SharePrice" contextRef="C_20190228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">12.02</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911162343107_xbrl_20250911161925986" name="us-gaap:SharePrice" contextRef="C_20180228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.86</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911162343107_xbrl_20250911161927890" name="us-gaap:SharePrice" contextRef="C_20170228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">12.40</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font-size:10pt;text-align:right"><ix:nonFraction id="Fxbrl_20250911162343107_xbrl_20250911161929690" name="us-gaap:SharePrice" contextRef="C_20160229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">13.49</ix:nonFraction></td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom">
          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:2.5pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Total return at net asset value<sup>(b)</sup></span></td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">667,385</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
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          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
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          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;padding-bottom:1pt">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:right">&#160;</td>
          <td style="padding-bottom:1pt;font-size:10pt;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt;text-align:left">%</td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt;text-align:left">%</td>
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          <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">2.16</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right">2.16</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">%</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="white-space:nowrap;font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
          <td style="font-size:10pt;text-align:right">&#160;</td>
          <td style="font-size:10pt;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:1pt">Total amount of preferred shares outstanding (000's omitted)</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911162843802_xbrl_20250911162343107_xbrl_20250911161920858" name="cef:SeniorSecuritiesCvgPerUnit" contextRef="C_20200229" unitRef="Usd_per_Share" scale="0" decimals="0" format="ixt:num-dot-decimal">419,298</ix:nonFraction></td>
          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
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        <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="white-space:nowrap;font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;text-align:left">&#160;</td>
          <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
          <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 0.25in;text-align:justify">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

        <tr style="vertical-align:top">
          <td style="width:0"/>
          <td style="width:0.25in">(a)</td>
          <td style="text-align:justify">Calculated using average shares outstanding.</td>
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        <tr style="vertical-align:top">
          <td style="width:0"/>
          <td style="width:0.25in">(b)</td>
          <td style="text-align:justify">Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.</td>
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          <td style="width:0.25in">(c)</td>
          <td style="text-align:justify">Total return assumes an investment at the common share market price at the beginning of the period indicated, reinvestment of all distributions for the period in accordance with the Fund&#8217;s dividend reinvestment plan, and sale of all shares at the closing common share market price at the end of the period indicated. Not annualized for periods less than one year, if applicable.</td>
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          <td style="text-align:justify">Portfolio turnover is not annualized for periods less than one year, if applicable.</td>
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          <td style="text-align:justify">Ratios are based on average daily net assets applicable to common shares (000's omitted) of $637,772.</td>
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          <td style="text-align:justify">Calculated by subtracting the Fund&#8217;s total liabilities (not including preferred shares, at liquidation value) from the Fund&#8217;s total assets and dividing this by the total number of preferred shares outstanding.</td>
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    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">10</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_004"><strong>SENIOR SECURITIES</strong></span></p>
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          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The information regarding the Fund&#8217;s outstanding senior securities at the end of each of the Fund&#8217;s last five fiscal years are included in the Fund&#8217;s financial highlights, which are incorporated by reference from the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm#fact-identifier-5">Annual Report</a> for the fiscal year ended February&#160;28, 2025 (File No.&#160;811-07404), as filed with the SEC on Form&#160;N-CSR on May&#160;2, 2025. The information regarding the Fund's outstanding senior securities for the fiscal years ended February&#160;29, 2020, February&#160;28, 2019, February&#160;28, 2018, February&#160;28, 2017, and February&#160;29, 2016 is set forth in the table above. See &#8220;Financial Highlights&#8221; above.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_005"><strong>THE FUND</strong></span></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Invesco California Value Municipal Income Trust (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) and organized as a statutory trust under the laws of the State of Delaware. The Fund was originally organized as a Massachusetts business trust on December&#160;21, 1992. The Fund commenced operations on April&#160;30, 1993. Effective as of August&#160;27, 2012, the Fund completed a redomestication to a Delaware statutory trust. The Fund&#8217;s principal office is located at 1331 Spring Street NW, Suite&#160;2500, Atlanta, Georgia 30309 and its phone number is (404) 892-0896.</p>
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      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_006"><strong>USE OF PROCEEDS</strong></span></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Unless otherwise specified in a Prospectus Supplement, the net proceeds from any offering will be invested in accordance with the Fund&#8217;s investment objective and policies within three to six months after the completion of such offering or the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund&#8217;s investment objective and market conditions. Pending such investment, it is anticipated that the proceeds will be invested in cash, cash equivalents or other securities, including U.S. government securities, affiliated money market funds or high quality, short-term debt securities. The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses, although the Fund currently has no intent to issue Securities primarily for this purpose. See &#8220;Use of Leverage.&#8221;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_007"><strong>MARKET AND NET ASSET VALUE INFORMATION</strong></span></p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund&#8217;s currently outstanding Common Shares are listed on the NYSE under the symbol &#8220;VCV&#8221; and the Common Shares offered by this Prospectus, subject to notice of issuance, will also be listed on the NYSE. The Fund&#8217;s Common Shares commenced trading on the NYSE on June 10, 1993.</p>
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      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">11</p>
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      <p style="margin:0pt">&#160;</p>
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                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20250601to20250831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.62</ix:nonFraction></td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250601to20250831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">8.21</ix:nonFraction></td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250601to20250831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">1.19</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20250301to20250531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.16</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20250301to20250531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.66</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20250301to20250531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.04</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20250301to20250531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.76</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250301to20250531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">5.07</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112452223_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20250301to20250531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">5.94</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20241201to20250228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.28</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20241201to20250228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.48</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20241201to20250228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.40</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20241201to20250228" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.77</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20241201to20250228" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">2.65</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112453826_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20241201to20250228" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">7.91</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20240901to20241130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.37</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20240901to20241130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.06</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20240901to20241130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.51</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20240901to20241130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.98</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240901to20241130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">0.87</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112455356_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240901to20241130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">8.84</ix:nonFraction></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112457369_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.07</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112457369_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.54</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112457369_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20240601to20240831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.05</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112457369_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240601to20240831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">4.66</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112457369_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240601to20240831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">10.26</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">May&#160;2024</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.07</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.56</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.47</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20240301to20240531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.02</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240301to20240531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">8.87</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112459390_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20240301to20240531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">14.49</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20231201to20240229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.90</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20231201to20240229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.46</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20231201to20240229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.50</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20231201to20240229" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.09</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20231201to20240229" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">13.46</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112501141_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20231201to20240229" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">15.19</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20230901to20231130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.37</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20230901to20231130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">8.08</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20230901to20231130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.06</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20230901to20231130" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.64</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230901to20231130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">13.83</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112503200_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230901to20231130" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">17.07</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif">August&#160;2023</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20230601to20230831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.84</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20230601to20230831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.18</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20230601to20230831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.23</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20230601to20230831" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.64</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230601to20230831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">11.13</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112505195_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230601to20230831" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">14.95</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">May&#160;2023</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911110332499" name="cef:HighestPriceOrBid" contextRef="C_20230301to20230531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.24</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911110342556" name="cef:LowestPriceOrBid" contextRef="C_20230301to20230531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">9.20</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911112156844" name="cef:HighestPriceOrBidNav" contextRef="C_20230301to20230531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">11.46</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911112216274" name="cef:LowestPriceOrBidNav" contextRef="C_20230301to20230531" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.76</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911112234615" name="cef:HighestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230301to20230531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">9.44</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911112506969_xbrl_20250911112302270" name="cef:LowestPriceOrBidPremiumDiscountToNavPercent" contextRef="C_20230301to20230531" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">14.86</ix:nonFraction></td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>

          </table>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><sup>(1)</sup>&#160;Based on the Fund&#8217;s computations.</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><sup>(2)</sup>&#160;Calculated based on the information presented. Percentages are rounded.</p>
        </div>
      </ix:continuation>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The net asset value per Common Share, the market price, and percentage of premium/(discount) to net asset value per Common Share on September&#160;8, 2025 was $<ix:nonFraction id="Fxbrl_20250911105120373" name="us-gaap:NetAssetValuePerShare" contextRef="C_20250908" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.13</ix:nonFraction>, $<ix:nonFraction id="Fxbrl_20250911105149756" name="us-gaap:SharePrice" contextRef="C_20250908" unitRef="Usd_per_Share" scale="0" decimals="2" format="ixt:num-dot-decimal">10.44</ix:nonFraction>, and <ix:nonFraction id="Fxbrl_20250911105211639" name="cef:LatestPremiumDiscountToNavPercent" contextRef="C_20250908to20250908" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">3.06</ix:nonFraction>%, respectively. As of September&#160;8, 2025, the Fund had 48,020,486 Common Shares outstanding and net assets applicable to Common Shares of <span style="text-align:justify;font-size:13.3333px;color:rgb(0, 0, 0);font-family:Times New Roman, Times, serif;font-style:normal;font-weight:400">$486,458,11</span><span style="color:#000000;font-family:Times New Roman, Times, serif;font-size:13.3333px;font-style:normal;font-variant-ligatures:normal;font-weight:400;text-align:justify;white-space:normal;text-decoration-thickness:initial;text-decoration-style:initial;text-decoration-color:initial">4.77.</span> The Fund cannot predict whether its Common Shares will trade in the future at a premium to or discount from net asset value, or the level of any premium or discount.</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
  </div>
</div><div style="margin-left:3.0pt;margin-right:3.0pt;">
  <div style="font:10pt Times New Roman, Times, Serif">
    <ix:nonNumeric id="Fxbrl_20250911103531635" name="cef:InvestmentObjectivesAndPracticesTextBlock" contextRef="C_20250912to20250912" escape="true">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_008"><strong>INVESTMENT OBJECTIVE AND POLICIES</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective and Policies</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm">annual report</a> on Form&#160;N-CSR, entitled &#8220;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Investment Objective&#8221; and &#8220;-Investment Policies of the Trust,&#8221; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objective and policies.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Turnover</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Fund&#8217;s portfolio turnover rate may vary greatly from year to year. For the past two fiscal years, the Fund&#8217;s portfolio turnover rate was as follows.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

            <tr style="vertical-align:bottom">
              <td style="font:10pt Times New Roman, Times, Serif;border-bottom:Black 1pt solid">Fiscal Year Ended</td>
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              <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif">&#160;</td>
            </tr>
            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="width:79%;font:10pt Times New Roman, Times, Serif">February&#160;28, 2025</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:18%;font:10pt Times New Roman, Times, Serif;text-align:right">12</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
            </tr>
            <tr style="vertical-align:bottom">
              <td style="font:10pt Times New Roman, Times, Serif">February&#160;29, 2024</td>
              <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Restrictions</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#8217;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#8217;s outstanding voting securities. See &#8220;Investment Restrictions&#8221; in the SAI for a complete list of the fundamental investment policies of the Fund.</p>
      </div>
    </ix:nonNumeric>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">12</p>
    </div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:nonNumeric id="Fxbrl_20250911103606961" name="cef:EffectsOfLeverageTextBlock" contextRef="C_20250912to20250912" continuedAt="F20250911115331955" escape="true">
      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_009"><strong>USE OF LEVERAGE</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#8217;s holdings.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Currently, the Fund employs leverage through its outstanding series of variable rate muni term preferred shares (&#8220;Preferred Shares&#8221;), which have seniority over the Common Shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#8217;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#8217;s issuance of floating rate certificates.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#8217;s leveraging strategy will be successful.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may use derivative instruments including, but not limited to, futures, options, swaps (including municipal market data rate locks (&#8220;MMD Rate Locks&#8221;)) and forwards (including municipal forward contracts) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">So long as the net rate of income received from the Fund&#8217;s investments purchased with leverage proceeds exceeds the then current interest rate on such leverage, the investment of the proceeds of leverage will generate more net income than if the Fund had not leveraged itself. However, if the rate of net income received from the Fund&#8217;s portfolio investments purchased with the proceeds of leverage is less than the then current interest rate on that leverage, the Fund may be required to utilize other Fund assets to make interest payments on its leveraging instruments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund pays a management fee to the Adviser (which in turn may pay a portion of such fee to any Sub-Adviser utilized) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#8217;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#8217;s net assets as well as assets that are attributable to the Fund&#8217;s investment of the proceeds of its leverage, it is anticipated that the Fund&#8217;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#8217;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#8217;s and any Sub-Adviser&#8217;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#8217;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#8217;s performance and the impact of the use of leverage on that performance.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Under the 1940 Act, the Fund is not permitted to issue &#8220;senior securities&#8221; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.</p>
      </div>
    </ix:nonNumeric>
    <div style="display:none">
      <ix:continuation id="F20250911115331955" continuedAt="F20250911103637560">
        <div>&#160;</div>
      </ix:continuation>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">13</p>
    </div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <ix:continuation id="F20250911103637560" continuedAt="F20250911115413910">
      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Preferred Shares</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. Under the 1940 Act, the Fund may not issue preferred shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets).</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><i>Preferred Shares.</i> On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Series&#160;2015/6-VCV VMTP Shares (the &#8220;Preferred Shares&#8221;), respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">As of February&#160;28, 2025, the Fund had outstanding preferred shares with an aggregate liquidation preference of $184,803,562, representing approximately 4.40% of the Fund&#8217;s total assets as of such date.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><strong>Effects of Leverage</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Assuming (i)&#160;the use by the Fund of leverage representing approximately 37.81% of the Fund&#8217;s total assets (including the proceeds of such leverage), 17.10% of the Fund&#8217;s total assets being attributable to borrowings and 20.70% of the Fund&#8217;s total assets being attributable to preferred shares, and (ii)&#160;interest costs to the Fund at an average annual rate of <ix:nonFraction id="Fxbrl_20250911154256003" name="cef:AnnualInterestRatePercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">4.03</ix:nonFraction>% with respect to borrowings and dividends on preferred shares at an annual rate of 4.40%, then the incremental income generated by the Fund&#8217;s portfolio (net of estimated expenses related to the leverage) must exceed approximately 7.20% to cover such interest expense. Of course, these numbers are merely estimates used for illustration. The amount of leverage used by the Fund as well as actual interest expenses and dividend payments on such leverage may vary frequently and may be significantly higher or lower than the rate estimated above.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <ix:nonNumeric id="Fxbrl_20250911103745196" name="cef:EffectsOfLeveragePurposeTextBlock" contextRef="C_20250912to20250912" escape="true">
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The following table is furnished pursuant to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&#8217;s investment portfolio returns will be. The table further reflects the issuance of leverage representing approximately 7.02% of the Fund&#8217;s total assets (including the proceeds of such leverage), and the Fund&#8217;s currently projected annual interest rate of 4.03% with respect to borrowings and projected annual dividends on preferred shares of 4.40%. The table does not reflect any offering costs of Common Shares or leverage.</p>
        </ix:nonNumeric>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <ix:nonNumeric id="Fxbrl_20250911103845704" name="cef:EffectsOfLeverageTableTextBlock" contextRef="C_20250912to20250912" escape="true">
          <div>
            <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="width:45%;font:bold 10pt Times New Roman, Times, Serif;text-align:left">Assumed portfolio total return (net of expenses)</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">(10.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">(5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">0.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">10.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Common Share total return</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911103914440" name="cef:ReturnAtMinusTenPercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">14.07</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911103944783" name="cef:ReturnAtMinusFivePercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">8.05</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(<ix:nonFraction id="Fxbrl_20250911104033593" name="cef:ReturnAtZeroPercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal" sign="-">2.03</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><ix:nonFraction id="Fxbrl_20250911104051780" name="cef:ReturnAtPlusFivePercent" contextRef="C_20250912to20250912" unitRef="Pure" scale="-2" decimals="4" format="ixt:num-dot-decimal">3.99</ix:nonFraction></td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>

            </table>
          </div>
        </ix:nonNumeric>
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    </ix:continuation>
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      <ix:continuation id="F20250911115413910" continuedAt="F20250911103646991">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">14</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">&#160;</p>
    <ix:continuation id="F20250911103646991">
      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Common Share total return is composed of two elements&#8212;the Common Share dividends paid by the Fund (the amount of which is largely determined by the Fund&#8217;s net investment income after paying the carrying cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital loss than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the net investment income it receives on its investments is entirely offset by losses on the value of those investments. This table reflects the hypothetical performance of the Fund&#8217;s portfolio and not the performance of the Fund&#8217;s Common Shares, the value of which will be determined by market and other factors.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <ix:nonNumeric id="Fxbrl_20250911112021270" name="cef:RiskFactorsTableTextBlock" contextRef="C_20250912to20250912" escape="true">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_010"><strong>RISKS</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Principal Risks of Investing in the Trust,&#8221; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_011"><strong>MANAGEMENT OF THE FUND</strong></span></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Board of Trustees</strong></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The management of the Fund, including general supervision of the duties performed by the Adviser, is the responsibility of the Fund&#8217;s Board of Trustees.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Adviser</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Invesco Advisers,&#160;Inc. (&#8220;Invesco&#8221; or the &#8220;Adviser&#8221;) is the Fund&#8217;s investment adviser. The Adviser is an indirect wholly owned subsidiary of Invesco Ltd. The Adviser is located at 1331 Spring Street, N.W., Atlanta, Georgia 30309. The Adviser, a successor in interest to multiple investment advisers, has been an investment adviser since 1976.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Advisory Agreement</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund retains the Adviser to manage the investment of its assets and to place orders for the purchase and sale of its portfolio securities. Under an investment advisory agreement between the Adviser and the Fund (the &#8220;Advisory Agreement&#8221;), the Fund pays the Adviser a monthly advisory fee based on the annual rate of 0.55% of the Fund&#8217;s average daily Managed Assets. &#8220;Managed Assets,&#8221; for purposes of the advisory fee, means the Fund&#8217;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&#8217;s financial statements for purposes of GAAP).</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Such fee is payable for each calendar month as soon as practicable after the end of that month. The Adviser has contractually agreed, through at least August&#160;31, 2026, to waive the advisory fee payable by the Fund in an amount equal to 100% of the net advisory fees the Adviser receives from the affiliated money market funds on investments by the Fund of uninvested cash in such affiliated money market funds. For the fiscal year ended February&#160;28, 2025, the Adviser did not waive any advisory fees.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Adviser furnishes offices, necessary facilities and equipment. The Fund pays all charges and expenses of its day-to-day operations, including service fees, distribution fees, custodian fees, legal and independent registered public accounting firm fees, the costs of reports and proxies to shareholders, compensation of trustees of the Fund (other than those who are affiliated persons of the Adviser or Invesco Distributors) and all other ordinary business expenses not specifically assumed by the Adviser.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">15</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">A discussion regarding the basis for the Board of Trustees&#8217; approval of the Advisory Agreement and Sub-Advisory Agreement was available in the Fund&#8217;s Semi-Annual Report for the fiscal period ended August&#160;31, 2024.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Sub-Adviser</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Invesco has entered into a Sub-Advisory Agreement with certain affiliates to serve as sub-advisers to the 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 Fund.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">These affiliated sub-advisers, each of which is a registered investment adviser under the Advisers Act are:</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Asset Management Deutschland GmbH (&#8220;Invesco Deutschland&#8221;)</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Asset Management Limited (&#8220;Invesco Asset Management&#8221;)</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Asset Management (Japan) Limited (&#8220;Invesco Japan&#8221;)</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Hong Kong Limited (&#8220;Invesco Hong Kong&#8221;)</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Senior Secured Management,&#160;Inc. (&#8220;Invesco Senior Secured&#8221;)</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">Invesco Canada Ltd. (&#8220;Invesco Canada&#8221;);</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0 0pt 1in">(each a &#8220;Sub-Adviser&#8221; and collectively, the &#8220;Sub-Advisers&#8221;).</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Management</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Investment decisions for the Fund are made by the Fund&#8217;s investment management team. The following individuals are primarily responsible for the day-to-day management of the Fund.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">Mark Paris, Senior Portfolio Manager. Mr.&#160;Paris is Chief Investment Officer and Head of Municipals for the Invesco Municipal Bond team. In this role, he is responsible for the oversight and implementation of all municipal bond strategies. Mr.&#160;Paris joined Invesco when the firm combined with Van Kampen Investments in 2010. Prior to joining the firm, he was both a trader and portfolio manager on the municipal fixed income team at Morgan Stanley/Van Kampen, which he joined in 2002. He was also a trader and portfolio manager at OppenheimerFunds, head underwriter at Chase Manhattan Bank, and a trader and underwriter at NatWest Bank. Mr.&#160;Paris entered the financial industry in 1990. Mr.&#160;Paris earned a BBA degree in finance from Baruch College of the City University of New York.</span></td>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">16</p>
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    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">Elizabeth S. Mossow, Senior Portfolio Manager. Elizabeth Mossow is a Senior Portfolio Manager for the Invesco Municipal Bond team. Ms.&#160;Mossow joined Invesco when the firm combined with OppenheimerFunds in 2019. Ms.&#160;Mossow earned a BA degree in economics from St. Lawrence University and an MBA in finance from the William E. Simon Graduate School of Business Administration at the University of Rochester. She is a Chartered Financial Analyst&#174; (CFA) charterholder and member of the CFA Society of Rochester.</span></td>
        </tr>

    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px;border:0px;width:100%">

        <tr style="vertical-align:top">
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          <td style="width:0.25in">&#9679;</td>
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            <p style="font-size:10pt;font-family:Times New Roman, Times, serif;margin-top:0pt;margin-bottom:0pt"><span>Julius Williams, Senior Portfolio Manager. Mr. Williams is a Senior Portfolio Manager and Head of Trading for the Invesco Municipal Bond team. Mr. Williams joined Invesco when the firm combined with Van Kampen in 2010, where he was a portfolio manager and trader of municipal funds. Mr. Williams entered the financial industry in 2000. Mr. Williams earned a BA degree in economics and sociology and a master&#8217;s in educational psychology from the University of Virginia.</span></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

        <tr style="vertical-align:top">
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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">Joshua Cooney, Senior Portfolio Manager, Mr.&#160;Cooney is a Senior Portfolio Manager for the Invesco Municipal Bond team. Mr.&#160;Cooney joined Invesco and began his investment career in 1998 as a portfolio administrator for the Invesco Fixed Income team. Throughout his career at Invesco, he has served as a project manager for the Risk Management team in Boston, a portfolio manager for the Global Macro team in London, and a quantitative analyst for the Quantitative Research team in New York City. In 2015, he joined the Invesco Municipal Bond team as a quantitative analyst. Mr.&#160;Cooney earned a BA degree in economics from the College of the Holy Cross.</span></td>
        </tr>

    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

        <tr style="vertical-align:top">
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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">John Schorle, Senior Portfolio Manager. Mr.&#160;Schorle is a Senior Portfolio Manager for the Invesco Municipal Bond team. Mr.&#160;Schorle joined Invesco when the firm combined with the Morgan Stanley/Van Kampen retail business in 2010, where his roles included buy- and sell-side fixed income trading and analysis, fixed income and equity research, and fund accounting. Prior to his current role, he served as a senior credit analyst on the Municipal Bond team, following his experience as a senior investment research manager in the Unit Investment Trust division. Mr.&#160;Schorle entered the financial industry in 1998. Mr.&#160;Schorle earned a BA degree in economics from DePaul University. He is a registered Certified Public Accountant (CPA).</span></td>
        </tr>

    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

        <tr style="vertical-align:top">
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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">Jack Connelly, Senior Portfolio Manager. Mr.&#160;Connelly is a Senior Portfolio Manager for the Invesco Municipal Bond team. Mr.&#160;Connelly joined Invesco in 2016. Prior to joining the firm, he was senior vice president of municipal sales for Raymond James&#160;&amp; Associates, where he entered the industry in 1994. Mr.&#160;Connelly earned a BA degree in philosophy from Wheaton College and master&#8217;s degrees from the University of Rhode Island and Yale University.</span></td>
        </tr>

    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

        <tr style="vertical-align:top">
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          <td style="width:0.25in"><span>&#9679;</span></td>
          <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif">Tim O&#8217;Reilly, Senior Portfolio Manager. Mr.&#160;O&#8217;Reilly is a Senior Portfolio Manager and Head of Institutional Municipal Portfolio Management for the Invesco Municipal Bond team. Mr.&#160;O&#8217;Reilly joined Invesco when the firm combined with Van Kampen Investments in 2010, serving as a senior unit trust fixed income portfolio manager. He entered the financial industry in 2001. Mr.&#160;O&#8217;Reilly earned a BS degree in finance from Eastern Illinois University and an MBA in finance from the University of Illinois at Chicago.</span></td>
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    </table>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">More information on the portfolio managers may be found at www.invesco.com/us. The web site is not part of the Prospectus.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund&#8217;s SAI provides additional information about the portfolio managers&#8217; investments in the Fund, a description of the compensation structure and information regarding other accounts managed.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Administrator</strong></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Invesco Advisers,&#160;Inc., the Fund&#8217;s investment adviser, also serves as the Fund&#8217;s administrator (the &#8220;Administrator&#8221;) under a master administrative services agreement pursuant to which the Adviser performs or arranges, for a separate fee, for the provision of accounting and other administrative services to the Fund which are not required to be performed by the Adviser under its investment advisory agreement with the Fund. Pursuant to a subcontract for administrative services with the Adviser, State Street Bank and Trust Company, which also serves as the Fund&#8217;s Custodian, performs certain administrative functions for the Fund. The Fund has also entered into a support services agreement with Invesco Investment Services,&#160;Inc. The principal business address of Invesco Investment Services,&#160;Inc. is 11 Greenway Plaza, Houston, Texas 77046-1173.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">17</p>
    </div>
    <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
      <p style="margin:0pt">&#160;</p>
    </div>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">For the services rendered to the Fund as Administrator, the Fund pays the Adviser a fee, accrued daily and paid monthly, at an annualized rate based on the aggregate monthly net assets of each mutual fund and closed-end fund in the Invesco Fund complex (not to exceed 0.0175%) of the Fund&#8217;s average net assets</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_012"><strong>NET ASSET VALUE</strong></span></p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The net asset value per share of the Fund&#8217;s Common Shares is determined as of the close of business on each business day by calculating the total value of the Fund&#8217;s assets, deducting its total liabilities, and dividing the result by the number of Common Shares outstanding.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Futures contracts are valued at the daily settlement price set by an exchange on which they are principally traded. Where a final settlement price exists, exchange-traded options are valued at the final settlement price from the exchange where the option principally trades. Where a final settlement price does not exist, exchange-traded options are valued at the mean between the last bid and ask price generally from the exchange where the option principally trades.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Securities of investment companies that are not exchange-traded (e.g., open-end mutual funds) are valued using such company&#8217;s end-of-business-day net asset value per share, whereas securities of investment companies that are exchange-traded will be valued at the last trade price or official closing price on the exchange where they primarily trade.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Securities generally are valued on the basis of prices provided by independent pricing services. Prices 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 (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a trust may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Swap agreements are fair valued using an evaluated quote, if available, provided by an independent pricing service. Evaluated quotes provided by the pricing service are valued based on a model which may include end-of-day net present values, spreads, ratings, industry, company performance and returns of referenced assets. Centrally cleared swap agreements are valued at the daily settlement price determined by the relevant exchange or clearinghouse. Deposits, other obligations of U.S. and non-U.S. banks and financial institutions, and cash equivalents are valued at their daily account value.</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer&#8217;s assets, general market conditions which are not specifically related to the particular issuer, such as real or perceived adverse economic conditions, changes in the general outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism, significant governmental actions or adverse investor sentiment generally 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</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_013"><strong>DISTRIBUTIONS</strong></span></p>
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    <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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      <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">19</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">20</p>
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        <ix:continuation id="F20250911105635682" continuedAt="F20250911120601949">
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will not issue certificates for the Common Shares.</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Issuance of Additional Common Shares</strong></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
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                      <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
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                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"/>
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                      <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

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                      <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
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                <div>&#160;</div>
              </ix:continuation>
            </div>
          </div>
        </ix:continuation>
        <div style="display:none">
          <ix:continuation id="F20250911120601949" continuedAt="F20250911105641977">
            <div>&#160;</div>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">21</p>
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        <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <ix:continuation id="F20250911105641977" continuedAt="F20250911105648017">
          <div>
            <ix:continuation id="F20250911103709058">
              <div>
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                      <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
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                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="text-align:justify">termination rights we may have in connection with such rights offering.</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</p>
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            </ix:continuation>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        </ix:continuation>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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          <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">22</p>
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        <div style="break-before:page;margin-top:6pt;margin-bottom:12pt">
          <p style="margin:0pt">&#160;</p>
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        <ix:continuation id="F20250911105648017" continuedAt="F20250911105654513">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><ix:nonNumeric id="Fxbrl_20250911104853954" name="cef:SecurityLiquidationRightsTextBlock" contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531PreferredSharesMember" escape="true"><span style="font-size:10pt;font-family:Times New Roman">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</span></ix:nonNumeric></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#8217;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><i>Preferred Shares.</i> On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Preferred Shares, respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Dividends paid on the Preferred Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The rate for dividends will be determined in accordance with the procedures included in the Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares, as supplemented, for the Preferred Shares. The Fund is subject to certain restrictions relating to the Preferred Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to Common Shareholders or purchasing Common Shares and/or could trigger the mandatory redemption of Preferred Shares at liquidation preference.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Borrowings</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#8217;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#8217;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid">
          <p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">23</p>
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        <ix:continuation id="F20250911105654513">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                    <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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            </ix:nonNumeric>
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        </ix:continuation>
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The Board of Trustees may require an undertaking by the shareholders making such demand to reimburse the Fund for the fees and expenses of any such counsel or other advisors and other out of pocket expenses of the Fund, in the event that the Board of Trustees determines not to bring such action. These conditions generally are intended to provide the Trustees with the ability to pursue a claim if they believe doing so would be in the best interests of the Fund and its shareholders and to preclude the pursuit of claims that the Trustees determine to be without merit or otherwise not in the Fund&#8217;s best interest to pursue. Any suit, claim or other action by shareholders must be brought pursuant to these provisions, irrespective of whether such claim involves a violation of shareholders&#8217; rights. 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See &#8220;Additional Information.&#8221;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_017"><strong>CONVERSION TO OPEN-END FUND</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may be converted to an open-end management investment company if approved by an affirmative vote of a majority of the Board of Trustees followed by the affirmative vote of the holders of at least 75% of the outstanding shares of the Fund, unless the conversion has been approved by at least 66 2/3% of the Board of Trustees, in which case the affirmative vote of &#8220;a majority of the outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund shall be required. The composition of the Fund&#8217;s portfolio and/or its investment policies could prohibit the Fund from complying with regulations of the SEC applicable to open-end management investment companies unless significant changes in portfolio holdings and investment policies are made. Conversion of the Fund to an open-end management investment company also would require the redemption of any outstanding preferred shares and could require the repayment of borrowings, which would reduce the leveraged capital structure of the Fund with respect to the Common Shares. In the event of conversion, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market system. Common shareholders of an open-end management investment company can require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. If converted to an open-end fund, the Fund expects to pay all redemption requests in cash, but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. 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A more detailed discussion of the tax rules&#160;applicable to the Fund and its Common Shareholders can be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are a taxable U.S. person (as defined for U.S. federal income tax purposes) and that you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investment). This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service (the &#8220;IRS&#8221;), possibly with retroactive effect. 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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 under-distribution or over- distribution, as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid federal income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. 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Such dividends, however, would be eligible (provided that certain holding period and other requirements are met) (i)&#160;to be treated as qualified dividend income in the case of U.S. Common Shareholders taxed as individuals and (ii)&#160;for the dividends-received deduction in the case of U.S. Common Shareholders taxed as corporations. 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Incorporated materials not delivered with the Prospectus may be obtained, without charge, by calling 800-959-4243, by writing to the Fund at Invesco Distributors Inc., 11 Greenway Plaza, Houston, Texas 77046-1173, or from the Fund&#8217;s website www.invesco.com/reports.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_024"><strong>PRIVACY POLICY</strong></span></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">You share personal and financial information with us that is necessary for your transactions and your account records. 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More detail is available to you at invesco.com/privacy.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">33</p></div><div style="break-before:page;margin-top:6pt;margin-bottom:12pt"><p style="margin:0pt">&#160;</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>[______] Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Invesco California Value Municipal Income Trust</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>Rights to Purchase Common Shares</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>PROSPECTUS</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><strong>[DATE]</strong></p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center">All dealers that effect transactions in Common Shares, whether or not participating in this offering, may be required to deliver a Prospectus.</p><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p><div style="margin-top:12pt;margin-bottom:6pt;border-bottom:Black 1pt solid"><p style="font-size:10pt;text-align:center;margin-top:0pt;margin-bottom:0pt">34</p></div><p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p></div></div></div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2525809d1_sai.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1" --><div>

</div><p style="margin: 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">Preliminary Statement of Additional
Information, dated September&#160;12, 2025</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: red">The information in this Statement of
Additional Information is not complete and may be changed. The Fund may not sell these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities
and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Invesco California Value Municipal Income Trust</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>STATEMENT OF ADDITIONAL INFORMATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[DATE]</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Invesco California Value Municipal Income Trust
(the &#8220;Fund&#8221; or &#8220;Trust&#8221;) is a diversified, closed-end management investment company. The Fund&#8217;s primary investment
objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes,
consistent with preservation of capital. There can be no assurance that the Fund will achieve its investment objective, and you could
lose some or all of your investment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Statement of Additional Information relates
to the offering, from time to time, of up to [___] common shares of beneficial interest, no par value (&#8220;Common Shares&#8221;) and/or
rights to purchase Common Shares (&#8220;Rights&#8221; and with the Common Shares, &#8220;Securities&#8221;) in one or more offerings.
This Statement of Additional Information (&#8220;SAI&#8221;) is not a prospectus, but should be read in conjunction with the prospectus
for the Fund, dated [___] (the &#8220;Prospectus&#8221;), and any related supplement to the Prospectus (each a &#8220;Prospectus Supplement&#8221;).
Investors should obtain and read the Prospectus and any related Prospectus Supplement prior to purchasing Common Shares. A copy of the
Prospectus and any related Prospectus Supplement may be obtained without charge, by calling the Fund at 800-959-4246.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Prospectus and this SAI omit certain of the
information contained in the registration statement filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;). The registration
statement may be obtained from the SEC upon payment of the fee prescribed, or inspected at the SEC&#8217;s office or via its website (www.sec.gov)
at no charge. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TABLE OF CONTENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 50%"><a href="#s_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE FUND</span></a></td>
    <td style="width: 50%; text-align: right"><a href="#s_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><a href="#s_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT OBJECTIVE AND POLICIES</span></a></td>
    <td style="text-align: right"><a href="#s_002"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-3</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT RESTRICTIONS</span></a></td>
    <td style="text-align: right"><a href="#s_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-15</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><a href="#s_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TRUSTEES AND OFFICERS</span></a></td>
    <td style="text-align: right"><a href="#s_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-18</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESTMENT ADVISORY AND OTHER SERVICES</span></a></td>
    <td style="text-align: right"><a href="#s_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-36</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><a href="#s_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER SERVICE PROVIDERS</span></a></td>
    <td style="text-align: right"><a href="#s_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-39</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO MANAGERS</span></a></td>
    <td style="text-align: right"><a href="#s_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-40</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><a href="#s_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</span></a></td>
    <td style="text-align: right"><a href="#s_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-43</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAX MATTERS</span></a></td>
    <td style="text-align: right"><a href="#s_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-47</span></a></td></tr>
  <tr style="vertical-align: top; ">
    <td><a href="#s_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTHER INFORMATION</span></a></td>
    <td style="text-align: right"><a href="#s_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-52</span></a></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><a href="#s_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL STATEMENTS</span></a></td>
    <td style="text-align: right"><a href="#s_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-52</span></a></td></tr>
  </table><div>


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</div><div><a id="s_001"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE FUND</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)
and organized as a statutory trust under the laws of the State of Delaware. The Fund was originally organized as a Massachusetts business
trust on December&#160;21, 1992. The Fund commenced operations on April&#160;30, 1993. Effective as of August&#160;27, 2012, the Fund
completed a redomestication to a Delaware statutory trust. Effective December&#160;3, 2012, the Fund&#8217;s name was changed from Invesco
Van Kampen California Value Municipal Income Trust to Invesco California Value Municipal Income Trust. The Fund&#8217;s currently outstanding
common shares of beneficial interest, no par value (the &#8220;Common Shares&#8221;) are listed on the New York Stock Exchange (the &#8220;NYSE&#8221;)
under the symbol &#8220;VCV&#8221; and the Common Shares offered by this Prospectus, subject to notice of issuance, will also be listed
on the NYSE. The Fund&#8217;s principal office is located at 1331 Spring Street NW, Suite&#160;2500, Atlanta, Georgia 30309 and its phone
number is (404) 892-0896.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_002"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT OBJECTIVE AND POLICIES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Additional Investment Policies and Portfolio Contents</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
supplements the discussion of the Fund&#8217;s investment objective, policies and techniques that are described in the Prospectus. The
Fund may make the following investments, among others, some of which are part of its principal investment strategies and some of which
are not. The principal risks of the Fund&#8217;s principal investment strategies are discussed in the Prospectus.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Municipal Securities</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal Securities are typically
debt obligations of states, territories or possessions of the United States and the District of Columbia and their 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. 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain types of municipal
securities are issued to obtain funding for privately operated facilities. The credit and quality of private activity debt securities
are dependent on the private facility or user, who is responsible for the interest payment and principal repayment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The two major classifications
of Municipal Securities are bonds and notes. Municipal bonds are municipal debt obligations in which the issuer is obligated to repay
the original (or &#8220;principal&#8221;) payment amount on a certain maturity date along with interest. A municipal bond&#8217;s maturity
date (the date when the issuer of the bond repays the principal) may be years in the future. Short-term bonds mature in one to three years,
while long-term bonds usually do not mature for more than a decade. 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. Municipal notes also include tax, revenue notes and revenue and bond anticipation notes (discussed
more fully below) of short maturity, generally less than three years, which are issued to obtain temporary funds for various public purposes.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal debt securities
may also be classified as general obligation or revenue obligations (or special delegation securities). General obligation securities
are secured by the issuer&#8217;s pledge of its faith, credit and taxing power for the payment of principal and interest.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue debt obligations,
such as revenue bonds and revenue notes, 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 but not from the general taxing power. 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) 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 IRS.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Another type of revenue obligations
is pre-refunded bonds, which are typically issued to refinance debt. In other words, pre-refunded bonds result from the advance refunding
of bonds that are not currently redeemable. The proceeds from the issue of the lower yield and/or longer maturing pre-refunding bond will
usually be used to purchase U.S. government obligations, such as U.S. Treasury securities, which are held in an escrow account and used
to pay interest and principal payments until the scheduled call date of the original bond issue occurs. Like other fixed income securities,
pre-refunded bonds are subject to interest rate, market, credit, and reinvestment risks. However, because pre-refunded bonds are generally
collateralized with U.S. government obligations, such pre-refunded securities have essentially the same risks of default as a AAA-rated
security. The Fund will treat such pre-refunded securities as investment-grade securities, notwithstanding the fact that the issuer of
such securities may have a lower rating (such as a below-investment-grade rating) from one or more rating agencies.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Within these principal classifications
of municipal securities, there are a variety of types of municipal securities, including but not limited to, fixed and variable rate securities,
variable rate demand notes, municipal leases, custodial receipts, participation certificates, inverse floating rate securities, and derivative
municipal securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After purchase by the Fund,
an issue of Municipal Securities may cease to be rated by Moody&#8217;s Investors Service,&#160;Inc. (Moody&#8217;s) or S&amp;P Global
Ratings (S&amp;P), or another nationally recognized statistical rating organization (NRSRO), 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.
To the extent that the ratings applied by Moody&#8217;s, S&amp;P or another NRSRO to Municipal Securities may change as a result of changes
in these rating systems, the Fund will attempt to use comparable credit quality ratings as standards for its investments in Municipal
Securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 the 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. The ratings of S&amp;P and Moody&#8217;s represent their opinions of
the quality of the municipal securities they undertake to rate. It should be emphasized, however, that 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.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The secondary market for municipal
obligations (and in particular high yield municipal obligations) also tends to be less well-developed and less liquid than many other
securities markets, including with respect to certain municipal securities that represent relatively recent innovations in such markets
or are specific to an individual project, which may limit the Fund&#8217;s ability to sell its municipal obligations at attractive prices,
especially on short notice. There may be less publicly available information about the financial condition of municipal security issuers
than for issuers of other types of securities. As a result, municipal securities may be more difficult to value accurately.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under normal market conditions,
longer-term municipal securities generally provide a higher yield than shorter-term municipal securities. The Fund has no limitation as
to the maturity of municipal securities in which they may invest. The Adviser may adjust the average maturity of the Fund&#8217;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.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net asset value of the
Fund will change with changes in the value of its portfolio securities. With 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. Volatility may be greater
during periods of general economic uncertainty. Further, decreased inventories of municipal securities held by brokers and dealers can
lessen their ability to make a market in these securities, and result in increased municipal security price volatility and trading costs,
particularly during periods of economic or market stress. The lack of a liquid secondary market may also make it more difficult for the
Fund to obtain accurate market quotations in valuing municipal securities and elements of judgment may play a greater role in the valuation.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 impacted in general economic downturns and as relative governmental cost burdens are allocated
and reallocated among federal, state and local governmental units. Such nonpayment would result in a reduction of income to the Fund,
and could result in a reduction in the value of the municipal securities experiencing nonpayment and a potential decrease in the net asset
value of the Fund. In addition, the Fund may incur expenses to work out or restructure a distressed or defaulted security.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in Municipal
Securities with credit enhancements such as letters of credit and municipal bond insurance. The Fund may invest in Municipal Securities
that are insured by financial insurance companies. Since a limited number of entities provide such insurance, the Fund may invest more
than 25% of its assets in securities insured by the same insurance company, to the extent permitted by other applicable investment limitations.
If the 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. Letters of credit are issued by a third party, usually a
bank, to enhance liquidity and ensure repayment of principal and any accrued interest if the underlying Municipal Bond should default.
These credit enhancements do not guarantee payments or repayments on the Municipal Securities and a downgrade in the credit enhancer could
affect the value of the Municipal Security.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the IRS determines that
an issuer of a Municipal Security has not complied with applicable tax requirements, interest from the security could be treated as taxable,
which could result in a decline in the security&#8217;s value. In addition, there could be changes in applicable tax laws or tax treatments
that reduce or eliminate the current federal income tax exemption on Municipal Securities or otherwise adversely affect the current federal
or state tax status of Municipal Securities. For example, 2017 legislation commonly known as the Tax Cuts and Jobs Act repeals the exclusion
from gross income for interest on pre-refunded municipal securities effective for such bonds issued after December&#160;31, 2017.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. Taxable investments include, for example, hedging instruments,
repurchase agreements, and many of the types of securities the Fund would buy for temporary defensive purposes.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At times, in connection with
the restructuring of a municipal bond issuer either outside of bankruptcy court in a negotiated workout or in the context of bankruptcy
proceedings, the Fund may determine or be required to accept equity or taxable debt securities, or the underlying collateral (which may
include real estate or loans) from the issuer in exchange for all or a portion of the Fund&#8217;s holdings in the municipal security.
Although the Adviser will attempt to sell those assets as soon as reasonably practicable in most cases, depending upon, among other things,
the Adviser&#8217;s valuation of the potential value of such assets in relation to the price that could be obtained by the Fund at any
given time upon sale thereof, the Fund may determine to hold such securities or assets in its portfolio for limited period of time in
order to liquidate the assets in a manner that maximizes their value to the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal Securities also
include, but are not limited to, the following securities:</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Revenue Anticipation Debt Securities, including
bonds, notes, and certificates, are issued by governments or governmental bodies with the expectation that future revenues from a designated
source will be used to repay the securities. In general, they also constitute general obligations of the issuer.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tax-Exempt Commercial Paper (Municipal Paper)
is similar to taxable commercial paper, except that tax-exempt commercial paper is issued by states, municipalities and their agencies.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Tax-Exempt Mandatory Paydown Securities (TEMPS)
are fixed rate term bonds carrying a short-term maturity, usually three to four years beyond the expected redemption. TEMPS are structured
as bullet repayments, with required optional redemptions as entrance fees are collected.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Zero Coupon and Pay-in-Kind Securities do not
immediately produce cash income. These securities are issued at an original issue discount, with the full value, including accrued interest,
paid at maturity. Interest income may be reportable annually, even though no annual payments are made. Market prices of zero coupon bonds
tend to be more volatile than bonds that pay interest regularly. 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. Prices on non-cash-paying instruments may be more
sensitive to changes in the issuer&#8217;s financial condition, fluctuation in interest rates and market demand/supply imbalances than
cash-paying securities with similar credit ratings, and thus may be more speculative. Special tax considerations are associated with investing
in certain lower-grade securities, such as zero coupon or pay-in-kind securities. Pay-in-kind securities are subject to additional risks
including that the interest payments deferred on pay-in-kind loans are subject to the risk that the borrower may default when the deferred
payments are due in cash at the maturity of the loan.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Capital Appreciation Bonds are municipal securities
in which the investment return on the initial principal payment is reinvested at a compounded rate until the bond matures. The principal
and interest are due on maturity. Thus, like zero coupon securities, investors must wait until maturity to receive interest and principal,
which increases the interest rate and credit risks.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Payments in lieu of taxes (also known as PILOTs)
are voluntary payments by, for instance the U.S. government or nonprofits, to local governments that help offset losses in or otherwise
serve as a substitute for property taxes.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Converted Auction Rate Securities (CARS) are
a structure that combines the debt service deferral feature of Capital Appreciation Bonds (CABS) with Auction Rate Securities. The CARS
pay no debt service until a specific date, then they incrementally convert to conventional Auction Rate Securities. At each conversion
date the issuer has the ability to call and pay down any amount of the CARS. Some bonds may be &#8220;callable,&#8221; allowing the issuer
to redeem them before their maturity date. To protect bondholders, callable bonds may be issued with provisions that prevent them from
being called for a period of time. Typically, that is 5 to 10 years from the issuance date. When interest rates decline, if the call protection
on a bond has expired, it is more likely that the issuer may call the bond. If that occurs, the Fund might have to reinvest the proceeds
of the called bond in investments that pay a lower rate of return, which could reduce the Fund&#8217;s yield.</span></td></tr></table><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inverse Floating Rate Interests</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inverse floating rate interests
(Inverse Floaters) are issued in connection with municipal tender option bond (TOB) financing transactions to generate leverage for the
Fund. Such instruments are created by a special purpose trust (a TOB Trust) that holds long-term fixed rate bonds sold to it by the Fund
(the underlying security), and issues two classes of beneficial interests: short-term floating rate interests (Floaters), which are sold
to other investors, and Inverse Floaters, which are purchased by the Fund. The Floaters have first priority on the cash flow from the
underlying security held by the TOB Trust, have a tender option feature that allows holders to tender the Floaters back to the TOB Trust
for their par amount and accrued interest at specified intervals and bear interest at prevailing short-term interest rates. Tendered Floaters
are remarketed for sale to other investors for their par amount and accrued interest by a remarketing agent to the TOB Trust and are ultimately
supported by a liquidity facility provided by a bank, upon which the TOB Trust can draw funds to pay such amount to holders of Tendered
Floaters that cannot be remarketed. The Fund, as holder of the Inverse Floaters, is paid the residual cash flow from the underlying security.
Accordingly, the Inverse Floaters provide the Fund with leveraged exposure to the underlying security. When short-term interest rates
rise or fall, the interest payable on the Floaters issued by a TOB Trust will, respectively, rise or fall, leaving less or more, respectively,
residual interest cash flow from the underlying security available for payment on the Inverse Floaters. Thus, as short-term interest rates
rise,&#160;Inverse Floaters produce less income for the Fund, and as short-term interest rates decline,&#160;Inverse Floaters produce
more income for the Fund. The price of Inverse Floaters is expected to decline when interest rates rise and increase when interest rates
decline, in either case generally more so than the price of a bond with a similar maturity, because of the effect of leverage. As a result,
the price of Inverse Floaters is typically more volatile than the price of bonds with similar maturities, especially if the relevant TOB
Trust is structured to provide the holder of the Inverse Floaters relatively greater leveraged exposure to the underlying security (e.g.,
if the par amount of the Floaters, as a percentage of the par amount of the underlying security, is relatively greater). Upon the occurrence
of certain adverse events (including a credit ratings downgrade of the underlying security or a substantial decrease in the market value
of the underlying security), a TOB Trust may be collapsed by the remarketing agent or liquidity provider and the underlying security liquidated,
and the Fund could lose the entire amount of its investment in the Inverse Floater and may, in some cases, be contractually required to
pay the shortfall, if any, between the liquidation value of the underlying security and the principal amount of the Floaters. Consequently,
in a rising interest rate environment, the Fund&#8217;s investments in Inverse Floaters could negatively impact the Fund&#8217;s performance
and yield, especially when those Inverse Floaters provide the Fund with relatively greater leveraged exposure to the underlying securities
held by the relevant<br/>
TOB Trusts.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Final rules&#160;implementing
section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Volcker Rule) prohibit banking entities and their affiliates
from sponsoring and/or providing certain services to TOB Trusts, which constitute &#8220;covered funds&#8221; under the Volcker Rule.
As a result of the Volcker Rule, the Fund, as holder of Inverse Floaters, is required to perform certain duties in connection with TOB
financing transactions previously performed by banking entities. These duties may alternatively be performed by a non-bank third-party
service provider. The Fund&#8217;s expanded role in TOB financing transactions as a result of the Volcker Rule&#160;may increase its operational
and regulatory risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, the SEC and various
banking agencies have adopted rules&#160;implementing credit risk retention requirements for asset-backed securities (the Risk Retention
Rules), which apply to TOB financing transactions and TOB Trusts. The Risk Retention Rules&#160;require the sponsor of a TOB Trust, which
is deemed to be the Fund (as holder of the related Inverse Floaters), to retain at least 5% of the credit risk of the underlying security
held by the TOB Trust. As applicable, the Fund has adopted policies and procedures intended to comply with the Risk Retention Rules. The
Risk Retention Rules&#160;may adversely affect the Fund&#8217;s ability to engage in TOB financing transactions or increase the costs
of such transactions in certain circumstances.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurances
that TOB financing transactions will continue to be a viable or cost-effective form of leverage. The unavailability of TOB financing transactions
or an increase in the cost of financing provided by TOB transactions may adversely affect the Fund&#8217;s net asset value, distribution
rate and ability to achieve its investment objective.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Municipal Lease Obligations</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Municipal leases obligations
are issued by state and local governments or authorities to finance the acquisition of land, equipment and facilities, such as state and
municipal vehicles, telecommunications and computer equipment, and other capital assets. Municipal lease obligations, a type of Municipal
Security, may take the form of a lease, an installment purchase contract or a conditional sales contract. Interest payments on qualifying
municipal lease obligations are generally exempt from federal income taxes.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 non-appropriation 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&#8217;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 the Fund&#8217;s percentage limitations for
illiquid investments and the risks of holding illiquid investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tobacco Related Bonds</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in two
types of tobacco related bonds: (i)&#160;tobacco settlement revenue bonds, for which payments of interest and principal are made solely
from a state&#8217;s interest in the Master Settlement Agreement (&#8220;MSA&#8221;) and (ii)&#160;tobacco bonds subject to a state&#8217;s
appropriation pledge (&#8220;STA Tobacco Bonds&#8221;), for which payments may come from both the MSA revenue and the applicable state&#8217;s
appropriation pledge.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Tobacco Settlement Revenue
Bonds</b>. Tobacco settlement revenue bonds are secured by an issuing state&#8217;s proportionate share of periodic payments by tobacco
companies made under the MSA, a litigation settlement agreement reached out of court in November&#160;1998 between 46 states and six U.S.
jurisdictions and tobacco manufacturers representing a majority of U.S. market share. The MSA provides for annual payments by the manufacturers
to the states and other jurisdictions in perpetuity in exchange for releasing all claims against the manufacturers and a pledge of no
further litigation. The MSA established a base payment schedule and a formula for adjusting payments each year. Tobacco manufacturers
pay into a master escrow trust based on their market share, and each state receives a fixed percentage of the payment as set forth in
the MSA. Within some states, certain localities may in turn be allocated a specific portion of the state&#8217;s MSA payment pursuant
to an arrangement with the state.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A number of states and local
governments have securitized the future flow of payments under the MSA by selling bonds, some through distinct governmental entities created
for such purpose. The bonds are backed by the future revenue flows from the tobacco manufacturers. Annual payments on the bonds, and thus
the risk to the Fund, are dependent on the receipt of future settlement payments by the state or its instrumentality. The actual amount
of future settlement payments depends on many factors including, but not limited to, annual domestic cigarette shipments, cigarette consumption,
inflation and the financial capability of participating tobacco companies. As a result, payments made by tobacco manufacturers could be
reduced if the decrease in tobacco consumption is significantly greater than the forecasted decline. Demand for cigarettes in the U.S.
could continue to decline based on many factors, including without limitation, further regulation, anti-smoking campaigns, tax-increases,
price increases implemented to recoup the cost of payments by tobacco companies under the MSA, reduced ability to advertise, enforcement
of laws prohibiting sales to minors, elimination of certain sales venues such as vending machines, the spread of local ordinances restricting
smoking in public areas, and increase in the use of other nicotine delivery devices (such as electronic cigarettes, smoking cessation
products, and smokeless tobacco).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because tobacco settlement
bonds are backed by payments from the tobacco manufacturers, and generally not by the credit of the state or local government issuing
the bonds, their creditworthiness depends on the ability of tobacco manufacturers to meet their obligations. A market share loss by the
MSA companies to non-MSA participating tobacco manufacturers could also cause a downward adjustment in the payment amounts. A participating
manufacturer filing for bankruptcy also could cause delays or reductions in bond payments, which could affect the Fund&#8217;s net asset
value.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MSA and tobacco manufacturers
have been and continue to be subject to various legal claims, including among others, claims that the MSA violates federal antitrust law.
In addition, the United States Department of Justice has alleged in a civil lawsuit that the major tobacco companies defrauded and misled
the American public about the health risks associated with smoking cigarettes. Since the MSA, individual and class action healthcare cost
recovery lawsuits have been brought against tobacco manufacturers by plaintiffs seeking various forms of relief, including compensatory
and punitive damages, as well as reimbursement for healthcare expenditures incurred in connection with the treatment of medical conditions
allegedly caused by smoking or secondhand smoke. The MSA does not release participating manufacturers from liability in such cases as
the MSA only settled claims of the participating states. An adverse outcome to these, or any litigation matters or regulatory actions
relating to the MSA or affecting tobacco manufacturers, could adversely affect the payment streams associated with the MSA or cause delays
or reductions in bond payments by tobacco manufacturers.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Tobacco Subject to Appropriation
(STA) Bonds</b>. In addition to the tobacco settlement bonds discussed above, the Fund also may invest in STA Tobacco Bonds that rely
on both the revenue source from the MSA and a state appropriation pledge.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These STA Tobacco Bonds are
part of a larger category of municipal bonds that are subject to state appropriation. Although specific provisions may vary among states,
&#8220;government appropriation&#8221; or &#8220;subject to appropriation&#8221; bonds (also referred to as &#8220;appropriation debt&#8221;)
are typically payable from two distinct sources: (i)&#160;a dedicated revenue source such as a municipal enterprise, a special tax or,
in the case of tobacco bonds, the MSA funds, and (ii)&#160;the issuer&#8217;s general funds. Appropriation debt differs from a state&#8217;s
general obligation debt in that general obligation debt is backed by the state&#8217;s full faith, credit, and taxing power, while appropriation
debt requires the state to pass a specific periodic appropriation to pay interest and/or principal on the bonds. The appropriation is
usually made annually. While STA Tobacco Bonds offer an enhanced credit support feature, that feature is generally not an unconditional
guarantee of payment by a state and states generally do not pledge the full faith, credit, or taxing power of the state.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Derivative Transactions and Related Risk Factors</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in derivatives.
A derivative is a financial instrument whose value is dependent upon the value of other assets, rates or indices, referred to as &#8220;underlying
reference assets.&#8221; These underlying reference assets may include, among others, commodities, stocks, bonds, interest rates, currency
exchange rates or related indices. Some derivatives, such as futures and certain options, are traded on U.S. commodity and securities
exchanges, while other derivatives, such as many types of swap agreements, are privately negotiated and entered into in the OTC market.
In addition, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) and implementing rules&#160;require
certain types of swaps to be traded on public execution facilities and centrally cleared.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may use derivative
instruments including, but not limited to, futures, options, swaps (including municipal market data rate locks (&#8220;MMD Rate Locks&#8221;))
and forward contracts (including municipal forward contracts) for a variety of purposes, including hedging, risk management, portfolio
management or to earn income. However derivatives are used, their successful use is not assured and will depend upon, among other factors,
the portfolio managers&#8217; ability to predict and understand relevant market movements.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A futures contract is a standardized
agreement between two parties to buy or sell a specified quantity of an underlying asset at a specified price at a specified future time.
The value of the futures contract tends to increase and decrease in tandem with the value of the underlying asset. 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 by purchasing an offsetting contract, physically delivering the underlying asset
on the settlement date or paying a cash settlement amount on the settlement date.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An option is a derivative
financial instrument that reflects a contract between two parties for a future transaction on an asset at a reference price. The buyer
of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the corresponding obligation
to fulfill the transaction. The price of an option derives from the difference between the reference price and the value of the underlying
asset (commonly a stock, a bond, a currency or a futures contract) plus a premium based on the time remaining until the expiration of
the option. Other types of options exist, and options can in principle be created for any type of valuable asset.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, commodities, currencies or other assets. The notional
amount of a swap is based on the nominal or face amount of a reference asset that is used to calculate payments made on that swap; the
notional amount typically is not exchanged between counterparties. The parties to the swap use variations in the value of the underlying
asset to calculate payments between them through the life of the swap.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>MMD Rate Locks. </i>A MMD Rate Lock permits
the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment
or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased
at a later date. The use of an MMD Rate Lock may result in the Fund having a long or short position in municipal bonds, depending on the
purpose for which it is being used. MMD Rate Locks may also be used for hedging purposes. An MMD Rate Lock is an agreement between two
parties, the Fund and an MMD Rate Lock provider, pursuant to which the parties agree to make payments to each other on a notional amount,
contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level on the expiration date
of the contract.</span></td></tr></table><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A forward contract is a standard binding agreement to buy or sell a specified quantity of an underlying instrument or asset at a specified
price at a specified later date.</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><i>Municipal Forward Contracts. </i>A municipal
forward contract is an agreement by the Fund to purchase a municipal security on a when-issued basis with a longer-than-standard settlement
period, in some cases with the settlement date taking place up to five years from the date of purchase. 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.</span></td></tr></table><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. The leverage involved in these derivative transactions may result in the Fund&#8217;s net asset value being
more sensitive to changes in the value of its investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Commodity Exchange Act (CEA) Regulation and Exclusions:</i></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the Fund,&#160;Invesco
has claimed an exclusion from the definition of &#8220;commodity pool operator&#8221; (CPO) under the CEA and the rules&#160;of the Commodity
Futures Trading Commission (CFTC) and, therefore, is not subject to CFTC registration or regulation as a CPO. In addition,&#160;Invesco
is relying upon a related exclusion from the definition of &#8220;commodity trading advisor&#8221; (CTA) under the CEA and the rules&#160;of
the CFTC with respect to the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the CPO exclusion
require the Fund, among other things, to adhere to certain limits on its investments in &#8220;commodity interests.&#8221; Commodity interests
include commodity futures, commodity options and swaps, which in turn include non-deliverable forwards, as further described below. Because
Invesco and the Fund intend to comply with the terms of the CPO exclusion, the Fund may, in the future, need to adjust its investment
strategies, consistent with their investment objectives, to limit their investments in these types of instruments. The Fund is not intended
as a vehicle for trading in the commodity futures, commodity options or swaps markets. The CFTC has neither reviewed nor approved Invesco&#8217;s
reliance on these exclusions, or the Fund, its investment strategies, its prospectus or this SAI.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, the exclusion from
CPO regulation on which Invesco relies requires the Fund to meet one of the following tests for its commodity interest positions, other
than positions entered into for bona fide hedging purposes (as defined in the rules&#160;of the CFTC): either (1)&#160;the aggregate initial
margin and premiums required to establish the Fund&#8217;s positions in commodity interests may not exceed 5% of the liquidation value
of the Fund&#8217;s portfolio (after taking into account unrealized profits and unrealized losses on any such positions); or (2)&#160;the
aggregate net notional value of the Fund&#8217;s commodity interest positions, determined at the time the most recent such position was
established, may not exceed 100% of the liquidation value of the Fund&#8217;s portfolio (after taking into account unrealized profits
and unrealized losses on any such positions). In addition to meeting one of these trading limitations, the Fund may not market itself
as a commodity pool or otherwise as a vehicle for trading in the commodity futures, commodity options or swaps markets. If, in the future,
the Fund can no longer satisfy these requirements,&#160;Invesco would withdraw its notice claiming an exclusion from the definition of
a CPO, and Invesco would be subject to registration and regulation as a CPO with respect to the Fund, in accordance with the CFTC rules&#160;that
allow for substituted compliance with CFTC disclosure and shareholder reporting requirements based on Invesco&#8217;s compliance with
comparable SEC requirements. However, as a result of CFTC regulation with respect to the Fund, the Fund may incur additional compliance
and other expenses.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General risks associated with derivatives:</i></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use by the Fund of derivatives
may involve certain risks, as described below.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Counterparty Risk</span>:
The risk that a counterparty under a derivatives agreement will not live up to its obligations, including because of the counterparty&#8217;s
bankruptcy or insolvency. Certain agreements may not contemplate delivery of collateral to support fully a counterparty&#8217;s contractual
obligation; therefore, the Fund might need to rely solely on contractual remedies to satisfy the counterparty&#8217;s full obligation.
As with any contractual remedy, there is no guarantee that the Fund will be successful in pursuing such remedies, particularly in the
event of the counterparty&#8217;s bankruptcy or insolvency. Many derivative trading agreements, such as an ISDA Master Agreement governing
OTC swaps, provide for netting of derivatives transactions governed by the agreement in the event of a default by either counterparty,
pursuant to which the Fund&#8217;s and the counterparty&#8217;s obligations under the relevant transactions can be netted and set-off
against each other, in which case the Fund&#8217;s obligation or right will be the net amount owed to or by the counterparty. Netting
agreements are intended to function as a counterparty credit risk mitigant, but in the case of a bankruptcy or insolvency of the relevant
counterparty, are subject to the risk that the insolvency regime applicable to the counterparty might not recognize the enforceability
of the contractual netting provisions. 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,&#160;Invesco monitors the financial stability of
the guarantor and the counterparty. If a counterparty&#8217;s creditworthiness declines, the value of the derivative would also likely
decline, potentially resulting in losses to the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Leverage Risk</span>: Leverage
exists when the 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. Leverage may cause the Fund to be more
volatile because it may exaggerate the effect of any increase or decrease in the value of the Fund&#8217;s portfolio securities. The use
of some derivatives may result in economic leverage, which does not result in the possibility of the Fund incurring obligations beyond
its initial investment, but that nonetheless permits the Fund to gain exposure that is greater than would be the case in an unlevered
instrument.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Liquidity Risk</span>: 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Pricing Risk</span>: The risk
that the value of a particular derivative does not move in tandem or as otherwise expected relative to the corresponding underlying instruments.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Special Regulatory Risks
of Derivatives</span>: The regulation of derivatives is a rapidly changing area of law and is subject to modification by government and judicial
action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency,
including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements,
the establishment of daily price limits and the suspension of trading.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is not possible to predict
fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types
of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties
with which the Fund engages in derivative transactions, may limit or prevent the Fund from using or limit the Fund&#8217;s use of these
instruments effectively as a part of its investment strategy, and could adversely affect the Fund&#8217;s ability to achieve its investment
objective. Invesco will continue to monitor developments in the area, particularly to the extent regulatory changes affect the Fund&#8217;s
ability to enter into desired swap agreements. New requirements, even if not directly applicable to the Fund, may increase the cost of
the Fund&#8217;s investments and cost of doing business.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="text-decoration:underline">Tax Risks</span>: For a discussion
of the tax considerations relating to derivative transactions, see &#8220;Tax Matters.&#8221;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>General risks of hedging strategies using derivatives:</i></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The use by the Fund of hedging
strategies involves special considerations and risks, as described below. Successful use of hedging transactions depends upon Invesco&#8217;s
and the Sub-Advisers&#8217; 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.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. Investors should bear in mind that the Fund is not obligated to actively engage in hedging. For example, the
Fund may not have attempted to hedge its exposure to a particular foreign currency at a time when doing so might have avoided a loss.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Valuation Risk.</b> Financial
information related to securities of non-U.S. issuers may be less reliable than information related to securities of U.S. issuers, which
may make it difficult to obtain a current price for a non-U.S. security held by the Fund. In certain circumstances, market quotations
may not be readily available for some Fund securities, and those securities may be fair valued. The value established for a security through
fair valuation may be different from what would be produced if the security had been valued using market quotations. Fund securities that
are valued using techniques other than market quotations, including "fair valued" securities, may be subject to greater fluctuations
in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that
the Fund could sell a portfolio security for the value established for it at any time, and it is possible that the Fund would incur a
loss because a security is sold at a discount to its established value.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Cybersecurity Risk</b>.
With the increased use of technologies such as the Internet to conduct business, the Fund, like all companies, may be susceptible to operational,
information security and related risks. Cybersecurity incidents involving the Fund and its service providers (including, without limitation,
the Fund&#8217;s investment adviser, sub-adviser, fund accountant, custodian, transfer agent and financial intermediaries) have the ability
to cause disruptions and impact business operations, potentially resulting in financial losses, impediments to trading, the inability
of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational
damage, reimbursement or other compensation costs, and/or additional compliance costs.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cybersecurity incidents can
result from deliberate cyberattacks or unintentional events and may arise from external or internal sources. Cyberattacks may include
infection by malicious software or gaining unauthorized access to digital systems, networks or devices that are used to service the Fund&#8217;s
operations (e.g., by &#8220;hacking&#8221; or &#8220;phishing&#8221;). Cyberattacks may also be carried out in a manner that does not
require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable
to intended users). These cyberattacks could cause the misappropriation of assets or personal information, corruption of data or operational
disruptions. Geopolitical tensions may, from time to time, increase the scale and sophistication of deliberate cyberattacks.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similar adverse consequences
could result from cybersecurity incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund
engages, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance
companies, other financial institutions and other parties. In addition, substantial costs may be incurred in order to prevent any cybersecurity
incidents in the future. Although the Fund&#8217;s service providers may have established business continuity plans and risk management
systems to mitigate cybersecurity risks, there can be no guarantee or assurance that such plans or systems will be effective, or that
all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. The Fund
and its shareholders could be negatively impacted as a result.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rapid development and
increasingly widespread use of AI Technologies (as discussed under &#8220;Artificial Intelligence Risk&#8221; herein) could increase the
effectiveness of cyberattacks and exacerbate the risks.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Risks Relating to Fund&#8217;s
RIC Status</b>. Although the Fund intends to elect and qualify each year to be treated as a RIC under Subchapter M of the Code, no assurance
can be given that the Fund will be able to qualify for and maintain RIC status. If the Fund qualifies as a RIC under the Code, the Fund
generally will not be subject to corporate-level federal income taxes on its income and capital gains that are timely distributed (or
deemed distributed) as dividends for U.S. federal income tax purposes to its shareholders. To qualify as a RIC under the Code and to be
relieved of federal taxes on income and gains distributed as dividends for U.S. federal income tax purposes to the Fund&#8217;s shareholders,
the Fund must, among other things, meet certain source-of-income, asset diversification and distribution requirements. The distribution
requirement for a RIC is satisfied if the Fund distributes dividends each tax year for U.S. federal income tax purposes of an amount generally
at least equal to 90% of the sum of its net ordinary income and net short-term capital gains in excess of net long-term capital losses,
if any, to the Fund&#8217;s shareholders.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Receipt of Issuer&#8217;s
Nonpublic Information</b>. The Adviser or Sub-Advisers (through their portfolio managers, analysts, or other representatives) may receive
material nonpublic information about an issuer that may restrict the ability of the Adviser or Sub-Advisers to cause the Fund to buy or
sell securities of the issuer on behalf of the Fund for substantial periods of time. This may impact the Fund&#8217;s ability to realize
profit or avoid loss with respect to the issuer and may adversely affect the Fund&#8217;s flexibility with respect to buying or selling
securities, potentially impacting Fund performance. For example, activist investors of certain issuers in which the Adviser or Sub-Advisers
hold large positions may contact representatives of the Adviser or Sub-Advisers and may disclose material nonpublic information in such
communication. The Adviser or Sub-Advisers would be restricted from trading on the basis of such material nonpublic information, limiting
their flexibility in managing the Fund and possibly impacting Fund performance.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Business Continuity and
Operational Risk</b>. The Adviser, the Fund and the Fund&#8217;s service providers may experience disruptions or operating errors, such
as processing errors or human errors, inadequate or failed internal or external processes, systems or technology failures, or other disruptive
events, that could negatively impact and cause disruptions in normal business operations of the Adviser, the Fund or the Fund&#8217;s
service providers. The Adviser has developed a Business Continuity Program (the &#8220;Program&#8221;) designed to minimize the disruption
of normal business operations in the event of an adverse incident affecting the Fund, the Adviser and/or its affiliates. The Program is
also designed to enable the Adviser to reestablish normal business operations in a timely manner during such an adverse incident; however,
there are inherent limitations in such programs (including the possibility that contingencies have not been anticipated and procedures
do not work as intended) and, under some circumstances (e.g. natural disasters, terrorism, public health crises, power or utility shortages
and failures, system failures or malfunctions), the Adviser, its affiliates, and any service providers or vendors used by the Adviser,
its affiliates, or the Fund could be prevented or hindered from providing services to the Fund for extended periods of time. These circumstances
could cause disruptions and negatively impact the Fund&#8217;s service providers and the Fund&#8217;s business operations, potentially
including an inability to calculate the Fund&#8217;s net asset value and price the Fund&#8217;s investments, and impediments to trading
portfolio securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Artificial Intelligence
Risk. </b>The rapid development and increasingly widespread use of certain artificial intelligence technologies, including machine learning
models and generative artificial intelligence (collectively &#8220;AI Technologies&#8221;), may adversely impact markets, the overall
performance of the Fund&#8217;s investments, or the services provided to the Fund by its service providers. For example, issuers in which
the Fund invests and/or service providers to the Fund (including, without limitation, the Fund&#8217;s investment adviser, sub-adviser,
fund accountant, custodian, or transfer agent) may use and/or expand the use of AI Technologies in their business operations, and the
challenges with properly managing its use could result in reputational harm, competitive harm, legal liability, and/or an adverse effect
on business operations. AI Technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms,
and it is possible that the information provided through use of AI Technologies could be insufficient, incomplete, inaccurate or biased
leading to adverse effects for the Fund, including, potentially, operational errors and investment losses. Additionally, the use of AI
Technologies could impact the market as a whole, including by way of use by malicious actors for market manipulation, fraud and cyberattacks,
and may face regulatory scrutiny in the future, which could limit the development of this technology and impede the growth of companies
that develop and use AI.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the Fund invests
in companies that are involved in various aspects of AI Technologies, it is particularly sensitive to the risks of those types of companies.
These risks include, but are not limited to, small or limited markets for such securities, changes in business cycles, world economic
growth, technological progress, rapid obsolescence, and government regulation. Such companies may have limited product lines, markets,
financial resources, or personnel. Securities of such companies, especially smaller, start-up companies, tend to be more volatile than
securities of companies that do not rely heavily on technology. Rapid change to technologies that affect a company&#8217;s products could
have a material adverse effect on such company&#8217;s operating results. Companies that are extensively involved in AI Technologies also
may rely heavily on a combination of patents, copyrights, trademarks, and trade secret laws to establish and protect their proprietary
rights in their products and technologies. There can be no assurance that the steps taken by these companies to protect their proprietary
rights will be adequate to prevent the misappropriation of their technology or that competitors will not independently develop technologies
that are substantially equivalent or superior to such companies&#8217; technology. Such companies may engage in significant amounts of
spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual usage of AI Technologies
by the Fund&#8217;s service providers and issuers in which the Fund invests will vary. AI Technologies and their current and potential
future applications, and the regulatory frameworks within which they operate, continue to rapidly evolve, and it is impossible to predict
the full extent of future applications or regulations and the associated risks to the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Natural Disaster/Epidemic
Risk</b>. Natural or environmental disasters such as earthquakes, wildfires, floods, hurricanes, tsunamis, other severe weather-related
phenomena, and widespread disease including pandemics and epidemics, can be highly disruptive to economies and markets, sometimes severely
so, and can adversely impact individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings,
investor sentiment, and other factors affecting the value of the Fund&#8217;s investments. Given the increasing interdependence among
global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers,
and/or foreign exchange rates in other countries, including the U.S. These disruptions could prevent the Fund from executing advantageous
investment decisions in a timely manner and negatively impact the Fund&#8217;s ability to achieve its investment objective. Any such event(s)&#160;could
have a significant adverse impact on the value and risk profile of the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The spread of the human coronavirus
disease beginning in 2019 (COVID-19) is an example. In the first quarter of 2020, the World Health Organization (WHO) recognized COVID-19
as a global pandemic and both the WHO and the U.S. declared the outbreak a public health emergency. The subsequent spread of COVID-19
resulted in, among other significant adverse economic impacts, instances of market closures and dislocations, extreme volatility, liquidity
constraints and increased trading costs. Efforts to contain the spread of COVID-19 resulted in travel restrictions, closed international
borders, disruptions of healthcare systems, business operations (including business closures) and supply chains, employee layoffs and
general lack of employee availability, lower consumer demand, and defaults and credit downgrades, all of which contributed to disruption
of global economic activity across many industries and exacerbated other pre-existing political, social and economic risks domestically
and globally. Although the WHO and the U.S. ended their declarations of COVID-19 as a global health emergency in May&#160;2023, the full
economic impact at the macro-level and on individual businesses, as well as the potential for a future reoccurrence of COVID or the occurrence
of a similar epidemic or pandemic, are unpredictable and could result in significant and prolonged adverse impact on economies and financial
markets in specific countries and worldwide and thereby negatively affect the Fund&#8217;s performance.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation Risk. </b>From
time to time, the Fund may pursue or be involved as a named party in litigation arising in connection with its role or status as a shareholder,
bondholder, lender or holder of portfolio investments, its own activities, or other circumstances. Litigation that affects the Fund&#8217;s
portfolio investments may result in the reduced value of such investments or higher portfolio turnover if the Fund determines to sell
such investments. Litigation could result in significant expenses, reputational damage, increased insurance premiums, adverse judgment
liabilities, settlement liabilities, injunctions, diversions of Fund resources, disruptions to Fund operations and/or other similar adverse
consequences, any of which may increase the expenses incurred by a Fund or adversely affect the value of the Fund&#8217;s shares.</p><div>


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</div><div><a id="s_003"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT RESTRICTIONS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are fundamental investment restrictions
of the Fund and may not be changed without the approval of the holders of a majority of the Fund&#8217;s outstanding voting securities
(which for this purpose and under the 1940 Act means the lesser of (i)&#160;67% or more of the Fund&#8217;s voting securities present
at a meeting at which more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy or (ii)&#160;more
than 50% of the Fund&#8217;s outstanding voting securities). Except as otherwise noted, all percentage limitations set forth below apply
immediately after a purchase and any subsequent change in any applicable percentage resulting from market fluctuations does not require
any action. With respect to the limitations on the issuance of senior securities and in the case of borrowings, the percentage limitations
apply at the time of issuance and on an ongoing basis. In accordance with the foregoing:</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund is a &#8220;diversified company&#8221; as defined in the 1940 Act. The Fund will not purchase the securities of any issuer if, as
a result, the Fund would fail to be a diversified company within the meaning of the 1940 Act, and the rules&#160;and regulations promulgated
thereunder, as such statute, rules&#160;and regulations are amended from time to time or are interpreted from time to time by the SEC
staff (collectively, the &#8220;1940 Act Laws and Interpretations&#8221;) or except to the extent that the Fund may be permitted to do
so by exemptive order or similar relief (collectively, with the 1940 Act Laws and Interpretations, the &#8220;1940 Act Laws,&#160;Interpretations
and Exemptions&#8221;). In complying with this restriction, however, the Fund may purchase securities of other investment companies to
the extent permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund will not make investments that will result in the concentration (as that term may be defined or interpreted by the 1940 Act Laws,&#160;Interpretations
and Exemptions) of its investments in the securities of issuers primarily engaged in the same industry. This restriction does not limit
the Fund&#8217;s investments in (i)&#160;obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities, or
(ii)&#160;tax-exempt obligations issued by governments or political subdivisions of governments. In complying with this restriction, the
Fund will not consider a bank-issued guaranty or financial guaranty insurance as a separate security.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may not borrow money or issue senior securities, except as permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may not underwrite the securities of other issuers. This restriction does not prevent the Fund from engaging in transactions involving
the acquisition, disposition or resale of its portfolio securities, regardless of whether the Fund may be considered to be an underwriter
under the 1933 Act.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may not make personal loans or loans of its assets to persons who control or are under common control with the Fund, except to the
extent permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions. This restriction does not prevent the Fund from, among other
things, purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker-dealers or institutional investors,
or investing in loans, including assignments and participation interests.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may not purchase real estate or sell real estate unless acquired as a result of ownership of securities or other instruments. This
restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate
or interests therein, or investing in securities that are secured by real estate or interests therein.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may not purchase or sell physical commodities except to the extent permitted by the 1940 Act and any other governing statute, and
by the rules&#160;thereunder, and by the SEC or other regulatory agency with authority over the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Under
normal market conditions, at least 80% of the Fund&#8217;s net assets will be invested in municipal securities. Under normal market conditions,
at least 80% of the Fund&#8217;s net assets will be invested in securities the income of which is exempt from California income taxes.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the foregoing,
&#8220;assets&#8221; means net assets, plus the amount of any borrowings for investment purposes. Derivatives and other instruments that
have economic characteristics similar to the securities described above for the Fund may be counted toward that Fund&#8217;s 80% policy.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&#8217;s investment
objective is to seek to provide common shareholders with a high level of current income exempt from federal and California income taxes,
consistent with preservation of capital. The investment objective is fundamental and may not be changed without approval of a majority
of the Fund&#8217;s outstanding voting securities, as defined in the 1940 Act. The investment restrictions set forth above provide the
Fund with the ability to operate under new interpretations of the 1940 Act or pursuant to exemptive relief from the SEC without receiving
prior shareholder approval of the change. The Board may adopt non-fundamental restrictions for the Fund relating to certain of these restrictions
which Invesco and, when applicable, the Sub-Advisers must follow in managing the Fund. Any changes to these non-fundamental restrictions
require the approval of the Board.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Explanatory Note</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Fund&#8217;s
fundamental restriction related to industry concentration above, investments in tax-exempt municipal securities where the payment of principal
and interest for such securities is derived solely from a specific project associated with an issuer that is not a governmental entity
or a political subdivision of a government are subject to the Fund&#8217;s industry concentration policy.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Fund&#8217;s
fundamental restriction related to physical commodities above, the Fund is currently permitted to invest in futures, swaps and other instruments
on physical commodities to the extent permitted by the fundamental restriction and the 1940 Act does not prohibit a fund from owning commodities
or contracts related to commodities. The extent to which the Fund can invest in futures, swaps and other instruments on physical commodities,
and/or commodities or contracts related to commodities is set out in the investment strategies described in the Fund&#8217;s prospectus
and this SAI and permitted by the Fund&#8217;s fundamental restriction.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Fund&#8217;s
fundamental restriction related to real estate above, the 1940 Act does not prohibit a fund from owning real estate. The extent to which
the Fund can invest in real estate is set out in the investment strategies described in the Fund&#8217;s prospectus or this SAI.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Fund&#8217;s
fundamental restriction related to loans above made by the Fund, current SEC staff interpretations under the 1940 Act prohibit a fund
from lending more than one-third of its total assets, except through the purchase of debt obligations or the use of repurchase agreements.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Non-Fundamental Restrictions</b>. Non-fundamental
restrictions may be changed for the Fund without shareholder approval.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
complying with the fundamental restriction regarding issuer diversification, the Fund will not, with respect to 75% of its total assets,
purchase the securities of any issuer (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities
and securities issued by other investment companies), if, as a result, (i)&#160;more than 5% of the Fund&#8217;s total assets would be
invested in the securities of that issuer, or (ii)&#160;the Fund would hold more than 10% of the outstanding voting securities of that
issuer. The Fund may purchase securities of other investment companies as permitted by the 1940 Act Laws,&#160;Interpretations and Exemptions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">In complying with
the fundamental restriction regarding issuer diversification, the Fund will regard each state (including the District of Columbia and
Puerto Rico), territory and possession of the United States, each political subdivision, agency, instrumentality, and authority thereof,
and each multi-state agency of which a state is a member as a separate issuer. When the assets and revenues of an agency, authority, instrumentality
or other political subdivision are separate from the government creating the subdivision and the security is backed only by assets and
revenues of the subdivision, such subdivision would be deemed to be the sole issuer. Similarly, in the case of an Industrial Development
Bond or Private Activity Bond, if that bond is backed only by the assets and revenues of the non-governmental user, then that non-governmental
user would be deemed to be the sole issuer. However, if the creating government or another entity guarantees a security, then to the extent
that the value of all securities issued or guaranteed by that government or entity and owned by the Fund exceeds 10% of the Fund&#8217;s
total assets, the guarantee would be considered a separate security and would be treated as issued by that government or entity. Securities
issued or guaranteed by a bank or subject to financial guaranty insurance are not subject to the limitations set forth in the preceding
sentence.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
complying with the fundamental restriction regarding borrowing money and issuing senior securities, the Fund may borrow money in an amount
not exceeding 33 1/3% of its total assets (including the amount borrowed) less liabilities (other than borrowings).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
complying with the fundamental restriction regarding industry concentration, the Fund may invest up to 25% of its total assets in the
securities of issuers whose principal business activities are in the same industry.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
complying with the fundamental restriction with regard to making loans, the Fund may lend up to 33 1/3% of its total assets and may lend
money to an Invesco Fund, on such terms and conditions as the SEC may require in an exemptive order.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is the intention of the
Fund, unless otherwise indicated, that with respect to the Fund&#8217;s policies that are a result of application of law, the Fund will
take advantage of the flexibility provided by rules&#160;or interpretations of the SEC currently in existence or promulgated in the future,
or changes to such laws.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_004"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TRUSTEES AND OFFICERS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The business and affairs of
the Fund are managed under the direction of the Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;) and the Fund&#8217;s officers
appointed by the Board. The tables below list the trustees and the executive officers of the Fund and their principal occupations, other
directorships held by the trustees and their affiliations, if any, with the Adviser or its affiliates. The &#8220;Fund Complex&#8221;
includes each of the investment companies advised by the Adviser as of July&#160;31, 2025. Trustees serve until their successors are duly
elected and qualified. Officers are annually elected by the Board. The principal business address of each Trustee and Officer is c/o Invesco
California Value Municipal Income Trust, 1331 Spring Street, N.W., Atlanta, Georgia 30309.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name, year of Birth<br/> and Position(s)&#160;Held<br/> with the Trust</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Trustee<br/> and/or<br/> Officer<br/> Since</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Principal Occupation(s)<br/> During Past 5 years</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number&#160;of<br/> Funds&#160;in<br/> Fund<br/> Complex<br/> Overseen<br/> by&#160;Trustee</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other<br/> Trusteeship(s)/<br/> Directorship<br/> Held&#160;by<br/> Trustee/Director<br/> During&#160;Past<br/> 5&#160;Years</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interested Trustees:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="vertical-align: top; text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 18%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jeffery H. Kupor<sup>1</sup>&#160;&#8211;&#160;1969</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Trustee</p></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; width: 37%; font: 10pt Times New Roman, Times, Serif; text-align: left">Senior Managing Director,
    Company Secretary and General Counsel,&#160;Invesco Ltd.; Trustee,&#160;Invesco Foundation,&#160;Inc.; Director,&#160;Invesco
    Advisers,&#160;Inc.; Executive Vice President,&#160;Invesco Asset Management (Bermuda),&#160;Ltd. and Invesco Investments (Bermuda)
    Ltd.; and Vice President,&#160;Invesco Group Services,&#160;Inc. <br/>&#160; <br/>Formerly: Head of Legal of the
    Americas,&#160;Invesco Ltd.; Senior Vice President and Secretary,&#160;Invesco Advisers,&#160;Inc. (formerly known as Invesco
    Institutional (N.A.),&#160;Inc.) (registered investment adviser); Secretary,&#160;Invesco Distributors,&#160;Inc. (formerly known as
    Invesco AIM Distributors,&#160;Inc.); Vice President and Secretary,&#160;Invesco Investment Services,&#160;Inc. (formerly known as
    Invesco AIM Investment Services,&#160;Inc.); Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary
    and General Counsel,&#160;Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General
    Counsel,&#160;Invesco Capital Markets,&#160;Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer,&#160;Invesco
    Exchange-Traded Fund Trust,&#160;Invesco Exchange-Traded Fund Trust II,&#160;Invesco India Exchange-Traded Fund Trust,&#160;Invesco
    Actively Managed Exchange-Traded Fund Trust,&#160;Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco
    Exchange-Traded Self-Indexed Fund Trust; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice
    President, OppenheimerFunds,&#160;Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global
    Institutional,&#160;Inc.; Secretary and Vice President, Harbourview Asset Management Corporation; Secretary and Vice President,
    Oppenheimer Funds,&#160;Inc. and Invesco Managed Accounts, LLC; Secretary and Senior Vice President, OFI Global
    Institutional,&#160;Inc.; Secretary and Vice President, OFI SteelPath,&#160;Inc.; Secretary and Vice President, Oppenheimer
    Acquisition Corp.; Secretary and Vice President, Shareholder Services,&#160;Inc.; Secretary and Vice President, Trinity Investment
    Management Corporation, Senior Vice President,&#160;Invesco Distributors,&#160;Inc.; Secretary and Vice President,
    Jemstep,&#160;Inc.; Head of Legal, Worldwide Institutional,&#160;Invesco Ltd.; Secretary and General Counsel,&#160;INVESCO Private
    Capital Investments,&#160;Inc.; Senior Vice President, Secretary and General Counsel,&#160;Invesco Management Group,&#160;Inc.
    (formerly known as Invesco AIM Management Group,&#160;Inc.); Assistant Secretary,&#160;INVESCO Asset Management (Bermuda) Ltd.;
    Secretary and General Counsel,&#160;Invesco Private Capital,&#160;Inc.; Assistant Secretary and General Counsel,&#160;INVESCO
    Realty,&#160;Inc.; Secretary and General Counsel,&#160;Invesco Senior Secured Management,&#160;Inc.; Secretary, Sovereign G./P.
    Holdings Inc.; Secretary,&#160;Invesco Indexing LLC; and Secretary, W.L. Ross&#160;&amp; Co., LLC. </td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 8%; text-align: center">151</td><td style="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; width: 25%; font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr>
  </table><div>




</div><p style="margin: 0">&#160;</p><div>


</div><p style="margin: 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="margin: 0">&#160;</p><div>


</div><p style="margin: 0"></p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom"><span style="font-size: 10pt">Name,
    year of Birth<br/> and Position(s)&#160;Held<br/> with the Trust</span></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="font-size: 10pt">Trustee<br/>
    and/or<br/> Officer<br/> Since</span></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Principal
    Occupation(s)<br/> During Past 5 years</span></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="font-size: 10pt">Number&#160;of<br/>
    Funds&#160;in<br/> Fund<br/> Complex<br/> Overseen<br/> by&#160;Trustee</span></td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">Other<br/>
    Trusteeship(s)/<br/> Directorship<br/> Held&#160;by<br/> Trustee/Director<br/> During&#160;Past<br/> 5&#160;Years</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 18%; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">Douglas
                                            Sharp<sup>1</sup>&#160;&#8211;&#160;1974</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt">Trustee</span></p></td><td style="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">2024</span></td><td style="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 37%; text-align: left"><span style="font-size: 10pt">Senior
    Managing Director and Head of Americas&#160;&amp; EMEA,&#160;Invesco Ltd. <br/>&#160; <br/>Formerly: Director and Chairman Invesco
    UK Limited; Director, Chairman and Chief Executive,&#160;Invesco Fund Managers Limited and Director, Chairman and Chief Executive,&#160;Invesco
    Fund Managers Limited.</span></td><td style="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; width: 8%; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">151</span></td><td style="text-align: center; width: 1%; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: center"><span style="font-size: 10pt">None</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-size: 10pt">Independent
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    <td style="font-size: 12pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: left; font-size: 12pt; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font-size: 12pt; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="font-size: 12pt"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font-size: 12pt; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Beth Ann
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Independent
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    Management Investment Advisers LLC; and Vice President, Key Account Manager, Liberty Funds Distributor,&#160;Inc.</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
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  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Carol Deckbar
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">2024</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
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    Executive Vice President and Chief Product Officer, TIAA Financial Services; Executive Vice President and Principal, College Retirement
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  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt">&#160;</span></td><td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt">Cynthia
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    Funds (4 portfolios); Director, Artio Global Investment LLC (mutual fund complex); Director, Edgen Group,&#160;Inc. (specialized
    energy and infrastructure products distributor); Director, Genesee&#160;&amp; Wyoming,&#160;Inc. (railroads); Head of Investment
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    Investment Company Institute (professional organization); and Independent Directors Council (professional organization); Formerly:
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  </table><div>


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</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">151</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">151</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name, year of Birth<br/>
and Position(s)&#160;Held<br/>
with the Trust</b></span></td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trustee<br/>
and/or<br/>
Officer<br/>
Since</b></span></td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
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During Past 5 years</b></span></td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number&#160;of<br/>
Funds&#160;in<br/>
Fund<br/>
Complex<br/>
Overseen<br/>
by&#160;Trustee</b></span></td>
    <td style="white-space: nowrap; text-align: center">&#160;</td>
    <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other<br/>
Trusteeship(s)/<br/>
Directorship<br/>
Held&#160;by<br/>
Trustee/Director<br/>
During&#160;Past<br/>
5&#160;Years</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward Perkin &#8211; 1972 <br/>
Trustee </span></td>
    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td>
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    <td style="vertical-align: bottom; width: 1%">&#160;</td>
    <td style="vertical-align: top; width: 25%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Teresa M. Ressel &#8211; 1962 <br/>
Trustee </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2017</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-executive director and trustee of a number of public and private business corporations; Managing Partner, Radiate Capital (private equity sponsor) <br/>
&#160; <br/>
Formerly: Chief Executive Officer, UBS Securities LLC (investment banking); Group Chief Operating Officer, UBS AG Americas (investment banking); Sr. Management Team Olayan America, The Olayan Group (international investor/commercial/industrial); and Assistant Secretary for Management&#160;&amp; Budget and Designated Chief Financial Officer, U.S. Department of Treasury</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td></tr>
  <tr>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel S. Vandivort &#8211; 1954 <br/>
Trustee </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President, Flyway Advisory Services LLC (consulting and property management) and Member,&#160;Investment Committee of Historic Charleston Foundation <br/>
&#160; <br/>
Formerly: President and Chief Investment Officer, previously Head of Fixed Income, Weiss Peck and Greer/Robeco Investment Management; Trustee and Chair, Weiss Peck and Greer Funds Board; and various capacities at CS First Boston including Head of Fixed Income at First Boston Asset Management.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">151 </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Formerly:
    Trustee and Governance Chair, Oppenheimer Funds; Treasurer, Chairman of the Audit and Finance Committee, Huntington Disease
    Foundation of America </span></td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Officers</b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glenn Brightman &#8211; 1972 <br/>
President and Principal Executive Officer </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer,&#160;Investments&#160;&amp; Americas,&#160;Invesco Ltd.; Senior Vice President,&#160;Invesco Advisers,&#160;Inc.; President and Principal Executive Officer, The Invesco Funds; Manager,&#160;Invesco Investment Advisers LLC.; Director, Chairman, President and Chief Executive Officer,&#160;Invesco Canada Ltd.; Director, Chief Executive Officer and President,&#160;Invesco Corporate Class&#160;Inc.; Director,&#160;Invesco Investment Services,&#160;Inc.; and President,&#160;Invesco Global Direct Real Estate GP Ltd.,&#160;Invesco,&#160;Inc.,&#160;Invesco IP Holdings (Canada) Ltd.,&#160;Invesco Global Direct Real Estate Feeder GP Ltd. and Invesco Financial Services Ltd. <br/>
&#160; <br/>
Formerly: Global Head of Finance,&#160;Invesco Ltd; Executive Vice President and Chief Financial Officer, Nuveen </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td></tr>
  </table><div>


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</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 18%; text-align: left">Name, year of Birth<br/> and Position(s)&#160;Held<br/> with the Trust</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 1%; padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: center">Trustee<br/> and/or<br/> Officer<br/> Since</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 1%; padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 37%; text-align: center">Principal Occupation(s)<br/> During Past 5 years</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 1%; padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: center">Number&#160;of<br/> Funds&#160;in<br/> Fund<br/> Complex<br/> Overseen<br/> by&#160;Trustee</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; width: 1%; padding-bottom: 1pt; vertical-align: bottom">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 25%; text-align: center">Other<br/> Trusteeship(s)/<br/> Directorship<br/> Held&#160;by<br/> Trustee/Director<br/> During&#160;Past<br/> 5&#160;Years</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Melanie Ringold &#8211; 1975 <br/>Senior Vice President, Chief Legal Officer and Secretary </td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Adrien Deberghes &#8211; 1967 <br/>Principal Financial Officer, Treasurer and Senior Vice President </td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">2020</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Head of the Fund Office of the CFO and Fund Administration; Vice President,&#160;Invesco Advisers,&#160;Inc.; Principal Financial Officer, Treasurer and Senior Vice President, The Invesco Funds; and Vice President,&#160;Invesco Exchange-Traded Fund Trust,&#160;Invesco Exchange-Traded Fund Trust II,&#160;Invesco India Exchange-Traded Fund Trust,&#160;Invesco Actively Managed Exchange-Traded Fund Trust,&#160;Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust <br/>&#160; <br/>Formerly: Director,&#160;Invesco Trust Company; Vice President, The Invesco Funds; Senior Vice President and Treasurer, Fidelity Investments </td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left">Crissie M. Wisdom &#8211; 1969 <br/>Anti-Money Laundering Compliance Officer</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">2013</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">N/A</td></tr>
  </table><div>




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</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 8%">Trustee<br/> and/or<br/> Officer<br/> Since</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; vertical-align: bottom; width: 1%">&#160;</td>
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    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: center; width: 8%">Number&#160;of<br/> Funds&#160;in<br/> Fund<br/> Complex<br/> Overseen<br/> by&#160;Trustee</td><td style="font: bold 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center; padding-bottom: 1pt; vertical-align: bottom; width: 1%">&#160;</td>
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<tr>
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Chief Compliance Officer and Senior Vice President </span></td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020
</span></td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Compliance Officer,&#160;Invesco Advisers,&#160;Inc. (registered investment adviser); and Chief Compliance Officer and Senior Vice President, The Invesco Funds <br/>
<br/>
Formerly: Managing Director and Chief Compliance Officer, Legg Mason (Mutual Funds); Chief Compliance Officer, Legg Mason Private Portfolio Group (registered investment adviser) </span></td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> James Bordewick,&#160;Jr. &#8211; 1959 <br/>
Senior Vice President and Senior Officer</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022
</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President and Senior Officer, The Invesco Funds <br/>
<br/>
Formerly: Chief Legal Officer, KingsCrowd,&#160;Inc. (research and analytical platform for investment in private capital markets); Chief Operating Officer and Head of Legal and Regulatory, Netcapital (private capital investment platform); Managing Director, General Counsel of asset management and Chief Compliance Officer for asset management and private banking, Bank of America Corporation; Chief Legal Officer, Columbia Funds and BofA Funds; Senior Vice President and Associate General Counsel, MFS Investment Management; Chief Legal Officer, MFS Funds; Associate, Ropes&#160;&amp; Gray; Associate, Gaston Snow&#160;&amp; Ely Bartlett.</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top; text-align: center; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A </span></td></tr>
  </table><div>


</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;">
<tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">1</td><td>Mr.&#160;Kupor and Mr.&#160;Sharp are considered  interested persons (within the meaning of Section&#160;2(a)(19) of the 1940 Act)
of the Fund because they are officers of the Adviser, and officers of Invesco Ltd., ultimate parent of the Adviser.</td></tr>
</table><div>


</div><p style="margin: 0">&#160;</p><div>


</div><p style="margin: 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Additional Information about the Trustees</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Interested Trustees</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Jeffrey H. Kupor, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Jeffrey Kupor has been a member
of the Board of Trustees of the Invesco Funds since 2024. Mr.&#160;Kupor is Senior Managing Director and General Counsel at Invesco Ltd.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Kupor joined Invesco
Ltd. in 2002 and has held a number of legal roles, including, most recently, Head of Legal, Americas, in which role he was responsible
for legal support for Invesco&#8217;s Americas business. Prior to joining the firm, he practiced law at Fulbright&#160;&amp; Jaworski
LLP (now known as Norton Rose Fulbright), specializing in complex commercial and securities litigation. He also served as the general
counsel of a publicly traded communication services company.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Kupor earned a BS
degree in economics from the Wharton School at the University of Pennsylvania and a JD from the Boalt Hall School of Law (now known as
Berkeley Law) at the University of California at Berkeley.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Kupor&#8217;s
current and past positions with the Invesco complex along with his legal background and experience as an executive in the investment management
area benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Douglas Sharp, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Douglas Sharp has been a member
of the Board of Trustees of the Invesco Funds since 2024. Mr.&#160;Sharp is Senior Managing Director, Head of Americas&#160;&amp; EMEA
(Europe, the Middle East, and Africa) at Invesco Ltd. He also served as Director and Chairman of the Board of Invesco UK Limited (Invesco&#8217;s
European subsidiary board) and as Director, Chairman and Chief Executive of Invesco Fund Managers Limited.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Sharp joined Invesco
Ltd. in 2008 and has served in multiple leadership roles across the company, including his previous role as Head of EMEA. Prior to that,
he ran Invesco Ltd.&#8217;s EMEA retail business and served as head of strategy and business planning and as chief administrative officer
for Invesco Ltd.&#8217;s US institutional business. Before joining the firm, he was with the strategy consulting firm McKinsey&#160;&amp;
Co., where he served clients in the financial services, energy, and logistics sectors.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Sharp&#8217;s
current and past positions within the Invesco complex along with his experience in the investment management business benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Independent Trustees</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Beth Ann Brown, Trustee and Chair</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beth Ann Brown has been a
member of the Board of Trustees of the Invesco Funds since 2019 and Chair since 2022. From 2016 to 2019, Ms.&#160;Brown served on the
boards of certain investment companies in the Oppenheimer Funds complex.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Brown has served
as Director of Caron Engineering,&#160;Inc. since 2018 and as an Independent Consultant since 2012.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Ms.&#160;Brown
served in various capacities at Columbia Management Investment Advisers LLC, including Head of Intermediary Distribution, Managing Director,
Strategic Relations and Managing Director, Head of National Accounts. She also served as Senior Vice President, National Account Manager
from 2002-2004 and Senior Vice President, Key Account Manager from 1999 to 2002 of Liberty Funds Distributor,&#160;Inc. From 2013 through
2022, she served as Director, Vice President (through 2019) and President (2019-2022) of Grahamtastic Connection, a non-profit organization.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 2014 to 2017, Ms.&#160;Brown
served on the Board of Advisors of Caron Engineering Inc. and also served as President and Director of Acton Shapleigh Youth Conservation
Corps, a non-profit organization, from 2012 to 2015.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Ms.&#160;Brown&#8217;s
experience in financial services and investment management and as a director of other investment companies benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Carol Deckbar, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Carol Deckbar has been a member
of the Board of Trustees of the Invesco Funds since 2024. Ms.&#160;Deckbar previously served as Executive Vice President and Chief Product
Officer at Teachers Insurance and Annuity Association (TIAA) Financial Services from 2019 to 2021. She also served as Executive Vice President
and Principal of College Retirement Equities Fund at TIAA from 2014 to 2021. Ms.&#160;Deckbar served in various other capacities at TIAA
since joining in 2007, including Executive Vice President and Head of Institutional Investments and Endowment Services from 2016 to 2019.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to joining TIAA, Ms.&#160;Deckbar
was a Senior Vice President of AMSOUTH Bank from 2002 to 2006, and before that she served as Senior Vice President, Managing Director,
for Bank of America Capital Management from 1999 to 2002. She began her asset management career with the Evergreen Funds where she served
as Senior Vice President, Managing Director from 1991 to 1998.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 2019 to 2020, Ms.&#160;Deckbar
served as Chairman of the TIAA Retirement Plan Investments Committee and as an Executive Sponsor at Advance, a council for the advancement
of women. She has also held various memberships, including at Investment Company Institute, from 2017 to 2019, Fortune 400 Most Powerful
Women Network, from 2012 to 2015, and Mutual Fund Education Alliance, from 2010 to 2015.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Ms.&#160;Deckbar&#8217;s
experience in financial services and investment management benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cynthia Hostetler, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cynthia Hostetler has been a member of the Board
of Trustees of the Invesco Funds since 2017.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Hostetler is currently
a member of the board of directors of the Vulcan Materials Company, a public company engaged in the production and distribution of construction
materials, Trilinc Global Impact Fund LLC, a publicly registered non-traded limited liability company that invests in a diversified portfolio
of private debt instruments, and Resideo Technologies,&#160;Inc., a public company that manufactures and distributes smart home security
products and solutions worldwide. Ms.&#160;Hostetler also serves on the board of governors of the Investment Company Institute and is
a member of the governing council of the Independent Directors Council, both of which are professional organizations in the investment
management industry.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Ms.&#160;Hostetler
served as a member of the board of directors/trustees of Aberdeen Investment Funds, a mutual fund complex, Edgen Group Inc., a public
company that provides products and services to energy and construction companies, from 2012 to 2013, prior to its sale to Sumitomo, Genesee&#160;&amp;
Wyoming,&#160;Inc., a public company that owns and operates railroads worldwide, from 2018 to 2019, prior to its sale to Brookfield Asset
Management, and Textainer Group Holdings Ltd., a public company that is the world&#8217;s second largest shipping container leasing company,
prior to its sale to Stonepeak in March&#160;2024. Ms.&#160;Hostetler was also a member of the board of directors of the Eisenhower Foundation,
a non- profit organization.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 2001 to 2009, Ms.&#160;Hostetler
served as Head of Investment Funds and Private Equity at Overseas Private Investment Corporation (&#8220;OPIC&#8221;), a government agency
that supports US investment in the emerging markets. Ms.&#160;Hostetler oversaw a multi-billion dollar investment portfolio in private
equity funds. Prior to joining OPIC, Ms.&#160;Hostetler served as President and member of the board of directors of First Manhattan Bancorporation,
a bank holding company, from 1991 to 2007, and its largest subsidiary, First Savings Bank, from 1991 to 2006 (Board Member) and from 1996
to 2001 (President).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Ms.&#160;Hostetler&#8217;s
knowledge of financial services and investment management, her experience as a director of other companies, including a mutual fund complex,
her legal background, and other professional experience gained through her prior employment benefit the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Dr.&#160;Eli Jones, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dr.&#160;Eli Jones has been a member of the Board
of Trustees of the Invesco Funds since 2016.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr.&#160;Jones has served
as Board Member of the regional board, First Financial Bank Texas since 2021 and Board Member, First Financial Bankshares,&#160;Inc. Texas
since 2022. Since 2020, Dr.&#160;Jones has served as a director on the board of directors of Insperity,&#160;Inc. (&#8220;Insperity&#8221;).
From 2004 to 2016, Dr.&#160;Jones was chair of the Compensation Committee, a member of the Nominating and Corporate Governance Committee
and a director on the board of directors of Insperity.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr.&#160;Jones is a Professor
of Marketing, Lowry and Peggy Mays Eminent Scholar, and Dean Emeritus of Mays Business School at Texas A&amp;M University. From 2015 to
2021, Dr.&#160;Jones served as Dean of Mays Business School at Texas A&amp;M University. From 2012 to 2015, Dr.&#160;Jones was the dean
of the Sam M. Walton College of Business at the University of Arkansas and holder of the Sam M. Walton Leadership Chair in Business. Prior
to joining the faculty at the University of Arkansas, he was dean of the E. J. Ourso College of Business and Ourso Distinguished Professor
of Business at Louisiana State University from 2008 to 2012; professor of marketing and associate dean at the C.T. Bauer College of Business
at the University of Houston from 2007 to 2008; an associate professor of marketing from 2002 to 2007; and an assistant professor from
1997 until 2002. He taught at Texas A&amp;M University for several years before joining the faculty of the University of Houston.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr.&#160;Jones served as the
executive director of the Program for Excellence in Selling and the Sales Excellence Institute at the University of Houston from 1997
to 2007. Before becoming a professor, he worked in sales and sales management for three Fortune 100 companies: Quaker Oats, Nabisco, and
Frito- Lay. Dr.&#160;Jones is a past director of Arvest Bank. He received his Bachelor of Science degree in journalism in 1982, his MBA
in 1986 and his Ph.D. in 1997, all from Texas A&amp;M University.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Dr.&#160;Jones&#8217;
experience in academia and his experience in marketing benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Elizabeth Krentzman, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Elizabeth Krentzman has been
a member of the Board of Trustees of the Invesco Funds since 2019. From 2014 to 2019, Ms.&#160;Krentzman served on the boards of certain
investment companies in the Oppenheimer Funds complex.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Krentzman served
from 2017 to 2022, as a member of the Cartica Funds Board of Directors (private investment funds). Ms.&#160;Krentzman previously served
as a member of the Board of Trustees of the University of Florida National Board Foundation from 2016 to 2021. She also served as a member
of the Board of Trustees of the University of Florida Law Center Association,&#160;Inc. from 2016 to 2021, as a member of its Audit Committee
from 2016 to 2020, and as a member of its Membership Committee from 2020 to 2021.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Krentzman served
from 1997 to 2004 and from 2007 and 2014 in various capacities at Deloitte&#160;&amp; Touche LLP, including Principal and Chief Regulatory
Advisor for Asset Management Services, U.S. Mutual Fund Leader and National Director of the Investment Management Regulatory Consulting
Practice. She served as General Counsel of the Investment Company Institute from 2004 to 2007.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From 1996 to 1997, Ms.&#160;Krentzman
served as an Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the
U.S. Securities and Exchange Commission. She also served from 1991 to 1996 in various positions with the Division of Investment Management
- Office of Regulatory Policy of the U.S. Securities and Exchange Commission and from 1987 to 1991 as an Associate at Ropes&#160;&amp;
Gray LLP.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Ms.&#160;Krentzman&#8217;s
legal background, experience in financial services and accounting and as a director of other investment companies benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Anthony J. LaCava,&#160;Jr., Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anthony J. LaCava,&#160;Jr.
has been a member of the Board of Trustees of the Invesco Funds since 2019.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Mr.&#160;LaCava
served as a member of the board of directors and as a member of the audit committee of Blue Hills Bank, a publicly traded financial institution.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;LaCava retired after
a 37-year career with KPMG LLP (&#8220;KPMG&#8221;) where he served as senior partner for a wide range of firm clients across the retail,
financial services, consumer markets, real estate, manufacturing, health care and technology industries. From 2005 to 2013, Mr.&#160;LaCava
served as a member of the board of directors of KPMG and chair of the board&#8217;s audit and finance committee and nominating committee.
He also previously served as Regional Managing Partner from 2009 through 2012 and Managing Partner of KPMG&#8217;s New England practice.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;LaCava currently
serves as Member and Chairman of the Business School Advisory Council of Bentley University and as a member of American College of Corporate
Directors and Board Leaders,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board believes that Mr.&#160;LaCava&#8217;s
experience in audit and financial services benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>James &#8220;Jim&#8221; Liddy, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">James &#8220;Jim&#8221; Liddy
has been a member of the Board of Trustees of the Invesco Funds since 2024. Mr.&#160;Liddy is a Retired Partner of KPMG LLP (KPMG) and
previously served as Chairman of KPMG&#8217;s Global Financial Services, Americas practice from 2017 through 2021. He also led KPMG&#8217;s
U.S. Financial Services practice from 2015 through 2021.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to assuming his most
recent role in 2017, Mr.&#160;Liddy served as Vice Chair of Audit and on various other committees at KPMG. He also previously served as
National Managing Partner of Audit and was a member of the firm&#8217;s Global Audit Steering Group.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Liddy&#8217;s
audit experience and knowledge of financial services and investment management benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Dr.&#160;Prema Mathai-Davis, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Dr.&#160;Prema Mathai-Davis has been a member of
the Board of Trustees of the Invesco Funds since 1998.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since 2021, Dr.&#160;Mathai-Davis has served as
a member of the Board of Healthcare Chaplaincy Network, a non-profit organization. From 2021 to 2023 she also served on the board of Positive
Planet US, a non-profit organization.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Dr.&#160;Mathai-Davis
served as co-founder and partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform) from 2017 to 2019, when the firm
was acquired by Forbes Media Holdings, LLC.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr.&#160;Mathai-Davis previously
served as Chief Executive Officer of the YWCA of the USA from 1994 until her retirement in 2000. Prior to joining the YWCA, Dr.&#160;Mathai-Davis
served as the Commissioner of the New York City Department for the Aging. She was a Commissioner and Board Member of the Metropolitan
Transportation Authority of New York, the largest regional transportation network in the U.S. Dr.&#160;Mathai-Davis also served as a Trustee
of the YWCA Retirement Fund, the first and oldest pension fund for women, and on the advisory board of the Johns Hopkins Bioethics Institute.
She was a member of the Board of Visitors of the University of Maryland School of Public Policy, and on the visiting Committee of The
Harvard University Graduate School of Education.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dr.&#160;Mathai-Davis was
the president and chief executive officer of the Community Agency for Senior Citizens, a non-profit social service agency that she established
in 1981. She also directed the Mt. Sinai School of Medicine-Hunter College Long-Term Care Gerontology Center, one of the first of its
kind.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Dr.&#160;Mathai-Davis&#8217;
extensive experience in running public and charitable institutions benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Joel W. Motley, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Joel W. Motley has been a
member of the Board of Trustees of the Invesco Funds since 2019. From 2002 to 2019, Mr.&#160;Motley served on the boards of certain investment
companies in the Oppenheimer Funds complex.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In May&#160;2022, Mr.&#160;Motley
rejoined the Vestry and the Investment Committee of Trinity Church Wall Street. Since 2021, Mr.&#160;Motley has served as a Board member
of the Trust for Mutual Understanding, which makes grants to arts and environmental organizations in Eastern Europe. Since 2021, Mr.&#160;Motley
has served as a member of the board of Blue Ocean Acquisition Corp. Since 2016, Mr.&#160;Motley has served as an independent director
of the Office of Finance of the Federal Home Loan Bank System. He has served as Managing Director of Carmona Motley,&#160;Inc., a privately-held
financial advisory firm, since 2002.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Motley also serves
as a member of the Council on Foreign Relations and its Finance and Budget Committee. He is a member of the Investment Committee and is
Chairman Emeritus of the Board of Human Rights Watch and a member of the Investment Committee and the Board of Historic Hudson Valley,
a non-profit cultural organization.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2011, he has served
as a Board Member and Investment Committee Member of the Pulitzer Center for Crisis Reporting, a non-profit journalism organization. Mr.&#160;Motley
also serves as Director and member of the Board and Investment Committee of The Greenwall Foundation, a bioethics research foundation,
and as a Director of Friends of the LRC, a South Africa legal services foundation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Mr.&#160;Motley
served as Managing Director of Public Capital Advisors, LLC, a privately held financial advisory firm, from 2006 to 2017. He also served
as Managing Director of Carmona Motley Hoffman Inc. a privately-held financial advisor, and served as a Director of Columbia Equity Financial
Corp., a privately-held financial advisor, from 2002 to 2007.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Motley&#8217;s
experience in financial services and as a director of other investment companies benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Edward Perkin, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Edward Perkin has been a member
of the Board of Trustees of the Invesco Funds since 2025. From 2014 to 2021, Mr.&#160;Perkin served as the Chief Investment Officer, Equity,
at Eaton Vance. He was a managing director at Morgan Stanley from 2021 to 2023.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to joining Eaton Vance,
Mr.&#160;Perkin served as Chief Investment Officer,&#160;International&#160;&amp; Emerging Markets Equity, at Goldman Sachs Asset Management.
He also served as a senior research analyst at FISERV from 1997 to 2000 and as an insurance broker at American Retirement Insurance Services
from 1993 to 1997.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Perkin holds the
Chartered Financial Analyst (CFA) designation. He has an MBA, Finance, from Columbia School of Business, and a BA, Economics, from UC
Santa Barbara.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Perkin&#8217;s
experience and knowledge of investment management benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Teresa M. Ressel</b>, <b>Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Teresa Ressel has been a member of the Board of
Trustees of the Invesco Funds since 2017. Ms.&#160;Ressel has served as a Managing Partner of Radiate Capital (a private equity sponsor)
since 2024.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Ressel has previously
served within the private sector and the U.S. government as well as consulting. Formerly, Ms.&#160;Ressel served at UBS AG in various
capacities, including as Chief Executive Officer of UBS Securities LLC, a broker-dealer division of UBS Investment Bank, and as Group
Chief Operating Officer of the Americas.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Between 2001 and 2004, Ms.&#160;Ressel
served at the U.S. Treasury, initially as Deputy Assistant Secretary for Management&#160;&amp; Budget and then as Assistant Secretary
for Management and Chief Financial Officer. Ms.&#160;Ressel was confirmed by the U.S. Senate and anchored financial duties at the Department,
including finance, accounting, risk, audit and performance measurement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ms.&#160;Ressel also volunteers
within her community across a number of functions and serves on the board of GAVI, the Global Vaccine Alliance (non-profit) supporting
children&#8217;s health.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Ms.&#160;Ressel&#8217;s
risk management and financial experience in both the private and public sectors benefits the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Daniel S. Vandivort, Trustee</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Daniel S. Vandivort has been
a member of the Board of Trustees of the Invesco Funds since 2019. From 2014 to 2019, Mr.&#160;Vandivort served on the boards of certain
investment companies in the Oppenheimer Funds complex, as a Trustee and as the Governance Committee Chair.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Vandivort also served
as Chairman, Lead Independent Director, and Chairman of the Audit Committee of the Board of Directors of the Value Line Funds from 2008
through 2014.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Mr.&#160;Vandivort
also served as a Trustee and Chairman of the Weiss Peck and Greer Mutual Funds Board from 2004 to 2005.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Previously, Mr.&#160;Vandivort
served at Weiss Peck and Greer/Robeco Investment Management from 1994 to 2007, as President and Chief Investment Officer and prior to
that as Managing Director and Head of Fixed Income. Mr.&#160;Vandivort also served in various capacities at CS First Boston from 1984
to 1994, including as Head of Fixed Income at CS First Boston Investment Management.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Vandivort was also
a Trustee on the Board of Huntington Disease Foundation of America from 2007 to 2013 and from 2015 to 2019. He also served as Treasurer
and Chairman of the Audit and Finance Committee of Huntington Disease Foundation of America from 2016 to 2019.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&#160;Vandivort currently
serves as President of Flyway Advisory Services LLC, a consulting and property management company. He is also a Member of the Investment
Committee for the Historic Charleston Foundation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that Mr.&#160;Vandivort&#8217;s
experience in financial services and investment management and as a director of other investment companies benefits the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Management Information</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustees have the authority
to take all actions that they consider necessary or appropriate in connection with oversight of the Fund, including, among other things,
approving the investment objectives, investment policies and fundamental investment restrictions for the Fund. The Fund has entered into
agreements with various service providers, including the Fund&#8217;s investment advisers, administrator, transfer agent, distributor
and custodians, to conduct the day-to-day operations of the Fund. The Trustees are responsible for selecting these service providers,
approving the terms of their contracts with the Fund, and exercising general oversight of these arrangements on an ongoing basis.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain Trustees and officers
of the Fund are affiliated with Invesco and Invesco Ltd., the parent corporation of Invesco. All of the Trust&#8217;s executive officers
hold similar offices with some or all of the other Trusts.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Leadership Structure and the Board of Trustees</b>.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board is currently composed
of fourteen Trustees, including twelve Trustees who are not &#8220;interested persons&#8221; of the Fund, as that term is defined in the
1940 Act (collectively, the Independent Trustees and each, an Independent Trustee). In addition to eight regularly scheduled meetings
per year, the Board holds special meetings or informal conference calls to discuss specific matters that may require action prior to the
next regular meeting. As discussed below, the Board has established four standing committees - the Audit Committee, the Compliance Committee,
the Governance Committee and the Investments Committee (the Committees), to assist the Board in performing its oversight responsibilities.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board has appointed an
Independent Trustee to serve in the role of Chair. The Chair&#8217;s primary role is to preside at meetings of the Board and act as a
liaison with the Adviser and other service providers, officers, attorneys, and other Trustees between meetings. The Chair also participates
in the preparation of the agenda for the meetings of the Board, is active with mutual fund industry organizations, and may perform such
other functions as may be requested by the Board from time to time. Except for any duties specified pursuant to the Trust&#8217;s Declaration
of Trust or By-laws, the designation of Chair does not impose on such Independent Trustee any duties, obligations or liability that is
greater than the duties, obligations or liability imposed on such person as a member of the Board generally.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that its
leadership structure, including having an Independent Trustee as Chair, allows for effective communication between the Trustees and management,
among the Trustees and among the Independent Trustees. The existing Board structure, including its Committee structure, provides the Independent
Trustees with effective control over Board governance while also allowing them to receive and benefit from insight from the interested
Trustee who is an active officer of the Fund&#8217;s investment adviser. The Board&#8217;s leadership structure promotes dialogue and
debate, which the Board believes allows for the proper consideration of matters deemed important to the Fund and its shareholders and
results in effective decision-making.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Risk Oversight</b>. The
Board considers risk management issues as part of its general oversight responsibilities throughout the year at its regular meetings and
at regular meetings of its Committees. Invesco prepares regular reports that address certain investment, valuation and compliance matters,
and the Board as a whole or the Committees also receive special written reports or presentations on a variety of risk issues at the request
of the Board, a Committee or the Senior Officer.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board also oversees risks
related to the Fund&#8217;s use of derivatives as part of its general oversight responsibilities. The Board has approved a derivatives
risk manager, which is responsible for administering the derivatives risk management program (&#8220;DRM Program&#8221;) for the funds
that are required to implement a DRM Program. The Board meets with the derivatives risk manager on a periodic basis, including receiving
quarterly and annual reports from the derivatives risk manager, to review the implementation of the DRM Program.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Audit Committee assists
the Board with its oversight of the Fund&#8217;s accounting and auditing process. The Audit Committee is responsible for selecting the
Fund&#8217;s independent registered public accounting firm (auditors), including evaluating their independence and meeting with such auditors
to consider and review matters relating to the Fund&#8217;s financial reports and internal controls. In addition, the Audit Committee
meets regularly with representatives of Invesco Ltd.&#8217;s internal audit group to review reports on their examinations of functions
and processes within Invesco that affect the Fund. The Audit Committee also oversees the Adviser&#8217;s process for valuing the Fund&#8217;s
portfolio investments and receives reports from management regarding its process and the valuation of the Fund&#8217;s portfolio investments
as consistent with the valuation policy approved by the Board and related procedures.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Compliance Committee receives
regular compliance reports prepared by Invesco&#8217;s compliance group and meets regularly with the Fund&#8217;s Chief Compliance Officer
(CCO) to discuss compliance issues, including compliance risks. The Compliance Committee has recommended and the Board has adopted compliance
policies and procedures for the Fund and for the Fund&#8217;s service providers. The compliance policies and procedures are designed to
detect, prevent and correct violations of the federal securities laws<b><i>.</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Governance Committee monitors
the composition of the Board and each of its Committees and monitors the qualifications of the Trustees to ensure adherence to certain
governance undertakings applicable to the Fund. In addition, the Governance Committee oversees an annual self-assessment of the Board
and its committees and addresses governance risks, including insurance and fidelity bond matters, for the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investments Committee
and its sub-committees receive regular written reports describing and analyzing the investment performance of the Invesco Funds. In addition,&#160;Invesco&#8217;s
Chief Investment Officers and the portfolio managers of the Fund meet regularly with the Investments Committee or its sub-committees to
discuss portfolio performance, including investment risk, such as the impact on the Fund of investments in particular types of securities
or instruments, such as derivatives. To the extent that the Fund changes a particular investment strategy that could have a material impact
on the Fund&#8217;s risk profile, the Board generally is consulted in advance with respect to such change.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Committee Structure</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the Audit Committee
are Messrs.&#160;LaCava, Liddy (Chair) and Vandivort, Dr.&#160;Jones, and Mss. Hostetler and Ressel. The Audit Committee performs a number
of functions with respect to the oversight of the Fund&#8217;s accounting and financial reporting, including: (i)&#160;assisting the Board
with its oversight of the qualifications, independence and performance of the independent registered public accountants; (ii)&#160;selecting
independent registered public accountants for the Fund; (iii)&#160;to the extent required, pre-approving certain audit and permissible
non-audit services; (iv)&#160;overseeing the financial reporting process for the Fund; (v)&#160;assisting the Board with its oversight
of the integrity of the Fund&#8217;s financial statements and compliance with legal and regulatory requirements that relate to the Fund&#8217;s
accounting and financial reporting, internal control over financial reporting and independent audits; (vi)&#160;pre-approving engagements
for non-audit services to be provided by the Fund&#8217;s independent auditors to the Fund&#8217;s investment adviser or to any of its
affiliates; and (vii)&#160;overseeing the performance of the fair valuation determinations by the Adviser. During the fiscal year ended
February&#160;28, 2025, the Audit Committee held six meetings.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the Compliance
Committee are Messrs.&#160;Motley and Perkin, and Mss. Brown, Deckbar and Krentzman (Chair) and Dr.&#160;Mathai-Davis. The Compliance
Committee performs a number of functions with respect to compliance matters, including: (i)&#160;reviewing and making recommendations
concerning the qualifications, performance and compensation of the Fund&#8217;s Chief Compliance Officer; (ii)&#160;reviewing recommendations
and reports made by the Chief Compliance Officer of the Fund regarding compliance matters; (iii)&#160;receiving reports regarding the
operation of the compliance policies and procedures of the Fund and their service providers; (iv)&#160;overseeing potential conflicts
of interest that are reported to the Compliance Committee by Invesco, the Chief Compliance Officer or other independent advisors; (v)&#160;reviewing
reports prepared by a third party&#8217;s compliance review of Invesco; (vi)&#160;if requested by the Board, overseeing risk management
with respect to the Fund (other than risks overseen by the other Committees), including receiving and overseeing risk management reports
from Invesco that are applicable to the Fund and their service providers and any material changes to such policies and procedures; and
(vii)&#160;reviewing reports by Invesco on correspondence with regulators or governmental agencies with respect to the Fund and recommending
to the Board what action, if any, should be taken by the Fund in light of such reports. During the fiscal year ended February&#160;28,
2025, the Compliance Committee held four meetings.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the Governance
Committee are Messrs.&#160;LaCava, Motley and Vandivort (Chair) and Mss. Brown and Hostetler. The Governance Committee performs a number
of functions with respect to governance, including: (i)&#160;nominating persons to serve as Independent Trustees and as members of each
Committee, and nominating the Chair of the Board and the Chair of each committee, except that the members and Chair of each Sub-Committee
of the Investments Committee shall be appointed by the Chair of the Investments Committee in consultation with the Chair of the Governance
Committee; (ii)&#160;reviewing and making recommendations to the full Board regarding the size and composition of the Board and the compensation
payable to the Independent Trustees; (iii)&#160;overseeing the annual evaluation of the performance of the Board and its Committees; (iv)&#160;considering
and overseeing the selection of independent legal counsel to the Independent Trustees; (v)&#160;considering and overseeing the selection
and engagement of a Senior Officer if and as they deem appropriate, including compensation and scope of services, and recommending all
such matters to the Board or the independent trustees as appropriate; (vi)&#160;reviewing administrative and/or logistical matters pertaining
to the operations of the Board; and (vii)&#160;reviewing annually recommendations from Invesco regarding amounts and coverage of primary
and excess directors and officers/errors and omissions liability insurance and allocation of premiums. During the fiscal year ended February&#160;28,
2025, the Governance Committee held six meetings.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the Board has or expects
to have a vacancy, the Governance Committee receives and reviews information on individuals qualified to be recommended to the full Board
as nominees for election as Trustees. The Governance Committee considers candidates identified by members of the Governance Committee,
the full Board and management, as well as any recommendations by shareholders (as described below), as part of this process.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At times, the Governance
Committee may use a third party search firm to assist with the identification of qualified candidates.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Governance Committee will
consider nominees recommended by a shareholder in accordance with the Fund&#8217;s governing instruments to serve as trustees, provided:
(i)&#160;that such submitting shareholder provides the information required by, and otherwise complies with the applicable provisions
of, the Fund&#8217;s governing instruments, (ii)&#160;that such submitting shareholder is a shareholder of record, with proof of such
ownership or holding reasonably satisfactory to the Fund to be provided by such record owner or nominee holder, at the time he or she
submits such names and is entitled to vote at the meeting of shareholders at which trustees will be elected; and (iii)&#160;that the Governance
Committee or the Board, as applicable, shall make the final determination of persons to be nominated. While the Governance Committee believes
that there are no specific minimum qualifications for a nominee to possess or any specific qualities or skills that are necessary, in
considering a candidate&#8217;s qualifications, the Governance Committee may consider, among other things: (1)&#160;whether or not the
person is an &#8220;interested person,&#8221; as defined in the 1940 Act, and is otherwise qualified under applicable laws and regulations
to serve as a trustee of the Fund; (2)&#160;whether or not the person is willing to serve as, and willing and able to commit the time
necessary for the performance of the duties of, a trustee; (3)&#160;whether the person can make a positive contribution to the Board and
the Fund, with consideration being given to the person&#8217;s specific experience, education, qualifications and other skills; and (4)&#160;whether
the person is of good character and high integrity, and whether the person has other desirable personality traits, including independence,
leadership and the ability to work with other Board members.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Fund&#8217;s governing
instruments, nominees must meet certain additional qualifications to qualify for nomination and service as a Trustee. Nominees may be
disqualified if they engaged in disabling conduct outlined in the Fund&#8217;s Declarations of Trust. Nominees that are associated with
other investment vehicles and investment advisers may not be eligible for nomination and service as a Trustee if the Board finds that
such associations have conflicts of interest with the long-term best interests of the Fund, impede the ability of the nominee to perform,
or impede the free-flow of information from management. Nominees that are acting in concert with control persons of other investment companies
that are in violation of Section&#160;12(d)(1)&#160;of the 1940 Act shall be disqualified from nomination and service as a Trustee.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notice procedures set forth
in the Fund&#8217;s Bylaws require that any shareholder of the Fund desiring to nominate a trustee for election at an annual shareholder
meeting must deliver to the Fund&#8217;s Secretary notice of the shareholder&#8217;s intent to nominate in writing not less than ninety
(90) nor more than one hundred twenty (120) days prior to the first anniversary date of the annual meeting for the preceding year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the Investments
Committee are Messrs.&#160;LaCava, Liddy, Motley, Perkin (Chair) and Vandivort, Mss. Brown, Deckbar (Sub-Committee Chair), Hostetler (Sub-Committee
Chair), Krentzman and Ressel and Drs.&#160;Jones (Sub-Committee Chair) and Mathai-Davis. The Investments Committee&#8217;s primary purposes
are to assist the Board in its oversight of the investment management services provided by Invesco and the Sub-Advisers and to periodically
review Fund performance information, and information regarding the investment personnel and other resources devoted to the management
of the Fund and make recommendations to the Board, when applicable. During the fiscal year ended February&#160;28, 2025, the Investments
Committee held four meetings.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Investments Committee
has established three Sub-Committees and delegated to the Sub-Committees responsibility for, among other matters: (i)&#160;reviewing the
performance of the Invesco Funds that have been assigned to a particular Sub-Committee (for each Sub-Committee, the Designated Funds),
except to the extent the Investments Committee takes such action directly; (ii)&#160;reviewing with the applicable portfolio managers
from time to time the investment objective(s), policies, strategies, performance and risks and other investment-related matters of the
Designated Funds; and (iii)&#160;being generally familiar with the investment objectives and principal investment strategies of the Designated
Funds.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Compensation</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Trustee who is not affiliated
with Invesco is compensated for his or her services according to a fee schedule that recognizes the fact that such Trustee also serves
as a Trustee of other Invesco Funds. Each such Trustee receives a fee, allocated among the Invesco Funds for which he or she serves as
a Trustee that consists of an annual retainer component and a meeting fee component. The Chair of the Board and of each Committee and
Sub-Committee receive additional compensation for their services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information regarding compensation
paid or accrued for each trustee of the Fund who was not affiliated with Invesco during the year ended December&#160;31, 2024, unless
otherwise noted, are as follows:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Aggregate<br/> Compensation<br/>
 from<br/> the Fund<sup>(1)</sup></b></span></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Retirement <br/>
Benefits<br/> Accrued by All<br/> Invesco Funds</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated<br/>
 Annual<br/> Benefits Upon<br/> Retirement<sup>(2)</sup></b></span></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Compensation from<br/> the Invesco Fund<br/> Complex<sup>(3)</sup></b></span></td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Independent
    Trustees<sup>(4)(5)</sup></b></span></td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td><td style="font-size: 10pt; text-align: right">&#160;</td><td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="width: 48%; font: 10pt Times New Roman, Times, Serif; text-align: left">Beth Ann Brown</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">2,459</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">652,500</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Carol Deckbar</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">409,426</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Cynthia Hostetler</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,799</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">465,000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Eli Jones</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prema Mathai-Davis</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Joel W. Motley</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Teresa M. Ressel</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,632</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">437,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Robert C. Troccoli</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,909</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Daniel S. Vandivort</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,819</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">467,500</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Edward Perkin</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">388</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts shown are based on the fiscal year ended February&#160;28, 2025. The total amount of compensation deferred by all trustees of the Fund during the fiscal year ended February&#160;28, 2025, including earnings, was $5,445.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These amounts represent the estimated annual benefits payable by the Invesco Funds upon the trustees&#8217; retirement and assumes each trustee serves until his or her normal retirement date. These amounts are not adjusted to reflect deemed investment appreciation or depreciation.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 33; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(3)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These amounts represent the compensation paid from all Invesco Funds to the individuals who serve as trustees. All trustees currently serve as trustee of 32 registered investment companies advised by Invesco, unless otherwise noted.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(4)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.&#160;Edward Perkin was appointed as trustee of the Fund effective January&#160;2, 2025.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(5)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December&#160;31, 2024, Robert C. Troccoli retired.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Trustee Beneficial Ownership of Securities</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dollar range of equity
securities beneficially owned by each trustee (i)&#160;in the Fund and (ii)&#160;on an aggregate basis, in all registered investment companies
overseen by the trustee within the Invesco Funds complex, as of December&#160;31, 2024, are as follows:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr>
  <tr style="vertical-align: bottom; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; ">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Prema Mathai-Davis</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Joel W. Motley</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edward Perkin<sup>2</sup>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">N/A</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Teresa M. Ressel</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Daniel S. Vandivort</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Interested Trustees</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Jeffrey H. Kupor</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">Over $100,000</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Douglas Sharp</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">None</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(1)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes total amount of compensation deferred by the trustee at his or her election pursuant to a deferred compensation plan. Such deferred compensation is placed in a deferral account and deemed to be invested in one or more of the Invesco Funds.</span></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup>(2)</sup>&#160;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information in the table is provided as of December&#160;31, 2024. Mr.&#160;Edward Perkin was appointed as trustee of the Fund effective January&#160;2, 2025.</span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Retirement Policy</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustees have adopted
a retirement policy that permits each Trustee to serve until December&#160;31 of the year in which the Trustee turns 75.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Pre-Amendment Retirement Plan For Trustees</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustees have adopted
a Retirement Plan for the Trustees who are not affiliated with the Adviser. A description of the pre-amendment Retirement Plan follows.
Annual retirement benefits are available from the Fund and/or the other Invesco Funds for which a Trustee serves (each, a Covered Fund),
for each Trustee who is not an employee or officer of the Adviser, who either (a)&#160;became a Trustee prior to December&#160;1, 2008,
and who has at least five years of credited service as a Trustee (including service to a predecessor fund) of a Covered Fund, or (b)&#160;was
a member of the Board of Trustees of a Van Kampen Fund immediately prior to June&#160;1, 2010 (Former Van Kampen Trustee), and has at
least one year of credited service as a Trustee of a Covered Fund after June&#160;1, 2010.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Trustees other than Former
Van Kampen Trustees, effective January&#160;1, 2006, for retirements after December&#160;31, 2005, the retirement benefits will equal
75% of the Trustee&#8217;s annual retainer paid to or accrued by any Covered Fund with respect to such Trustee during the twelve-month
period prior to retirement, including the amount of any retainer deferred under a separate deferred compensation agreement between the
Covered Fund and the Trustee. The amount of the annual retirement benefit does not include additional compensation paid for Board meeting
fees or compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain Board committees, whether such amounts are
paid directly to the Trustee or deferred. The annual retirement benefit is payable in quarterly installments for a number of years equal
to the lesser of (i)&#160;sixteen years or (ii)&#160;the number of such Trustee&#8217;s credited years of service. If a Trustee dies prior
to receiving the full amount of retirement benefits, the remaining payments will be made to the deceased Trustee&#8217;s designated beneficiary
for the same length of time that the Trustee would have received the payments based on his or her service or, if the Trustee has elected,
in a discounted lump sum payment. A Trustee must have attained the age of 65 (60 in the event of disability) to receive any retirement
benefit. A Trustee may make an irrevocable election to commence payment of retirement benefits upon retirement from the Board before age
72; in such a case, the annual retirement benefit is subject to a reduction for early payment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Former Van Kampen Trustee
completes at least 10 years of credited service after June&#160;1, 2010, the retirement benefit will equal 75% of the Former Van Kampen
Trustee&#8217;s annual retainer paid to or accrued by any Covered Fund with respect to such Trustee during the twelve-month period prior
to retirement, including the amount of any retainer deferred under a separate deferred compensation agreement between the Covered Fund
and such Trustee. The amount of the annual retirement benefit does not include additional compensation paid for Board meeting fees or
compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain Board committees, whether such amounts are paid
directly to the Trustee or deferred. The annual retirement benefit is payable in quarterly installments for 10 years beginning after the
later of the Former Van Kampen Trustee&#8217;s termination of service or attainment of age 72 (or age 60 in the event of disability or
immediately in the event of death). If a Former Van Kampen Trustee dies prior to receiving the full amount of retirement benefits, the
remaining payments will be made to the deceased Trustee&#8217;s designated beneficiary or, if the Trustee has elected, in a discounted
lump sum payment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Former Van Kampen Trustee
completes less than 10 years of credited service after June&#160;1, 2010, the retirement benefit will be payable at the applicable time
described in the preceding paragraph, but will be paid in two components successively. For the period of time equal to the Former Van
Kampen Trustee&#8217;s years of credited service after June&#160;1, 2010, the first component of the annual retirement benefit will equal
75% of the compensation amount described in the preceding paragraph. Thereafter, for the period of time equal to the Former Van Kampen
Trustee&#8217;s years of credited service after June&#160;1, 2010, the second component of the annual retirement benefit will equal the
excess of (x)&#160;75% of the compensation amount described in the preceding paragraph, over (y)&#160;$68,041 plus an interest factor
of 4% per year compounded annually measured from June&#160;1, 2010 through the first day of each year for which payments under this second
component are to be made. In no event, however, will the retirement benefits under the two components be made for a period of time greater
than 10 years. For example, if the Former Van Kampen Trustee completes 7 years of credited service after June&#160;1, 2010, he or she
will receive 7 years of payments under the first component and thereafter 3 years of payments under the second component, and if the Former
Van Kampen Trustee completes 4 years of credited service after June&#160;1, 2010, he or she will receive 4 years of payments under the
first component and thereafter 4 years of payments under the second component.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="text-decoration:underline">Amendment of Retirement Plan and Conversion
to Defined Contribution Plan</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Trustees approved an amendment
to the Retirement Plan to convert it to a defined contribution plan for active Trustees (the Amended Plan). Under the Amended Plan, the
benefit amount was amended for each active Trustee to the present value of the Trustee&#8217;s existing retirement plan benefit as of
December&#160;31, 2013 (the Existing Plan Benefit) plus the present value of retirement benefits expected to be earned under the Retirement
Plan through the end of the calendar year in which the Trustee attained age 75 (the Expected Future Benefit and, together with the Existing
Plan Benefit, the Accrued Benefit). On the conversion date, the Covered Funds established bookkeeping accounts in the amount of their
pro rata share of the Accrued Benefit, which is deemed to be invested in one or more Invesco Funds selected by the participating Trustees.
Such accounts will be adjusted from time to time to reflect deemed investment earnings and losses. Each Trustee&#8217;s Accrued Benefit
is not funded and, with respect to the payments of amounts held in the accounts, the participating Trustees have the status of unsecured
creditors of the Covered Funds. Trustees will be paid the adjusted account balance under the Amended Plan in quarterly installments for
the same period as described above.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Deferred Compensation Agreements</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain former Trustees and
current Independent Trustees (for purposes of this paragraph only, the Deferring Trustees) have executed a Deferred Compensation Agreement
(collectively, the Compensation Agreements). Pursuant to the Compensation Agreements, the Deferring Trustees have the option to elect
to defer receipt of up to 100% of their compensation payable by the Fund, and such amounts are placed into a deferral account and deemed
to be invested in one or more Invesco Funds selected by the Deferring Trustees. Amounts deferred by Deferring Trustees pursuant to a Compensation
Agreement during the most recent fiscal year are shown above.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions from these deferral
accounts will be paid in cash, generally in equal quarterly installments over a period of up to ten (10)&#160;years (depending on the
Compensation Agreement) beginning on the date selected under the Compensation Agreement. If a Deferring Trustee dies prior to the distribution
of amounts in his or her deferral account, the balance of the deferral account will be distributed to his or her designated beneficiary.
The Compensation Agreements are not funded and, with respect to the payments of amounts held in the deferral accounts, the Deferring Trustees
have the status of unsecured creditors of the Fund and of each other Invesco Fund from which they are deferring compensation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_005"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESTMENT ADVISORY AND OTHER SERVICES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Adviser</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco serves as the Fund&#8217;s
investment adviser. The Adviser manages the investment operations of the Fund 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 Fund&#8217;s 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 Fund and their affiliations are shown in this Statement of
Additional Information</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As investment adviser,&#160;Invesco
supervises all aspects of the Fund&#8217;s operations and provides investment advisory services to the Fund. Invesco obtains and evaluates
economic, statistical and financial information to formulate and implement investment programs for the Fund. The Fund&#8217;s Investment
Advisory Agreement (the &#8220;Advisory Agreement&#8221;) provides that, in fulfilling its responsibilities,&#160;Invesco may engage the
services of other investment managers with respect to the Fund. The investment advisory services of Invesco are not exclusive and Invesco
is free to render investment advisory services to others, including other investment companies.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to an administrative
services agreement with the Fund, the Adviser is also responsible for furnishing to the Fund at the Adviser&#8217;s expense, the services
of persons believed to be competent to perform all supervisory and administrative services required by the Fund and that, in the judgment
of the Trustees, are necessary to conduct the business of the Fund effectively, as well as the offices, equipment and other facilities
necessary for their operations. Such functions include the maintenance of the Fund&#8217;s accounts and records, and the preparation of
all requisite corporate documents such as tax returns and reports to the SEC and shareholders.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisory Agreement provides
that the Fund will pay or cause to be paid all expenses of such Fund not assumed by Invesco, including, without limitation: brokerage
commissions, taxes, legal, auditing, or governmental fees, 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 Fund
in connection with membership in investment company organizations and the cost of printing copies of prospectuses and statements of additional
information distributed to the Fund&#8217;s shareholders.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco, at its own expense,
furnishes to the Fund office space and facilities. Invesco furnishes to the Fund all personnel for managing the affairs of the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Advisory fees paid for the last three fiscal years
of the Fund are as follows:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fiscal Year Ended</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Advisory Fees Paid</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; font: 10pt Times New Roman, Times, Serif">February&#160;28, 2025</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">4,728,828</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;29, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,757,747</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,968,356</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco may from time to time
waive or reduce its fee. Voluntary fee waivers or reductions may be rescinded at any time without further notice to investors. During
periods of voluntary fee waivers or reductions,&#160;Invesco will retain its ability to be reimbursed for such fee prior to the end of
their respective fiscal year in which the voluntary fee waiver or reduction was made.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco has contractually
agreed through at least August&#160;31, 2026, to waive advisory fees payable by the Fund in an amount equal to 100% of the net advisory
fee Invesco receives from the affiliated money market funds as a result of the Fund&#8217;s investment of uninvested cash in the affiliated
money market funds. Unless Invesco continues the fee waiver agreement, it will terminate as indicated above. During its term, the fee
waiver agreements cannot be terminated or amended to reduce the advisory fee waivers without approval of the Board.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Sub-Advisers</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco has entered into a
Sub-Advisory Agreement with certain affiliates to serve as sub-advisers to the 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 Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">These affiliated sub-advisers, each of which is
a registered investment adviser under the Advisers Act are:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Asset Management Deutschland GmbH (Invesco Deutschland)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Asset Management Limited (Invesco Asset Management)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Asset Management (Japan) Limited (Invesco Japan)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Hong Kong Limited (Invesco Hong Kong)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Senior Secured Management,&#160;Inc. (Invesco Senior
Secured)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco Canada Ltd. (Invesco Canada); (each a &#8220;Sub-Adviser&#8221;
and collectively, the &#8220;Sub-Advisers&#8221;).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Invesco and each Sub-Adviser is an indirect wholly-owned
subsidiary of Invesco Ltd.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The only fees payable to the
Sub-Advisers under the Sub-Advisory Agreement are for providing discretionary investment management services. For such services,&#160;Invesco
(and not the Fund) pays each Sub-Adviser a fee, computed daily and paid monthly, equal to (i)&#160;40% of the monthly compensation that
Invesco receives from the Fund, multiplied by (ii)&#160;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 the 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Securities Lending Arrangements</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may lend its portfolio
securities to generate additional income. The Fund may participate in a securities lending program pursuant to a securities lending agreement
that establishes the terms of the loan, including collateral requirements. The Fund may lend securities to securities brokers and other
borrowers.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the securities lending
program, Bank of New York Mellon (BNY Mellon) served as a securities lending agent for certain of the Fund&#8217;s most recently completed
fiscal year. The Board also appointed Invesco to serve as an affiliated securities lending agent for the Fund under the securities lending
program. Invesco served as an affiliated securities lending agent for the Fund&#8217;s most recently completed fiscal year, as listed
in the table below (as applicable).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the Fund utilizes
Invesco as an affiliated securities lending agent, the Fund conducts its securities lending in accordance with and in reliance upon no-action
letters issued by the SEC staff that provide guidance on how an affiliate may act as a direct agent lender and receive compensation for
those services without obtaining exemptive relief. The Board has approved policies and procedures that govern the Fund&#8217;s securities
lending activities when utilizing an affiliated securities lending agent, such as Invesco, consistent with the guidance set forth in the
no-action letters.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco serves as a securities
lending agent to other clients in addition to the Fund. There are potential conflicts of interests involved in the Fund&#8217;s use of
Invesco as an affiliated securities lending agent, including but not limited to: (i)&#160;Invesco as securities lending agent may have
an incentive to increase or decrease the amount of securities on loan, lend particular securities, delay or forgo calling securities on
loans, or lend securities to less creditworthy borrowers, in order to generate additional fees for Invesco and its affiliates; and (ii)&#160;Invesco
as securities lending agent may have an incentive to allocate loans to clients that would provide more fees to Invesco. Invesco seeks
to mitigate these potential conflicts of interest by utilizing a methodology designed to provide its securities lending clients with equal
lending opportunities over time.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Service Agreements</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Administrative Services
Agreement</i>. Invesco and the Fund have entered into a Master Administrative Services Agreement (the &#8220;Administrative Services Agreement&#8221;)
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,&#160;Invesco
is entitled to receive from the Fund reimbursement of its costs or such reasonable compensation as may be approved by the Board. Currently,&#160;Invesco
is reimbursed for the services of the Fund&#8217;s principal financial officer and her staff and any expenses related to fund accounting
services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Administrative services fees paid for the last
three fiscal years of the Fund are as follows:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fiscal Year Ended</td><td style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Administrative Fees Paid</td><td style="white-space: nowrap; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 82%; font: 10pt Times New Roman, Times, Serif">February&#160;28, 2025</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">80,191</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;29, 2024</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">73,872</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">February&#160;28, 2023</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">76,317</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p><div>


</div><div><a id="s_006"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER SERVICE PROVIDERS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Transfer Agent</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Computershare Trust Company,
N.A. (&#8220;Computershare&#8221;), 250 Royall Street, Canton, MA 02021 is the transfer agent for the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transfer Agency and Service
Agreement (the &#8220;TA Agreement&#8221;) between the Fund and Computershare provides that Computershare will perform certain services
related to the servicing of shareholders of the Fund. Other such services may be delegated or subcontracted to third party intermediaries.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Custodian</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">State Street Bank and Trust
Company (the &#8220;Custodian&#8221;), 225 Franklin Street, Boston, Massachusetts 02110, is custodian of all securities and cash of the
Fund. The Bank of New York Mellon, 2 Hanson Place, Brooklyn, New York 11217-1431, also serves as sub-custodian to facilitate cash management.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Custodian&#8217;s responsibilities
include safeguarding and controlling the Fund&#8217;s portfolio securities and<br/>
handling the delivery of such securities to and from the Fund. These services do not include any supervisory function over management
or provide any protection against any possible depreciation of assets.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Custodian and sub-custodian
are authorized to establish separate accounts in foreign countries and to cause foreign securities owned by the Fund 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&#8217; depositories in a country. The Custodian
is responsible for monitoring eligible foreign securities depositories.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under its contract with the
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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Independent Registered Public Accounting Firm</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
Fund&#8217;s independent registered public accounting firm is responsible for auditing the financial statements of the Fund. The Audit
Committee of the Fund&#8217;s Board has selected, and the Board has ratified and approved, [___] (&#8220;[___]&#8221;), [___], as the
independent registered public accounting firm to audit the financial statements of the Fund. In connection with the audit of the Fund&#8217;s
financial statements, the Fund entered into an engagement letter with [___]. The terms of the engagement letter required by [___], and
agreed to by the Fund&#8217;s Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy
or claim between the parties arising out of or relating to the engagement letter or the services provided thereunder. The financial statements
incorporated in this SAI by reference to the </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm#fact-identifier-5"><span style="color: #0000ee">Annual
Report</span></a> on Form N-CSR for the year ended February 28, 2025 have been so incorporated in reliance on the report of [___], an
independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_007"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PORTFOLIO MANAGERS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Portfolio Manager Fund Holdings and Information on Other Managed
Accounts</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco&#8217;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 &#8216;Investments&#8217; chart reflects the portfolio managers&#8217; investments
in the Fund and includes investments in the Fund&#8217;s shares beneficially owned by a portfolio manager, as determined in accordance
with Rule&#160;16a-1(a)(2)&#160;under the Securities Exchange Act of 1934, as amended (beneficial ownership includes ownership by a portfolio
manager&#8217;s immediate family members sharing the same household). The &#8216;Assets Managed&#8217; chart reflects information regarding
accounts other than the Fund for which each portfolio manager has day-to-day management responsibilities. Accounts are grouped into three
categories: (i)&#160;other registered investment companies; (ii)&#160;other pooled investment vehicles; and (iii)&#160;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 noted. In addition, any assets denominated in foreign currencies have been converted into U.S. dollars
using the exchange rates as of the applicable date.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is as of February&#160;28,
2025:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 76%; text-align: left">Portfolio Manager</td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dollar Range of<br/> Investments in<br/> the Fund</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John &#8220;Jack&#8221; Connelly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Joshua Cooney</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Elizabeth Mossow</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Tim O&#8217;Reilly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Mark Paris</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John Schorle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Julius Williams</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Assets Managed</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following information is as of February&#160;28,
2025:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font-size: 10pt">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other Registered Investment<br/> Companies Managed <br/> (assets in millions)</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="5" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other Pooled<br/>
 Investment <br/> Vehicles Managed <br/> (assets in millions)</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="6" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other Accounts<br/> Managed <br/> (assets in millions)</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Portfolio Manager</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number<br/>
 of<br/> Accounts</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of<br/> Accounts</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of<br/> Accounts</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John &#8220;Jack&#8221; Connelly</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">22,726.8</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 13%; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Joshua Cooney</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,645.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">20</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,134.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Elizabeth Mossow</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">12</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">18,896.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">411.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Tim O&#8217;Reilly</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47,254.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Mark Paris</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">27</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">47,266.4</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">32.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">21</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,141.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">John Schorle</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">22,726.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Julius Williams</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><sup>1</sup>&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 40; Value: 1 --><div>
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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">1 These are accounts of individual investors for which Invesco
provides investment advice. Invesco offers separately managed accounts that are managed according to the investment models developed by
its portfolio managers and used in connection with the management of certain Invesco Funds. These accounts may be invested in accordance
with one or more of those investment models and investments held in those accounts are traded in accordance with the applicable models.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Potential Conflicts of Interest</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The management of multiple funds and/or other
accounts may result in a portfolio manager devoting unequal time and attention to the management of the 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.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a portfolio manager identifies a limited investment
opportunity which may be suitable for more than one Fund or other account, the 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.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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 the 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)&#160;involved.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">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.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser, each Sub-Adviser,
and the Fund 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Description of Compensation Structure</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 cash bonus opportunity and a deferred 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&#8217;s
compensation consists of the following three elements:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Base Salary.</i> Each portfolio
manager is paid a base salary. In setting the base salary, the Adviser and each Sub-Adviser&#8217;s intention is to be competitive in
light of the particular portfolio manager&#8217;s experience and responsibilities.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><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 firm-wide bonus pool based upon progress against strategic objectives
and annual operating plan, including investment performance and financial results. 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.e., investment performance) and non-quantitative factors (which may
include, but are not limited to, individual performance, risk management and teamwork).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each portfolio manager&#8217;s
compensation is linked to the pre-tax investment performance of the Fund/accounts managed by the portfolio manager as described in the
table below.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Sub-Adviser</span></b></span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Performance time period<sup>(3)</sup></span></b></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco<sup>(1)</sup></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Canada<sup>(1)</sup></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Deutschland<sup>(1)</sup></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Hong Kong<sup>(1)</sup></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management<sup>(1)</sup></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Listed Real Assets Division<sup>(1)</sup></p></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td>
    <td style="vertical-align: top; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-, Three- and Five-year performance against Fund peer group.</span></td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco Senior Secured<sup>(1),(2)</sup>&#160;</span></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt">&#160;</td>
    <td style="vertical-align: top; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td colspan="2">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Invesco Japan</span></td>
    <td style="vertical-align: bottom">&#160;</td>
    <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One-, Three- and Five-year performance</span></td></tr>
  <tr>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid">&#160;</td>
    <td style="vertical-align: top; border-bottom: black 1pt solid">&#160;</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(1)</td><td>Portfolio Managers may be granted an annual deferral award that vests on a pro-rata basis over a four-year period.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(2)</td><td>Invesco Senior Secured&#8217;s bonus is based on annual measures of equity return and standard tests of collateralization performance.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in">(3)</td><td>Rolling time periods based on calendar year-end.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Deferred/Long-Term Compensation.</i>
Portfolio managers may be granted a deferred compensation award based on a firm-wide bonus pool approved by the Compensation Committee
of Invesco Ltd. Deferred compensation awards may take the form of annual fund deferral awards or long-term equity awards. Annual fund
deferral awards are notionally invested in certain Invesco funds selected by the Portfolio Manager and are settled in cash. Long-term
equity awards are settled in Invesco Ltd. common shares. Both fund deferral awards and long-term equity awards have a four-year ratable
vesting schedule. The vesting period aligns the interests of the Portfolio Managers with the long-term interests of clients and shareholders
and encourages retention.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Retirement and health and
welfare arrangements</i>. Portfolio managers are eligible to participate in retirement and health and welfare plans and programs that
are available generally to all employees.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><div><a id="s_008"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PORTFOLIO TRANSACTIONS AND BROKERAGE ALLOCATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco and the Sub-Advisers
have adopted compliance procedures that cover, among other items, brokerage allocation and other trading practices. If all or a portion
of the Fund&#8217;s assets are managed by one or more Sub-Advisers, the decision to buy and sell securities and broker-dealer selection
will be made by the Sub-Adviser for the assets it manages. Unless specifically noted, the Sub-Advisers brokerage allocation procedures
do not materially differ from the Adviser&#8217;s procedures.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As discussed below,&#160;Invesco
and the Sub-Advisers, unless prohibited by applicable law, may cause the Fund to pay a broker-dealer a commission for effecting a transaction
that exceeds the amount another broker-dealer would have charged for effecting the same transaction in recognition of the value of brokerage
and research services provided by that broker-dealer.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Brokerage Transactions</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Placing trades generally involves
acting on portfolio manager instructions to buy or sell a specified amount of portfolio securities, including selecting one or more broker-dealers,
including affiliated and 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 primary trading centers
around the world to place equity securities trades in their regions. Invesco&#8217;s Americas desk, with locations in the United States
and Canada (the Americas Desk), generally places trades of equity securities trading in North America, Canada and Latin America; the Asia
Pacific desk, with locations in Hong Kong, Japan, Australia and China (the Asia Pacific Desk), generally places trades of equity securities
trading in the Asia-Pacific markets; and the EMEA trading desk, with locations in the United Kingdom (the EMEA Desk), generally places
trades of equity securities trading in European, Middle Eastern and African countries. Additionally, various Invesco Ltd. subsidiaries
have created an alternatives trading desk that generally places trades in derivatives, options and foreign currency.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco,&#160;Invesco Canada,&#160;Invesco
Japan,&#160;Invesco Deutschland,&#160;Invesco Hong Kong, and Invesco Asset Management use the global equity trading desk and the alternatives
desk to place trades. Other Sub-Advisers may use the global equity trading desk and the alternatives desk in the future. The trading procedures
for the global trading desks are similar in all material respects. References in the language below to actions by Invesco or a Sub-Adviser
making determinations or taking actions related to equity trading include these entities&#8217; delegation of these determinations/actions
to the Americas Desk, the Asia Pacific Desk, and the EMEA Desk. Even when trading is delegated by Invesco or the Sub-Advisers to the various
arms of the global equity trading desk or to the alternatives desk,&#160;Invesco or the Sub-Adviser that delegates trading is responsible
for oversight of this trading activity.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Commissions</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Substantially all of the Fund&#8217;s trades are effected on a principal
basis. The Fund did not pay brokerage commissions during the Fund&#8217;s last three fiscal years ended February&#160;28 or 29.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may purchase or sell
a security from or to certain other Invesco funds or other accounts (and may invest in affiliated money market funds) provided the Fund
follows 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Broker Selection</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser&#8217;s or the
Sub-Advisers&#8217; 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 or fixed income securities for the Fund, the Adviser or
the Sub-Advisers consider the full range and quality of a Broker&#8217;s services, including, but not limited to, the value of research
and/or brokerage services provided (if permitted by applicable law or regulation), execution capability, commission rate, spread or mark-up
or mark-down (as applicable), willingness to commit capital, anonymity and responsiveness. In each case, the determinative factor is not
the lowest commission, spread or mark-up or mark-down available but whether the transaction represents the best qualitative execution
for the Fund under the circumstances. The Adviser and the Sub-Advisers will not select Brokers based upon their promotion or sale of shares
of funds advised by the Adviser and/or the Sub-Advisers.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless prohibited by applicable
law, such as MiFID II (described herein), in choosing brokers to execute portfolio transactions for the Fund, the Adviser or the Sub-Advisers
may select Brokers that provide brokerage and/or research services (&#8220;Soft Dollar Products&#8221;) to the Fund and/or the other accounts
over which the Adviser and its affiliates have investment discretion. For the avoidance of doubt, European Union and United Kingdom investment
advisers, including Invesco Deutschland and Invesco Asset Management, which may act as sub-adviser to certain Invesco Funds as described
in such Fund&#8217;s prospectuses, must pay for research from Brokers directly out of their own resources, rather than through client
commissions. Therefore, the use of the defined term &#8220;Sub-Advisers&#8221; throughout this section shall not be deemed to apply to
those Sub-Advisers subject to the MiFID II prohibitions. Section&#160;28(e)&#160;of the Securities Exchange Act of 1934, as amended, provides
that the Adviser or the Sub-Advisers, under certain circumstances, lawfully may cause a client account to pay a higher commission than
the lowest available. Under Section&#160;28(e)(1), the Adviser or the Sub-Advisers must make a good faith determination that the commissions
paid are &#8220;reasonable in relation to the value of the brokerage and research services provided &#8230; viewed in terms of either
that particular transaction or the Adviser&#8217;s or the Sub-Advisers&#8217; overall responsibilities with respect to the accounts as
to which [it] exercises investment discretion.&#8221; The Soft Dollar Products provided by the Broker also must lawfully and appropriately
assist the Adviser or the Sub-Advisers in the performance of its investment decision-making responsibilities. Accordingly, the Fund may
pay a Broker commissions that are higher than those charged by another Broker in recognition of the Broker&#8217;s provision of Soft Dollar
Products to the Adviser or the Sub-Advisers.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser and the Sub-Advisers
face a potential conflict of interest when they use client trades to obtain Soft Dollar Products. This conflict exists because the Adviser
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 the Adviser&#8217;s or the Sub-Advisers&#8217; expenses to the extent that the Adviser or the Sub-Advisers would have purchased
such products had they not been provided by Brokers. Section&#160;28(e)&#160;permits the Adviser or the Sub-Advisers to use Soft Dollar
Products for the benefit of any account it manages. Certain Invesco-managed client accounts (or client accounts managed by the Sub-Advisers)
may generate soft dollar commissions used to purchase Soft Dollar Products that ultimately benefit other Adviser- managed client accounts
(or Sub-Adviser-managed accounts), effectively cross subsidizing the other Adviser-managed accounts (or the other Sub-Adviser-managed
client accounts) that benefit directly from the product. The Adviser or the Sub-Advisers may not use all of the Soft Dollar Products provided
by Brokers through which the Fund effects securities transactions in connection with managing the Fund whose trades generated the soft
dollar commissions used to purchase such products. Fixed income trading normally does not generate soft dollar commissions to pay for
Soft Dollar Products. Therefore, soft dollar commissions used to pay for Soft Dollar Products which are used to manage certain fixed income
Invesco funds or other fixed-income client accounts are generated entirely by equity-focused Invesco funds and other equity-focused client
accounts managed by the Adviser. In other words, certain fixed income Invesco funds are cross-subsidized by the equity Invesco Funds in
that the fixed income Invesco funds receive the benefit of Soft Dollar Products for which they do not pay.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Similarly, other client accounts
managed by the Adviser or certain of its affiliates may benefit from Soft Dollar Products for which they do not pay. The Adviser 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 the Adviser or the Sub-Advisers conclude that the Broker supplying the product is capable
of providing best execution.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. The Adviser and the Sub-Advisers use soft dollar commissions to purchase two types of Soft Dollar Products:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">proprietary research created by the Broker executing
the trade, and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">other research and brokerage products and services
created by third party vendors that are supplied to the Adviser or the Sub-Adviser through the Broker executing the trade.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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. The Adviser periodically
rates the quality of proprietary research produced by various Brokers. Based on the evaluation of the quality of information that the
Adviser receives from each Broker, the Adviser develops an estimate of each Broker&#8217;s targeted share of Invesco clients&#8217; commission
dollars and attempts to direct trades to these firms to meet these estimates.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Soft Dollar Products are paid
for by the Adviser and Sub-Advisers using soft dollar commissions through one of two methods: full-service trading or commission sharing
agreements (&#8220;CSAs&#8221;). In a full-service trading arrangement, the Broker itself provides proprietary research products and brokerage
services to Invesco or the Sub-Adviser, and commissions paid to the Broker are retained by it to pay for both trade execution and the
proprietary research products and brokerage services provided by it. In a CSA arrangement with a Broker, a portion of the commission paid
to the Broker is made available by the Broker to Invesco or the Sub-Adviser to pay a third party for third party research and brokerage
products and services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Soft Dollar Products received
from Brokers supplement the Adviser&#8217;s and the Sub-Advisers&#8217; own research (and the research of certain of its affiliates),
and may include the following types of products and services:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Database Services - 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).</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Quotation/Trading/News Systems - 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.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Economic Data/Forecasting Tools - various macro-economic
forecasting tools, such as economic data or currency and political forecasts for various countries or regions.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Quantitative/Technical Analysis - software tools
that assist in quantitative and technical analysis of investment data.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Fundamental Company/Industry Analysis - company
or industry specific fundamental investment research.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Other Specialized Tools - other specialized products,
such as consulting analyses, access to industry experts, and distinct investment expertise or custom-built investment-analysis software.
Occasionally, the Adviser or a Sub-Adviser will receive certain &#8220;mixed-use&#8221; research and brokerage services, a portion of
the cost of which is eligible under Section&#160;28(e)&#160;for payment with soft dollar commissions and a portion of which is not. In
these instances, the Adviser or the Sub-Adviser will make a reasonable allocation of the cost of the product or service according to its
use and pay for only that portion of the cost that is eligible under Section&#160;28(e)&#160;with soft dollar commission (and will pay
for the remaining portion with its own resources).</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Outside research assistance
is useful to the Adviser or the Sub-Advisers because the Brokers used by the Adviser or the Sub-Advisers and the providers of other Soft
Dollar Products tend to provide more in-depth analysis of a broader universe of securities and other matters than the Adviser&#8217;s
or the Sub-Advisers&#8217; staff follows. In addition, such services provide the Adviser or the Sub-Advisers with a diverse perspective
on financial markets. 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. The Adviser and the Sub-Advisers believe that because
Broker research supplements rather than replaces the Adviser&#8217;s or the Sub-Advisers&#8217; research, the receipt of such research
tends to improve the quality of the Adviser&#8217;s or the Sub-Advisers&#8217; investment advice. The advisory fee paid by the Fund is
not reduced because the Adviser or the Sub-Advisers receives such services. To the extent the Fund&#8217;s portfolio transactions are
used to obtain Soft Dollar Products, the brokerage commissions charged to the Fund might exceed those that might otherwise have been paid.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Portfolio transactions may
be effected through Brokers that recommend the Fund to their clients, or that act as agent in the purchase of the Fund&#8217;s shares
for their clients, provided that the Adviser or the Sub-Advisers believes such Brokers provide best execution and such transactions are
executed in compliance with the Adviser&#8217;s policy against using directed brokerage to compensate Brokers for promoting or selling
Invesco fund shares. The Adviser 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, under MiFID
II, European Union and United Kingdom investment advisers, including Invesco Deutschland and Invesco Asset Management, are not permitted
to use soft dollar commissions to pay for research from brokers but rather must pay for research out of their own profit and loss or have
research costs paid by clients through research payment accounts that are funded by a specific client research charge or the research
component of trade orders. Such payments for research must be unbundled from the payments for execution. As a result,&#160;Invesco Deutschland
and Invesco Asset Management are restricted from using Soft Dollar Products in managing the Invesco funds that they sub-advise.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Directed Brokerage (Research Services)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund did not pay any directed brokerage (research
services) during its most recently completed fiscal year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Affiliated Transactions</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser or a Sub-Adviser
may place trades for equity securities with Invesco Capital Markets,&#160;Inc. (ICMI), a broker-dealer with whom it is affiliated, provided
that the Adviser or the Sub-Adviser determines that ICMI&#8217;s trade execution costs are at least comparable to those of non-affiliated
brokerage firms with which the Adviser or the Sub-Adviser could otherwise place similar trades for similar securities. ICMI receives brokerage
commissions in connection with effecting trades for the Fund and, therefore, use of ICMI presents a conflict of interest for the Adviser
or a Sub-Adviser. Trades placed through ICMI, including the brokerage commissions paid to ICMI, are subject to procedures adopted by the
Board that are designed to mitigate this conflict of interest. The Fund did not pay brokerage commissions on affiliated transactions for
the last three fiscal years or periods, as applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Regular Brokers</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During its last fiscal year, the Fund did not acquire
any securities of regular brokers or dealers, as defined in Rule&#160;10b-1 under the 1940 Act.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Allocation of Portfolio Transactions</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser and the Sub-Advisers
manage numerous Invesco funds, and other client accounts. Some of these client accounts may have investment objectives similar to the
Fund. Frequently, identical securities will be appropriate for investment by one the Fund and by another fund or one or more other client
accounts. However, the position of each client account in the same security and the length of time that each client account may hold its
investment in the same security may vary. The Adviser and the Sub-Advisers will also determine the timing and amount of purchases for
a client account based on its cash position. If the purchase or sale of securities is consistent with the investment policies of the Fund
and one or more other client accounts, and is considered at or about the same time, the Adviser or the Sub-Advisers will allocate transactions
in such securities among the Fund and these client accounts on a <i>pro rata </i>basis based on order size or in such other manner believed
by the Adviser to be fair and equitable. In determining what is fair and equitable, the Adviser or the Sub-Adviser can consider various
factors, including how closely the investment opportunity matches the investment objective and strategy of the Fund or client account,
the capital available to the Fund or client account, and which portfolio management team sourced the opportunity. The Adviser or the Sub-Adviser
may combine orders for the purchase or sale of securities and other investments for multiple client accounts, including the Fund in accordance
with applicable laws and regulations to obtain the most favorable execution. Aggregated transactions could, however, adversely affect
the Fund&#8217;s ability to obtain or dispose of the full amount of a security which it seeks to purchase or sell.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_009"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>TAX MATTERS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion is
a brief summary of certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership and disposition of the
Fund&#8217;s Common Shares. Except as otherwise noted, this discussion assumes you are a taxable U.S. person (as defined for U.S. federal
income tax purposes) and that you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held
for investment). This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;),
the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations
by the courts or the Internal Revenue Service (the &#8220;IRS&#8221;), possibly with retroactive effect. No attempt is made to present
a detailed explanation of all U.S. federal concerns affecting the Fund and its Common Shareholders (including Common Shareholders subject
to special treatment under U.S. federal income tax law). No assurance can be given that the IRS would not assert, or that a court would
not sustain, a position contrary to those set forth below. This summary does not discuss any aspects of foreign, state or local tax. <b>The
discussions set forth herein and in the Prospectus do not constitute tax advice and potential investors are urged to consult their own
tax advisers to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Fund.</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation of the Fund</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund intends to elect
to be treated and to qualify each year as a regulated investment company (&#8220;RIC&#8221;) under Subchapter M of the Code. Accordingly,
the Fund must, among other things, (i)&#160;derive in each taxable year at least 90% of its gross income from (a)&#160;dividends, interest
(including tax-exempt interest), payments with respect to certain securities loans, and gains from the sale or other disposition of stock,
securities or foreign currencies, or other income (including gain from options, futures and forward contracts) derived with respect to
its business of investing in such stock, securities or foreign currencies and (b)&#160;net income derived from interests in &#8220;qualified
publicly traded partnerships&#8221; (as defined in the Code); and (ii)&#160;diversify its holdings so that, at the end of each quarter
of each taxable year (a)&#160;at least 50% of the market value of the Fund&#8217;s total assets is represented by cash and cash items,
U.S. Government securities, the securities of other RICs and other securities, with such other securities limited, in respect of any one
issuer, to an amount not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting
securities of such issuer and (b)&#160;not more than 25% of the market value of the Fund&#8217;s total assets is invested in the securities
(other than U.S. Government securities and the securities of other RICs) of (I)&#160;any one issuer, (II)&#160;any two or more issuers
that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or (III)&#160;any
one or more &#8220;qualified publicly traded partnerships.&#8221; Generally, a qualified publicly traded partnership includes a partnership
the interests of which are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent
thereof) and that derives less than 90% of its gross income from the items described in (i)(a)&#160;above.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as the Fund qualifies
as a RIC, the Fund generally will not be subject to U.S. federal income tax on income and gains that the Fund distributes to its Common
Shareholders, provided that it distributes each taxable year at least 90% of the sum of (i)&#160;the Fund&#8217;s investment company taxable
income (which includes, among other items, dividends, interest, the excess of any net short-term capital gain over net long-term capital
loss, and other taxable income, other than any net capital gain (defined below), reduced by deductible expenses) determined without regard
to the deduction for dividends paid and (ii)&#160;the Fund&#8217;s net tax-exempt interest (the excess of its gross tax-exempt interest
over certain disallowed deductions). The Fund intends to distribute substantially all of such income each year. The Fund will be subject
to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its Common Shareholders.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Code imposes a 4% nondeductible
excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&#160;98% of
its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&#160;98.2% of its capital gain in
excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&#160;31 of the calendar
year (unless an election is made to use the Fund&#8217;s taxable year). 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 under-distribution or over-distribution, as the case may be,
from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on which it paid U.S. federal
income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4%
nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&#8217;s taxable income and capital gain will be
distributed to avoid entirely the imposition of the excise tax. In that event, the Fund will be liable for the excise tax only on the
amount by which it does not meet the foregoing distribution requirement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If for any taxable year the
Fund were to fail to qualify as a RIC, all of its taxable income (including its net capital gain, which consists of the excess of its
net long-term capital gain over its net short-term capital loss) would be subject to tax at regular corporate rates without any deduction
for distributions to Common Shareholders. To qualify again to be taxed as a RIC in a subsequent year, the Fund would generally be required
to distribute to its Common Shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund failed to qualify
as a RIC for a period greater than two taxable years, the Fund would be required to recognize and pay tax on any net built-in gains with
respect to certain of its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would
have been realized with respect to such assets if the Fund had been liquidated) or, alternatively, to elect to be subject to taxation
on such built-in gain recognized for a period of ten years, in order to qualify as a RIC in a subsequent year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remainder of this discussion
assumes that the Fund qualifies for taxation as a RIC.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Fund&#8217;s Investments</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the Fund&#8217;s
investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market, constructive sale,
straddle, wash sale, short sale and other rules) that may, among other things, (i)&#160;disallow, suspend or otherwise limit the allowance
of certain losses or deductions, including the dividends received deduction, (ii)&#160;convert lower taxed long-term capital gains or
&#8220;qualified dividend income&#8221; into higher taxed short-term capital gains or ordinary income, (iii)&#160;convert ordinary loss
or a deduction into capital loss (the deductibility of which is more limited), (iv)&#160;cause the Fund to recognize income or gain without
a corresponding receipt of cash, (v)&#160;adversely affect the time as to when a purchase or sale of stock or securities is deemed to
occur, (vi)&#160;adversely alter the characterization of certain complex financial transactions and (vii)&#160;produce income that will
not be &#8220;qualified&#8221; income for purposes of the 90% annual gross income requirement described above. These U.S. federal income
tax provisions could therefore affect the amount, timing and character of distributions to Common Shareholders. The Fund intends to monitor
its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions
and prevent disqualification of the Fund as a RIC. Additionally, the Fund may be required to limit its activities in derivative instruments
in order to enable it to maintain its RIC status.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gain or loss on the sale of
securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than one
year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Taxation of Common Shareholders</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions from the Fund
will constitute exempt-interest dividends to the extent of the Fund&#8217;s tax-exempt interest income (net of allocable expenses and
amortized bond premium). Exempt-interest dividends distributed to Common Shareholders of the Fund are excluded from gross income for federal
income tax purposes. However, Common 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) in certain circumstances for noncorporate taxpayers and may have other
collateral tax consequences as discussed below.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alternative minimum tax (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 on the excess of the taxpayer&#8217;s alternative minimum taxable income (AMTI) over an exemption amount. Exempt- interest dividends
derived from certain &#8220;private activity&#8221; Municipal Securities issued after August&#160;7, 1986, generally will constitute an
item of tax preference includable in AMTI for 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Common Shareholder&#8217;s gross income subject to federal income tax. Further, a Common Shareholder of the Fund is denied
a deduction for interest on indebtedness incurred or continued to purchase or carry Common Shares of the Fund. Moreover, a Common Shareholder
who is (or is related to) a &#8220;substantial user&#8221; 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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&#8217;s
personal income taxes. Most states, however, do not grant tax-free treatment to interest on state and municipal securities of other states.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Common Shareholders amended
Forms 1099 for a prior taxable year in order to report additional taxable income. This in turn could require Common 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. Moreover, if a sufficient number of Municipal Securities were determined not to be tax-exempt bonds, the Fund
could fail to satisfy the requirement that the Fund hold at least 50% of the Fund&#8217;s total assets consists of Municipal Securities,
which are exempt from federal income tax. This would prevent the Fund from making any distributions of exempt-interest dividends.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest a portion
of its assets in securities that pay taxable interest. The Fund also may distribute to you any market discount and net short-term capital
gains from the sale of its portfolio securities. If you are a taxable investor, Fund distributions from this income are taxable to you
as ordinary income to the extent of the Fund&#8217;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. Provided the Fund otherwise satisfies the Distribution Requirement, the Fund reserves the right
to retain, and not distribute to Common Shareholders, income and gains taxable as ordinary income, in which case the Fund would be subject
to tax at the corporate income tax rate.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale or other disposition
of Common Shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such
Common Shares for more than one year at the time of sale. Any loss upon the sale or other disposition of Common Shares held for six months
or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as
an undistributed capital gain dividend) by you with respect to such Common Shares. Any loss you recognize on a sale or other disposition
of Common Shares will be disallowed if you acquire other Common Shares (whether through the automatic reinvestment of dividends or otherwise)
within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the Common Shares. In such case, your
tax basis in the Common Shares acquired will be adjusted to reflect the disallowed loss.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current U.S. federal income
tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate
taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is
taxed at reduced maximum rates. The deductibility of capital losses is subject to limitations under the Code.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. shareholders
who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all
or a portion of their &#8220;net investment income,&#8221; which includes dividends received from the Fund and capital gains from the
sale or other disposition of the Fund&#8217;s shares.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Common Shareholder that
is a nonresident alien individual or a foreign corporation (a &#8220;foreign investor&#8221;) generally will be subject to U.S. federal
withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except
as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized
by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain
dividend) or upon the sale or other disposition of Common Shares of the Fund. Different tax consequences may result if the foreign investor
is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days
or more during a taxable year and certain other conditions are met.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign investors should consult
their tax advisers regarding the tax consequences of investing in the Fund&#8217;s Common Shares.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends
properly reported by the RIC are generally exempt from U.S. federal withholding tax where they (i)&#160;are paid in respect of the RIC&#8217;s
&#8220;qualified net interest income&#8221; (generally, its U.S.-source interest income, other than certain contingent interest and interest
from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable
to such income) or (ii)&#160;are paid in respect of the RIC&#8217;s &#8220;qualified short-term capital gains&#8221; (generally, the excess
of the RIC&#8217;s net short-term capital gain over its long-term capital loss for such taxable year). The Fund may report all, some or
none of its potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and/or treat
such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding,
a foreign investor needs to comply with applicable certification requirements relating to its non-U.S. status (including, in general,
furnishing an IRS Form&#160;W-8BEN, W-8BEN-E or substitute Form&#160;or other applicable W-8 Form). In the case of shares held through
an intermediary, the intermediary may withhold even if the Fund reports the payment as qualified net interest income or qualified short-term
capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules&#160;to their accounts.
There can be no assurance as to what portion of the Fund&#8217;s distributions will qualify for favorable treatment as qualified net interest
income or qualified short-term capital gains if this provision is extended.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Foreign Account
Tax Compliance Act (FATCA), the Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities,
referred to as foreign financial institutions (FFI) or non-financial foreign entities (NFFE). After December&#160;31, 2018, FATCA withholding
also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale
of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer
required unless final regulations provide otherwise (which is not expected). The FATCA withholding tax generally can be avoided: (a)&#160;by
an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b)&#160;by
an NFFE, if it: (i)&#160;certifies that it has no substantial U.S. persons as owners or (ii)&#160;if it does have such owners, reporting
information relating to them. The U.S. Treasury has negotiated intergovernmental agreements (IGA) with certain countries and is in various
stages of negotiations with a number of other foreign countries with respect to one or more alternative approaches to implement FATCA.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An FFI can avoid FATCA withholding
if it is deemed compliant or by becoming a &#8220;participating FFI,&#8221; which requires the FFI to enter into a U.S. tax compliance
agreement with the IRS under section 1471(b)&#160;of the Code (FFI agreement) under which it agrees to verify, report and disclose certain
of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information about the
U.S. accounts to the IRS, or, to the government of the FFI&#8217;s country of residence (pursuant to the terms and conditions of applicable
law and an applicable IGA entered into between the U.S. and the FFI&#8217;s country of residence), which will, in turn, report the specified
information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt
from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An NFFE that is the beneficial
owner of a payment from the Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S.
owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information
to the Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such foreign shareholders
also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations,&#160;IGAs, and
other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying
the entity&#8217;s status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding
the impact of these requirements on their investment in the Fund. The requirements imposed by FATCA are different from, and in addition
to, the U.S. tax certification rules&#160;to avoid backup withholding described above. Shareholders are urged to consult their tax advisors
regarding the application of these requirements to their own situation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may be required to
withhold (currently at a rate of 24%), for U.S. federal backup withholding tax purposes, a portion of the dividends, distributions and
redemption proceeds payable to certain non-exempt Common Shareholders who fail to provide the Fund (or its agent) with their correct taxpayer
identification number (in the case of individuals, generally, their social security number) or to make required certifications, or who
are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited
against your U.S. federal income tax liability, if any, provided that you timely furnish the required information to the IRS.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends,
capital gain dividends, and gain from the sale or other disposition of Common Shares of the Fund also may be subject to state, local,
and/or foreign taxes. Common Shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal,
state, local or foreign tax consequences to them of investing in the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund&#8217;s regular monthly dividends will
not be subject to California personal income tax to the extent they are paid out of income earned on obligations that, when held by individuals,
pay interest that is exempt from taxation by California under California law (e.g., obligations of California and its political subdivisions)
or federal law, so long as at the close of each quarter of the Fund&#8217;s taxable year at least 50% of the value of the Fund&#8217;s
total assets consists of such obligations and the Fund designates such tax-exempt distributions pursuant to certain written notice requirements
to its shareholders. The portion of the Fund&#8217;s monthly dividends that is attributable to income other than as described in the preceding
sentence will be subject to the California income tax. The Fund expects to earn no or only a minimal amount of such non-exempt income.
If you are an individual California resident, you will be subject to California personal income tax to the extent the Fund distributes
any realized capital gains, or if you sell or exchange shares and realize a capital gain on the transaction.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>The foregoing is a general
and abbreviated summary of certain provisions of the Code and the Treasury Regulations presently in effect as they directly govern the
taxation of the Fund and its shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury
Regulations. The Code and the Treasury Regulations are subject to change by legislative or administrative action, and any such change
may be retroactive with respect to Fund transactions. Prospective shareholders are advised to consult their own tax advisers for more
detailed information concerning the tax consequences of an investment in the Fund.</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><div><a id="s_010"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER INFORMATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principal Shareholders</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[As of [___], 2025, to the
knowledge of the Fund, no person beneficially owned more than 5% of the voting securities of any class of equity securities of the Fund.]</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">[As of [___], 2025, the trustees
and officers as a group owned less than 1% of the outstanding shares of each class of the Fund.]</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proxy Voting Policy and Proxy Voting Record</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board believes that the
voting of proxies on securities held by the Fund is an important element of the overall investment process. The Board has delegated the
day-to-day responsibility to the Adviser to vote such proxies pursuant to the Board approved Proxy Voting Policy. A description of the
policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge,
upon request, from our Client Services department at (800) 341-2929 or at https://www.invesco.com/proxy-voting. The information is also
available on the SEC website, sec.gov.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information regarding how
the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June&#160;30 is available at invesco.com/proxysearch.
The information is also available on the SEC website, sec.gov.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Code of Ethics</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Invesco, the Fund,&#160;Invesco
Distributors and certain of the Sub-Advisers each have adopted a Code of Ethics 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. Certain Sub-Advisers have adopted their own Code of Ethics. Each Code of Ethics is designed to detect and prevent improper
personal trading by portfolio managers and certain other employees that could compete with or take advantage of the Fund&#8217;s portfolio
transactions. Unless specifically noted, to the extent a Sub-Adviser has adopted its own Code of Ethics, each Sub-Adviser&#8217;s Code
of Ethics does not materially differ from Invesco&#8217;s Code of Ethics discussed below. The Code of Ethics is intended to address conflicts
of interest with the Fund that may arise from personal trading in 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. The Code of Ethics can be viewed online or downloaded from the EDGAR Database on the SEC&#8217;s internet website at www.sec.gov.
In addition, a copy of the Code of Ethics may be obtained, after paying the appropriate duplicating fee, by e-mail request at <span style="text-decoration:underline">publicinfo@sec.gov.</span></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><div><a id="s_011"></a></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FINANCIAL STATEMENTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">The
audited financial statements for the Fund&#8217;s most recent fiscal year ended February 28, 2025, including the notes thereto and the
reports of [___] thereon, are incorporated by reference to the Fund&#8217;s </span><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm#edg629198_12"><span style="color: #0000ee">Form
N-CSR</span></a> filed on May 2, 2025.&#160;</p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The portions of such Form&#160;N-CSR
and Form&#160;N-CSRS that are not specifically listed above are not incorporated by reference into this SAI and are not a part of this
SAI.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Appendix A</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX A - RATINGS OF DEBT SECURITIES</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following is a description of the factors
underlying the debt ratings of Moody's, S&amp;P, and Fitch.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Moody's Long-Term Debt Ratings</span></b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Aaa</b></span>: Obligations
rated 'Aaa' are judged to be of the highest quality, subject to the lowest level of credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Aa</b></span>: Obligations
rated 'Aa' are judged to be of high quality and are subject to very low credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>A</b></span>: Obligations
rated 'A' are judged to be upper-medium grade and are subject to low credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Baa</b></span>: Obligations
rated 'Baa' are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Ba</b></span>: Obligations
rated 'Ba' are judged to be speculative and are subject to substantial credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>B</b></span>: Obligations
rated 'B' are considered speculative and are subject to high credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Caa</b></span>: Obligations
rated 'Caa' are judged to be speculative of poor standing and are subject to very high credit risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Ca</b></span>: Obligations
rated 'Ca' are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>C</b></span>: Obligations
rated 'C' are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note: Moody's appends numerical modifiers 1, 2, and 3 to 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. Additionally, a &#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance
companies, and securities firms*.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>* By their terms, hybrid securities allow for the omission of scheduled
dividends, interest, or principal payments, which can potentially result in impairment if such an omission occurs. Hybrid securities may
also be subject to contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator,
the long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with that security.</i></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Moody's Short-Term Prime Rating System</span></b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>P-1</b></span>: Ratings
of Prime-1 reflect a superior ability to repay short-term obligations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>P-2</b></span>: Ratings
of Prime-2 reflect a strong ability to repay short-term obligations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>P-3</b></span>: Ratings
of Prime-3 reflect an acceptable ability to repay short-term obligations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>NP (Not Prime)</b></span>:
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Moody's MIG/VMIG US Short-Term Ratings</span></b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Short-Term Obligation Ratings</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We use the global short-term Prime rating scale
for commercial paper issued by US municipalities and nonprofits. These commercial paper programs may be backed by external letters of
credit or liquidity facilities, or by an issuer&#8217;s self-liquidity.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For other short-term municipal obligations, we
use one of two other short-term rating scales, the Municipal Investment Grade (MIG) and Variable Municipal Investment Grade (VMIG) scales
discussed below.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We use the MIG scale for US municipal cash flow
notes, bond anticipation notes and certain other short-term obligations, which typically mature in three years or less. Under certain
circumstances, we use the MIG scale for bond anticipation notes with maturities of up to five years.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>MIG 1</b></span>: 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.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>MIG 2</b></span>: This
designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>MIG 3</b></span>: 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.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>SG</b></span>: This designation
denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>VMIG Ratings</b></p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For variable rate demand obligations (VRDOs),
Moody&#8217;s assigns both a long-term rating and a short-term payment obligation rating. The long-term rating addresses the issuer&#8217;s
ability to meet scheduled principal and interest payments. The short-term payment obligation rating addresses the ability of the issuer
or the liquidity provider to meet any purchase price payment obligation resulting from optional tenders (&#8220;on demand&#8221;) and/or
mandatory tenders of the VRDO. The short-term payment obligation rating uses the VMIG scale. Transitions of VMIG ratings with conditional
liquidity support differ from transitions of Prime ratings reflecting the risk that external liquidity support will terminate if the issuer&#8217;s
long-term rating drops below investment grade. Please see our methodology that discusses obligations with conditional liquidity support.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For VRDOs, we typically assign a VMIG rating if
the frequency of the payment obligation is less than every three years. If the frequency of the payment obligation is less than three
years, but the obligation is payable only with remarketing proceeds, the VMIG short-term rating is not assigned and it is denoted as &#8220;NR&#8221;.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Industrial development bonds in the US where the
obligor is a corporate may carry a VMIG rating that reflects Moody&#8217;s view of the relative likelihood of default and loss. In these
cases, liquidity assessment is based on the liquidity of the corporate obligor.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><b>VMIG Scale</b></p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>VMIG 1</b></span>: This
designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength of the liquidity
provider and structural and legal protections.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>VMIG 2</b></span>: This
designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of the liquidity provider
and structural and legal protections.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>VMIG 3</b></span>: This
designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit strength of the liquidity
provider and structural and legal protections.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>SG</b></span>: This designation
denotes speculative-grade credit quality. Demand features rated in this category may be supported by a liquidity provider that does not
have a sufficiently strong short-term rating or may lack the structural or legal protections.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Standard&#160;&amp; Poor's Long-Term Issue
Credit Ratings</span></b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Issue credit ratings are based, in varying degrees,
on S&amp;P Global Ratings&#8217; analysis of the following considerations:</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The likelihood of payment--the capacity and willingness of the obligor to
meet its financial commitment on an obligation in accordance with the terms of the obligation;</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The nature and provisions of the financial obligation, and the promise we
impute; and</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The protection afforded by, and relative position of, the financial obligation
in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights.</span></td></tr></table><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An issue rating is 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.)</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>AAA</b></span>: An obligation
rated 'AAA' has the highest rating assigned by S&amp;P Global Ratings. The obligor's capacity to meet its financial commitments on the
obligation is extremely strong.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>AA</b></span>: An obligation
rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitments
on the obligation is very strong.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>A</b></span>: An obligation
rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in
higher-rated categories. However, the obligor's capacity to meet its financial commitments on the obligation is still strong.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>BBB</b></span>: An obligation
rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to
weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>BB, B, CCC, CC and C</b></span>:
Obligations rated 'BB', 'B', 'CCC' 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least
degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these
may be outweighed by large uncertainties or major exposure to adverse conditions.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>BB</b></span>: An obligation
rated 'BB' 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's inadequate capacity to meet its financial commitments
on the obligation.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>B</b></span>: An obligation
rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial
commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness
to meet its financial commitments on the obligation.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>CCC</b></span>: An obligation
rated 'CCC' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the
obligor to meet its financial commitments 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 commitments on the obligation.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>CC</b></span>: An obligation
rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred but S&amp;P Global
Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>C</b></span>: An obligation
rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate
recovery compared with obligations that are rated higher.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>D</b></span>: An obligation
rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments
on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made within five business
days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also
will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual
certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange
offer.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>Plus (+) or minus (-)</b></span>:
The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major
rating categories.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>NR</b></span>: This indicates
that no rating has been requested, or that there is insufficient information on which to base a rating, or that S&amp;P Global Ratings
does not rate a particular obligation as a matter of policy.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Standard&#160;&amp; Poor's Short-Term Issue
Credit Ratings</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>A-1</b></span>: A short-term
obligation rated 'A-1' is rated in the highest category by S&amp;P Global Ratings. The obligor's capacity to meet its financial commitments
on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's
capacity to meet its financial commitments on these obligations is extremely strong.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>A-2</b></span>: A short-term
obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations
in higher rating categories. However, the obligor's capacity to meet its financial commitments on the obligation is satisfactory.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>A-3</b></span>: A short-term
obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more
likely to weaken an obligor's capacity to meet its financial commitments on the obligation.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>B</b></span>: A short-term
obligation rated 'B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity
to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor's inadequate capacity
to meet its financial commitments.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>C</b></span>: A short-term
obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions
for the obligor to meet its financial commitments on the obligation.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>D</b></span>: A short-term
obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is
used when payments on an obligation are not made on the date due, unless S&amp;P Global Ratings believes that such payments will be made
within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days.
The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation
is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to
a distressed debt restructuring.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><span style="text-decoration:underline">Standard&#160;&amp; Poor's Municipal Short-Term
Note Ratings Definitions</span></b></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">An S&amp;P Global Ratings U.S. municipal note
rating reflects S&amp;P Global Ratings&#8217; 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, S&amp;P Global Ratings&#8217; analysis will review the
following considerations:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Amortization schedule -- the larger final maturity relative to other maturities,
the more likely it will be treated as a note; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Source of payment -- the more dependent the issue is on the market for its
refinancing, the more likely it will be treated as a note.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Note rating symbols are as follows:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>SP-1</b></span>: Strong
capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+)
designation.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>SP-2</b></span>: Satisfactory
capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over the term of the notes.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>SP-3</b></span>: Speculative
capacity to pay principal and interest.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>D</b></span>: &#8216;D&#8217;
is assigned upon failure to pay the note when due, completion of a distressed exchange offer, or the filing of a bankruptcy petition or
the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Standard&#160;&amp; Poor's Dual Ratings</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Dual ratings may be assigned to debt issues that
have a put option or demand feature. The first component of the rating addresses the likelihood of repayment of principal and interest
as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either
a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating
relates to the put option and is assigned a short-term rating symbol (for example, 'AAA/A-1+' or 'A-1+/A-1'). With U.S. municipal short-term
demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, 'SP-1+/A-1+').</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Fitch Credit Rating Scales</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fitch Ratings publishes credit ratings that are
forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments. Issuer default ratings (IDRs)
are assigned to corporations, sovereign entities, financial institutions such as banks, leasing companies and insurers, and public finance
entities (local and regional governments). Issue level ratings are also assigned, often include an expectation of recovery and may be
notched above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans, preferred
stock and other instruments, Structured finance ratings are issue ratings to securities backed by receivables or other financial assets
that consider the obligations&#8217; relative vulnerability to default. Credit ratings are indications of the likelihood of repayment
in accordance with the terms of the issuance. In limited cases, Fitch may include additional considerations (i.e., rate to a higher or
lower standard than that implied in the obligation&#8217;s documentation). Please see the section Specific Limitations Relating to Credit
Rating Scales for details. Fitch Ratings also publishes other ratings, scores and opinions. For example, Fitch provides specialized ratings
of servicers of residential and commercial mortgages, asset managers and funds. In each case, users should refer to the definitions of
each individual scale for guidance on the dimensions of risk covered in each assessment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fitch&#8217;s credit rating scale for issuers
and issues is expressed using the categories &#8216;AAA&#8217; to &#8216;BBB&#8217; (investment grade) and &#8216;BB&#8217; to &#8216;D&#8217;
(speculative grade) with an additional +/-for AA through CCC levels indicating relative differences of probability of default or recovery
for issues.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The terms &#8220;investment grade&#8221; and &#8220;speculative
grade&#8221; are market conventions and do not imply any recommendation or endorsement of a specific security for investment purposes.
Investment grade categories indicate relatively low to moderate credit risk, while ratings in the speculative categories signal either
a higher level of credit risk or that a default has already occurred.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fitch may also disclose issues relating to a rated
issuer that are not and have not been rated. Such issues are also denoted as &#8216;NR&#8217; on its web page.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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. For information
about the historical performance of ratings, please refer to Fitch&#8217;s Ratings Transition and Default studies, which detail the historical
default rates. The European Securities and Markets Authority also maintains a central repository of historical default rates.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fitch&#8217;s credit ratings do not directly address
any risk other than credit risk. Credit ratings do not deal with the risk of market value loss due to changes in interest rates, liquidity
and/or other market considerations. However, market risk may be considered to the extent that it influences the ability of an issuer to
pay or refinance a financial 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 payments linked to performance of an equity
index).</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fitch will use credit rating scales to provide
ratings to privately issued obligations or certain note issuance programs, or for private ratings using the same public scale and criteria.
Private ratings are not published, and are only provided to the issuer or its agents in the form of a rating letter. The primary credit
rating scales may also be used to provide ratings for a narrower scope, including interest strips and return of principal or in other
forms of opinions such as Credit Opinions or Rating Assessment Services.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Credit Opinions are either a notch- or category-specific
view using the primary rating scale and omit one or more characteristics of a full rating or meet them to a different standard. Credit
Opinions will be indicated using a lower-case letter symbol combined with either an &#8216;*&#8217; (e.g. &#8216;bbb+*&#8217;) or (cat)
suffix to denote the opinion status. Credit Opinions will be typically point-in-time but may be monitored if the analytical group believes
information will be sufficiently available.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rating Assessment Services are a notch-specific
view using the primary rating scale of how an existing or potential rating may be changed by a given set of hypothetical circumstances.
While Credit Opinions and Rating Assessment Services are point-in-time and are not monitored, they may have a directional Watch or Outlook
assigned, which can signify the trajectory of the credit profile.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ratings assigned by Fitch are opinions based on
established, approved and published criteria. A variation to criteria may be applied but will be explicitly cited in our rating action
commentaries (RACs), which are used to publish credit ratings when established and upon annual or periodic reviews.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Ratings are the collective work product of Fitch,
and no individual, or group of individuals, is solely responsible for a rating. Ratings are not facts and, therefore, cannot be described
as being "accurate" or "inaccurate." Users should refer to the definition of each individual rating for guidance on
the dimensions of risk covered by the rating.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Fitch Long-Term Rating Scales</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Issuer Default Ratings</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Rated entities in a number of sectors, including
financial and non-financial corporations, sovereigns, insurance companies and certain sectors within public finance, are generally assigned
Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities in global infrastructure and project finance. IDRs opine on
an entity's relative vulnerability to default on financial obligations. The threshold 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,&#160;IDRs also address
relative vulnerability to bankruptcy, administrative receivership or similar concepts.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In aggregate,&#160;IDRs provide an ordinal ranking
of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood
of default.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>AAA: Highest credit quality.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'AAA' 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.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>AA: Very high credit quality.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'AA' 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.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>A: High credit quality.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'A' 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.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>BBB: Good credit quality.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'BBB' 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.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>BB: Speculative.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'BB' 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 that supports the servicing of financial commitments.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>B: Highly speculative.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'B' 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.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>CCC: Substantial credit risk.</i></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Very low margin of safety. Default is a real possibility.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>CC: Very high levels of credit risk.</i></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Default of some kind appears probable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>C: Near default</i></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A default or default-like process has begun, or
the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative
of a 'C' category rating for an issuer include:</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">a. the issuer has entered into a grace or cure period following
non-payment of a material financial obligation;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">b. the issuer has entered into a temporary negotiated waiver
or standstill agreement following a payment default on a material financial obligation; or</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">c. the formal announcement by the issuer or their agent
of a distressed debt exchange;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">d. a closed financing vehicle where payment capacity is
irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where
no payment default is imminent</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>RD: Restricted default.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8216;RD&#8217; ratings indicate an issuer that
in Fitch&#8217;s opinion has experienced:</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">a. an uncured payment default or distressed debt exchange
on a bond, loan or other material financial obligation, but</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">b. has not entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure, and</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">c. has not otherwise ceased operating.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This would include:</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">i. the selective payment default on a specific class or
currency of debt;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">ii. 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;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">iii. 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; ordinary execution of a distressed
debt exchange on one or more material financial obligations.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>D: Default.</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">'D' ratings indicate an issuer that in Fitch Ratings'
opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or which has
otherwise ceased business.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">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 distressed debt exchange.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In all cases, the assignment of a default rating
reflects the agency'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's financial obligations or local commercial practice.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Notes</i></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The modifiers + or - may be appended to a rating
to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' Long-Term IDR category, or to Long-Term
IDR categories below 'B'.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span style="text-decoration:underline">Fitch Short-Term Ratings Assigned to Issuers
and Obligations</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">A short-term issuer or obligation rating is based
in all cases on the short-term vulnerability to default of the rated entity and relates to the capacity to meet financial obligations
in accordance with the documentation governing the relevant obligation. Short-term deposit ratings may be adjusted for loss severity.
Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention.
Typically, this means up to 13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S.
public finance markets.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>F1: Highest Short-Term
Credit Quality.</b></span> Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or obligations
in the same country. Under the agency&#8217;s National Rating scale, this rating is assigned to the lowest default risk relative to other
in the same country or monetary union. Where the liquidity profile is particularly strong, a &#8220;+&#8221; is added to the assigned
rating.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>F2: Good Short-Term Credit
Quality.</b></span> Indicates a good capacity for timely payment of financial commitments relative to other issuers or obligations in
the same country or monetary union. However, the margin of safety is not as great as in the case of the higher ratings.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>F3: Fair Short-Term Credit
Quality.</b></span> Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations
in the same country or monetary union.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>B: Speculative Short-Term
Credit Quality.</b></span> Indicates an uncertain capacity for timely payment of financial commitments relative to other issuers or obligations
in the same country or monetary union.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>C: High Short-Term Default
Risk.</b></span> Indicates a highly uncertain capacity for timely payment of financial commitments relative to other issuers or obligations
in the same country or monetary union.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>RD: Restricted Default.</b></span>
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.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b>D: Default.</b></span>
Indicates a broad-based default event for an entity, or the default of a short-term obligation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Appendix B</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX B - PROXY POLICY AND PROCEDURES</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The Adviser and each sub-adviser rely on this
policy. In addition,&#160;Invesco Asset Management (Japan) Limited has also adopted operating guidelines and procedures for proxy voting
particular to each regional investment center. Such guidelines and procedures are attached hereto.</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><img alt="" src="tm2525809d1_saiimg001.jpg"/>&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Invesco&#8217;s Policy Statement on Global<br/>
Corporate Governance<br/>
and Proxy Voting</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Effective May&#160;2025</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Table of Contents</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 6%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I.</span></td>
    <td style="width: 84%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Introduction</span></td>
    <td style="text-align: right; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Our Approach to Proxy Voting</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Applicability of Policy</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
  <tr style="vertical-align: top; ">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">II.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global Proxy Voting Operational Procedures</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-3</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Oversight and Governance</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-4</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. The Proxy Voting Process</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-4</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Retention and Oversight of Proxy Service Providers</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-4</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Disclosures and Recordkeeping</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-5</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Market and Operational Limitations</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-6</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. Securities Lending</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-7</span></td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. Conflicts of Interest</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-7</span></td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. Voting Funds of Funds</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>8</td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">I. Review of Policy</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>8</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td></tr>
  <tr style="vertical-align: top; ">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">III.</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our Good Governance Principles</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>8</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Transparency</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>9</td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Accountability</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>10</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Board Composition and Effectiveness</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>12</td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Capitalization</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>14</td></tr>
  <tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. Environmental and Social Issues</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>15</td></tr>
  <tr style="vertical-align: top; ">
    <td style="text-align: right">&#160;</td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. Executive Compensation and Performance Alignment</span></td>
    <td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-</span>15</td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>I.</b></td><td><b>Introduction</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Ltd. and its wholly owned investment adviser subsidiaries (collectively,
&#8220;Invesco,&#8221; the &#8220;Company,&#8221; &#8220;our&#8221; or &#8220;we&#8221;) have adopted and implemented this Policy Statement
on Global Corporate Governance and Proxy Voting (this &#8220;Global Proxy Voting Policy&#8221; or &#8220;Policy&#8221;), which we believe
describes policies and procedures reasonably designed to assure proxy voting matters are conducted in the best interests of our clients.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>A.</b></td><td><b>Our Approach to Proxy Voting</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco understands proxy voting is an integral aspect of
the investment management services it provides to clients. As an investment adviser,&#160;Invesco has a fiduciary duty to act in the best
interests of our clients. Where Invesco has been delegated the authority to vote proxies with respect to securities held in client portfolios,
we exercise such authority in the manner we believe best serves the interests of such clients and their investment objectives. We recognize
that proxy voting is an important tool that enables us to drive shareholder value.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">A summary of our global operational procedures and governance
structure is included in Part&#160;II of this Policy. Invesco&#8217;s good governance principles, which are included in Part&#160;III
of this Policy, and our internal proxy voting guidelines are both principles and rules, and cover topics that typically appear on voting
ballots. Invesco&#8217;s investment teams retain ultimate authority to vote proxies. Given the complexity of proxy issues across our clients&#8217;
holdings globally, our investment teams consider many factors when determining how to cast votes. We seek to evaluate and make voting
decisions that favor proxy proposals and governance practices that, in our view, promote long-term shareholder value.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>B.</b></td><td><b>Applicability of Policy</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco&#8217;s investment teams vote proxies on behalf
of Invesco-sponsored funds and both fund and non-fund advisory clients that have explicitly granted Invesco authority in writing to vote
proxies on their behalf. In the case of institutional or sub-advised clients,&#160;Invesco will vote the proxies in accordance with this
Policy unless the client agreement specifies that the client retains the right to vote or has designated a named fiduciary to direct voting.
This Policy is implemented by all entities listed in Exhibit&#160;A, except as noted below. Due to regional or asset class-specific considerations,
certain entities may have local proxy voting guidelines or policies and procedures that differ from this Policy. In the event local policies
and this Policy differ, the local policy will apply. These entities subject to local policies are listed in Exhibit&#160;A.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Where our passively managed strategies and certain other
client accounts managed in accordance with fixed income, money market and index strategies (including exchange-traded funds) (referred
to as &#8220;passively managed accounts&#8221;) hold the same investments as our actively managed equity funds, voting decisions with
respect to those accounts generally follow the voting decisions made by the largest active holder of the equity shares. Invesco refers
to this approach as &#8220;Majority Voting.&#8221; This process of Majority Voting seeks to ensure that our passively managed accounts
benefit from the engagement and deep dialogue of our active investment teams, which can benefit shareholders in passively managed accounts.
Invesco will generally apply the majority holder&#8217;s vote instruction to these passively managed accounts. Where securities are held
only in passively managed accounts and not owned in our actively managed accounts, the proxy will be generally voted in line with this
Policy and internal proxy voting guidelines. Notwithstanding the above, investment teams of our passively managed accounts retain full
discretion over proxy voting decisions to individually evaluate a specific proxy proposal or override Majority Voting and vote the shares
as they determine to be in the best interest of those accounts, absent certain types of conflicts of interest which are discussed elsewhere
in this Policy. To the extent our investment teams believe a specific proxy proposal requires enhanced analysis or if it is not covered
by this Policy or internal guidelines, our investment teams will evaluate such proposal and execute the voting decision.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>II.</b></td><td><b>Global Proxy Voting Operational Procedures</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco&#8217;s global proxy voting operational procedures (the &#8220;Procedures&#8221;)
are in place to implement the provisions of this Policy. Invesco aims to vote all proxies for which it has voting authority in accordance
with this Policy, as implemented by the Procedures outlined in this Section&#160;II. It is the responsibility of Invesco&#8217;s Proxy
Voting and Governance team to maintain and facilitate the review of the Procedures annually.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>A.</b></td><td><b>Oversight and Governance</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Oversight of the proxy voting process is provided by the
Proxy Voting and Governance team and the Global Invesco Proxy Advisory Committee (&#8220;Global IPAC&#8221;). For some clients, third
parties (e.g., U.S. fund boards) and internal sub-committees also provide oversight of the proxy voting process.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Guided by its philosophy that investment teams should manage
proxy voting,&#160;Invesco has created the Global IPAC. The Global IPAC is an investments-driven committee comprising representatives
from various investment management teams. Representatives from Invesco&#8217;s Legal, Compliance, Risk, ESG and Government Affairs departments
may also participate in Global IPAC meetings. The Director of Proxy Voting and Governance chairs the committee. The Global IPAC provides
a forum for investment teams, in accordance with this Policy, to:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">monitor, understand and discuss key proxy issues and voting trends within
the Invesco complex;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">assist Invesco in meeting regulatory obligations;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">review votes not aligned with our good governance principles; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">consider conflicts of interest in the proxy voting process.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In fulfilling its responsibilities, the Global IPAC meets
as necessary (but no less than semi-annually) and has the following responsibilities and functions: (i)&#160;acts as a key liaison between
the Proxy Voting and Governance team and investment teams to assure compliance with this Policy; (ii)&#160;provides insight on market
trends as it relates to stewardship practices; (iii)&#160;monitors proxy votes that present potential conflicts of interest; and (iv)&#160;reviews
and provides input, at least annually, on this Policy and related internal procedures and recommends any changes to this Policy based
on, but not limited to,&#160;Invesco&#8217;s experience, evolving industry practices, or developments in applicable laws or regulations.
In addition, when necessary, the Global IPAC Conflict of Interest Sub-committee makes voting decisions on proxies that require an override
of this Policy due to an actual or perceived conflict of interest. The Global IPAC reviews Global IPAC Conflict of Interest Sub-committee
voting decisions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>B.</b></td><td><b>The Proxy Voting Process</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">At Invesco, investment teams execute voting decisions through
our proprietary voting platform and are supported by the Proxy Voting and Governance team and a dedicated technology team. Invesco&#8217;s
proprietary voting platform streamlines the proxy voting process by providing our global investment teams with direct access to proxy
meeting materials, including ballots,&#160;Invesco&#8217;s internal proxy voting guidelines and recommendations, as well as proxy research
and vote recommendations issued by Proxy Service Providers (as such term is defined in Part&#160;C below). Votes executed on Invesco&#8217;s
proprietary voting platform are transmitted to our proxy voting agent electronically and are then delivered to the respective designee
for tabulation.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco&#8217;s Proxy Voting and Governance team monitors
whether we have received proxy ballots for shareholder meetings in which we are entitled to vote. This involves coordination among various
parties in the proxy voting ecosystem, including, but not limited to, our proxy voting agent, custodians and ballot distributors. If necessary,
we may choose to escalate a matter in accordance with our internal procedures to facilitate our ability to exercise our right to vote.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Our proprietary systems facilitate internal control and
oversight of the voting process. To facilitate the casting of votes in an efficient manner,&#160;Invesco may choose to pre-populate and
leverage the capabilities of these proprietary systems to automatically submit votes based on internal proxy voting guidelines. If necessary,
votes may be cast by Invesco or via the Proxy Service Providers Web platform at our direction.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>C.</b></td><td><b>Retention and Oversight of Proxy Service Providers</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco has retained two independent third-party proxy voting
service providers to provide proxy support globally: Institutional Shareholder Services Inc. (&#8220;ISS&#8221;) and Glass Lewis (&#8220;GL&#8221;).
In addition to ISS and GL,&#160;Invesco may retain certain local proxy service providers to access regionally specific research (such
local proxy service providers, collectively with ISS and GL, &#8220;Proxy Service Providers&#8221;). The services may include one or more
of the following: providing a comprehensive analysis of each voting item and interpretations of each voting item based on Invesco&#8217;s
internal proxy voting guidelines; and providing assistance with the administration of the proxy process and certain proxy voting-related
functions, including, but not limited to, operational, reporting and recordkeeping services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">While Invesco may take into consideration the information
and recommendations provided by the Proxy Service Providers, including recommendations based upon Invesco&#8217;s internal proxy voting
guidelines and recommendations provided to such Proxy Service Providers,&#160;Invesco&#8217;s investment teams retain full and independent
discretion with respect to proxy voting decisions.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Updates to previously issued proxy research reports and
recommendations may be provided to incorporate newly available information or additional disclosure provided by an issuer regarding a
matter to be voted on, or to correct factual errors that may result in the issuance of revised proxy vote recommendations. Invesco&#8217;s
Proxy Voting and Governance team periodically monitors for these research alerts issued by Proxy Service Providers that are shared with
our investment teams.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco performs extensive initial and ongoing due diligence
on the Proxy Service Providers it engages globally. Invesco conducts annual due diligence meetings as part of its ongoing due diligence.
The topics included in these annual due diligence meetings include material changes in service levels, leadership and control, conflicts
of interest, methodologies for formulating vote recommendations, operations, and research personnel, among other topics. In addition,&#160;Invesco
monitors and communicates with the Proxy Service Providers throughout the year and monitors their compliance with Invesco&#8217;s performance
and policy standards.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As part of our annual policy development process,&#160;Invesco
may engage with other external proxy and governance experts to understand market trends and developments. These meetings provide Invesco
with an opportunity to assess the Proxy Service Providers&#8217; capabilities, conflicts of interest and service levels, as well as provide
investment professionals with direct insight into the Proxy Service Providers&#8217; stances on key corporate governance and proxy topics
and their policy framework/methodologies.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco completes a review of the System and Organizational
Controls (&#8220;SOC&#8221;) Reports for Proxy Service Providers to confirm the related controls were in place and to provide reasonable
assurance that the related controls operated effectively.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>D.</b></td><td><b>Disclosures and Recordkeeping</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Unless otherwise required by local or regional requirements,&#160;Invesco
maintains voting records for at least seven (7)&#160;years. Invesco makes its proxy voting records publicly available in compliance with
regulatory requirements and industry best practices in the regions below:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style=" font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            accordance with the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) regulations,
                                            Invesco will file a record of all proxy voting activity for the prior 12 months ending June
                                            30th for each U.S. registered fund. In addition, Invesco, as an institutional manager that
                                            is required to file Form 13F, will file a record of its votes on certain executive compensation
                                            (&#8220;say on pay&#8221;) matters. The proxy voting filings will generally be made on or
                                            before August 31st of each year and are available on the SEC&#8217;s website at www.sec.gov.
                                            In addition, each year, the Form N-PX proxy voting records for Invesco mutual funds&#8217;
                                            and closed-end funds&#8217;, and Invesco ETF&#8217;s are made available on Invesco&#8217;s
                                            website <span style="text-decoration:underline">here</span>.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">To the extent applicable, the U.S. Employee Retirement Income Security Act
of 1974, as amended (&#8220;ERISA&#8221;), including Department of Labor regulations and guidance thereunder, provide that the named fiduciary
generally should be able to review not only the investment adviser&#8217;s voting procedure with respect to plan-owned stock, but also
the actions taken in individual proxy voting situations. In the case of institutional and sub-advised clients, clients may contact their
client service representative to request information about how Invesco voted proxies on their behalf. Absent specific contractual guidelines,
such requests may be made on a semi-annual basis.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In the UK and Europe, Invesco publicly
discloses our proxy votes monthly in compliance with the UK Stewardship Code <span style="text-decoration:underline">here</span>.
Additionally, in accordance with the European Shareholder Rights Directive and the UK Financial Conduct Authority&#8217;s Conduct of Business
Sourcebook (&#8220;UK COBS&#8221;), Invesco publishes an annual report on implementation of our engagement policies, including a general
description of voting behavior, an explanation of the most significant votes and the use of proxy voting advisors.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style=" font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            Canada,&#160;Invesco publicly discloses a record of all proxy voting activity for the prior
                                            12 months ending June&#160;30th for each Invesco Canada registered mutual fund and ETF. In
                                            compliance with the National Instrument 81-106 Investment Fund Continuous Disclosure, the
                                            proxy voting records will generally be made available on or before August 31st of each year
<span style="text-decoration:underline">here</span>.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">In
                                            Japan, Invesco publicly discloses our
proxy votes annually in compliance with the Japan Stewardship Code <span style="text-decoration:underline">here</span>.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style=" font-size: 10pt">&#9679;</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In
                                            India,&#160;Invesco publicly discloses our proxy votes quarterly here in compliance with
                                            The Securities and Exchange Board of India (&#8220;SEBI&#8221;) Circular on stewardship code
                                            for all Mutual Funds and all categories of Alternative Investment Funds in relation to their
                                            investment in listed equities. SEBI has implemented principles on voting for Mutual Funds
                                            through circulars dated March&#160;15, 2010, March&#160;24, 2014, and March&#160;5, 2021,
                                            which prescribed detailed mandatory requirements for Mutual Funds in India to disclose their
                                            voting policies and actual voting by Mutual Funds on different resolutions of investee companies.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In Hong Kong,&#160;Invesco Hong Kong Limited will provide proxy voting records
upon request in compliance with the Securities and Futures Commission Principles of Responsible Ownership.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In Taiwan, Invesco publicly discloses
our proxy voting policy and proxy votes annually in compliance with Taiwan&#8217;s Stewardship Principles for Institutional Investors
<span style="text-decoration:underline">here</span>.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In Australia, Invesco publicly discloses
a summary of its proxy voting record annually <span style="text-decoration:underline">here</span>.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In Singapore,&#160;Invesco Asset Management Singapore Ltd. will provide proxy
voting records upon request in compliance with the Singapore Stewardship Principles for Responsible Investors.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco may engage Proxy Service Providers to make available
or maintain certain required proxy voting records in accordance with the above stated applicable regulations. Separately managed account
clients that have authorized Invesco to vote proxies on their behalf will receive proxy voting information with respect to those accounts
upon request. Certain other clients may obtain information about how we voted proxies on their behalf by contacting their client service
representative or advisor. Invesco does not publicly disclose voting intentions in advance of shareholder meetings.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>E.</b></td><td><b>Market and Operational Limitations</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In the great majority of instances,&#160;Invesco will vote
proxies. However, in certain circumstances,&#160;Invesco may refrain from voting where the economic or other opportunity costs of voting
exceed any benefit to clients. Moreover, ERISA fiduciaries must not subordinate the economic interests of plan participants and beneficiaries
to unrelated objectives when voting proxies or exercising other shareholder rights. These matters are left to the discretion of the relevant
investment team. Such circumstances could include, for example:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Certain countries impose temporary trading restrictions, a practice known
as &#8220;share blocking.&#8221; This means that once the shares have been voted, the shareholder does not have the ability to sell the
shares for a certain period of time, usually until the day after the conclusion of the shareholder meeting. Unless a client directs otherwise,&#160;Invesco
generally refrains from voting proxies at companies or in markets where share blocking applies. In some instances,&#160;Invesco may determine
that the benefit to the client(s)&#160;of voting a specific proxy outweighs the client&#8217;s temporary inability to sell the shares.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Some companies require a representative to attend shareholder meetings in
person to vote a proxy or issuer-specific additional documentation, certification or the disclosure of beneficial owner details to vote.
Invesco may determine that the costs of sending a representative or submitting additional documentation, including power of attorney documentation,
or disclosures outweigh the benefit of voting a particular proxy.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Invesco may not receive proxy materials from the relevant fund or custodian
used by our clients with sufficient time and information to make an informed independent voting decision.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Invesco held shares on the record date but has sold them prior to the meeting
date.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Although Invesco uses reasonable efforts to vote a proxy, proxies may not
be accepted or may be rejected for various reasons, including due to changes in the agenda for a shareholder meeting for which Invesco
does not have sufficient notice, when certain custodians used by our clients do not offer a proxy voting in a jurisdiction, or due to
operational issues experienced by third parties involved in the process or by an issuer or sub-custodian.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Additionally, despite the best efforts of Invesco and its proxy voting agent,
there may be instances where our votes may not be received or properly tabulated by an issuer or an issuer&#8217;s agent. Invesco will
generally endeavor to vote and maintain any paper ballots received provided they are delivered in a timely manner ahead of the vote deadline.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>F.</b></td><td><b>Securities Lending</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco&#8217;s funds may participate in a securities lending
program. In circumstances where funds&#8217; shares are on loan, the voting rights of those shares are transferred to the borrower. If
the security in question is on loan as part of a securities lending program,&#160;Invesco may determine that the vote is material to the
investment, and therefore, the benefit to the client of voting a particular proxy outweighs the economic benefits of securities lending.
In those instances,&#160;Invesco may determine to recall securities that are on loan prior to the meeting record date, so we will be entitled
to vote those shares. For example, for certain actively managed funds, the lending agent has standing instructions to systematically recall
all securities on loan for Invesco to vote the proxies on those previously loaned shares. There may be instances where Invesco may be
unable to recall shares or may choose not to recall shares. Such circumstances may include instances when Invesco does not receive timely
notice of the meeting, or when Invesco deems the opportunity for a fund to generate securities lending revenue outweighs the benefits
of voting at a specific meeting. The relevant investment team will make these determinations.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>G.</b></td><td><b>Conflicts of Interest</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">There may be occasions where voting proxies may present
a perceived or actual conflict of interest between Invesco, as investment adviser, and one or more of Invesco&#8217;s clients or vendors.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Firm-Level Conflicts of Interest</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">A conflict of interest may exist if Invesco has a material
business relationship with either the company soliciting a proxy or a third party that has a material interest in the outcome of a proxy
vote or that is actively lobbying for a particular outcome of a proxy vote. Such relationships may include, among others, a client relationship,
serving as a vendor whose products/services are material or significant to Invesco, serving as a distributor of Invesco&#8217;s products,
or serving as a significant research provider or broker to Invesco.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco identifies potential conflicts of interest based
on a variety of factors, including, but not limited, to the materiality of the relationship between the issuer or its affiliates to Invesco.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Material firm-level conflicts of interests are identified
by individuals and groups within Invesco globally using criteria established by the Proxy Voting and Governance team. These criteria are
monitored and updated periodically by the Proxy Voting and Governance team so up-to-date information is available when conducting conflicts
checks. Operating procedures and associated governance are designed to seek to assure conflicts of interest are appropriately considered
ahead of voting proxies. The Global IPAC Conflict of Interest Sub-committee maintains oversight of the process. Companies identified as
conflicted will be voted in line with the principles below as implemented by Invesco&#8217;s internal proxy voting guidelines. To the
extent an investment team disagrees with the Policy, our processes and procedures seek to assure that justifications and rationales are
fully documented and presented to the Global IPAC Conflict of Interest Sub-committee for approval by a majority vote.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">As an additional safeguard, persons from Invesco&#8217;s
marketing, distribution and other customer-facing functions may not serve on the Global IPAC. For the avoidance of doubt,&#160;Invesco
may not consider Invesco Ltd.&#8217;s pecuniary interest when voting proxies on behalf of clients. To avoid any appearance of a conflict
of interest,&#160;Invesco will instruct &#8220;abstain&#8221; on proxies issued by Invesco Ltd. that are held in client accounts. If an
&#8220;abstain&#8221; vote is not operationally possible,&#160;Invesco will not vote the shares.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Personal Conflicts of Interest</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">A conflict also may exist where an Invesco employee has
a known personal or business relationship with other proponents of proxy proposals, participants in proxy contests, corporate directors,
or candidates for directorships. Under Invesco&#8217;s Global Code of Conduct,&#160;Invesco entities and individuals must act in the best
interests of clients and must avoid any situation that gives rise to an actual or perceived conflict of interest.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">All Invesco personnel with proxy voting responsibilities
are required to report any known personal or business conflicts of interest regarding proxy issues with which they are involved. In such
instances, the individual(s)&#160;with the conflict will be excluded from the decision-making process relating to such issues.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>H.</b></td><td><b>Voting Funds of Funds</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Funds of funds holdings can create various special situations
for proxy voting, including operational challenges in certain markets. The scenarios below set out examples of how Invesco votes funds
of funds:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">When required by law or regulation, shares of an Invesco fund held by other
Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund. If such proportional
voting is not operationally possible,&#160;Invesco will not vote the shares.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">When required by law or regulation, shares of an unaffiliated registered
fund held by one or more Invesco funds will be voted in the same proportion as the votes of external shareholders of the underlying fund.
If such proportional voting is not operationally possible,&#160;Invesco will not vote the shares.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For U.S. funds of funds where proportional voting is not required by law
or regulation, shares of Invesco funds held by other Invesco funds generally will be voted in the same proportion as the votes of external
shareholders of the underlying fund. If such proportional voting is not operationally possible,&#160;Invesco will vote in line with internal
proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds of funds where proportional voting
is not required by law or regulation and may choose to vote differently.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">For U.S. funds of funds where proportional voting is not required by law
or regulation, shares of unaffiliated registered funds held by one or more Invesco funds generally will be voted in the same proportion
as the votes of external shareholders of the underlying fund. If such proportional voting is not operationally possible,&#160;Invesco
will vote in line with internal proxy voting guidelines. Investment teams retain full discretion over proxy voting decisions for funds
of funds where proportional voting is not required by law or regulation and may choose to vote differently.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Non-U.S. funds of funds will not be voted proportionally due to operational
limitations. The applicable Invesco entity will vote in line with its local policies, as indicated in Exhibit&#160;A. If no local policies
exist,&#160;Invesco will vote non-U.S. funds of funds in line with the firm level conflicts of interest process described above.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Where client or proprietary accounts are invested directly in shares issued
by Invesco affiliates and Invesco has proxy voting authority, shares will be voted in the same proportion as the votes of external shareholders
of the underlying holding. If proportional voting is not possible, the shares will be voted in line with a Proxy Service Provider&#8217;s
recommendation.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Unless it decides to solicit investor instructions,&#160;Invesco shall not
vote the shares of an Invesco fund held by a fund, client or proprietary account managed by Invesco Canada Ltd.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>I.</b></td><td><b>Review of Policy</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">It is the responsibility of the Global IPAC to review this
Policy and the internal proxy voting guidelines annually to consider whether any changes are warranted. This annual review seeks to assure
this Policy and the internal proxy voting guidelines remain consistent with clients&#8217; best interests, regulatory requirements, local
market standards and best practices. Further, this Policy and our internal proxy voting guidelines are reviewed at least annually by various
departments within Invesco to seek to ensure that they remain consistent with Invesco&#8217;s views on best practice in corporate governance
and long-term investment stewardship.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>III.</b></td><td><b>Our Good Governance Principles</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco&#8217;s good governance principles outline our views on best
practice in corporate governance and long-term investment stewardship. These principles have been developed by our global investment teams
in collaboration with the Proxy Voting and Governance team and various departments internally. The broad philosophy and guiding principles
in this section inform our approach to long-term investment stewardship and proxy voting. The principles and positions reflected in this
Policy are designed to guide Invesco&#8217;s investment professionals in voting proxies; they are not intended to be exhaustive or prescriptive.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our investment teams retain full discretion on vote execution in the
context of our good governance principles and internal proxy voting guidelines, except where otherwise specified in this Policy. The final
voting decisions may consider the unique facts and circumstances applicable to each company, issue, and individual ballot item. These
include relevant market laws and regulations, country-specific best practices or corporate governance codes, the issuer&#8217;s public
disclosures, internal research, input from external research providers, and any dialogue we have had with company management. As a result,
investment teams may reach different conclusions on portfolio companies and may cast different votes at the same shareholder meeting.
When investment teams choose to vote a proxy that is contrary to the principles below or internal proxy voting guidelines, they are required
to document their rationales.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following guiding principles apply to proxy voting with respect
to operating companies. We apply a separate approach to open-end and closed-end investment companies and unit investment trusts. Where
appropriate, these guidelines may be supplemented by additional internal guidance that considers regional variations in best practices,
company disclosure and region-specific voting items. Invesco may vote on proposals not specifically addressed by these principles or guidelines
based on an evaluation of a proposal&#8217;s likelihood to enhance long-term shareholder value.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our good governance principles are organized around six broad pillars:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>A.</b></td><td><b>Transparency</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We expect companies to provide accurate, timely and complete
information that enables investors to make informed investment decisions and effectively carry out their stewardship activities. Invesco
supports the highest standards in corporate transparency and believes that these disclosures should be made available ahead of the voting
deadlines for an annual general meeting or special meeting to allow for timely review and decision-making.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Financial reporting:</i></b></span>
Company accounts and reporting must accurately reflect the underlying economic position of a company. Arrangements that may constitute
an actual or perceived conflict with this objective should be avoided.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally support proposals to accept the annual financial statements,
statutory accounts and similar proposals. However, if these reports are not presented in a timely manner or significant issues are identified
regarding their integrity(e.g., the external auditor&#8217;s opinion is absent or qualified), we will generally review the matter on a
case-by-case basis.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>External auditor ratification and audit fees:</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally not support the ratification of the independent auditor
and/or ratification of their fees payable if non-audit fees exceed audit and audit related fees or if there are significant auditing controversies
or questions regarding the independence of the external auditor. We will consider an auditor&#8217;s length of service as a company&#8217;s
independent auditor in applying this policy.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against the incumbent audit committee chair, or nearest
equivalent, where the non-audit fees paid to the independent auditor exceed audit fees for two consecutive years or other problematic
accounting practices are identified such as fraud, misapplication of audit standards or persistent material weaknesses/deficiencies in
internal controls over financial reporting.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Other business:</i></b></span>
Generally, we vote against proposals to transact other business matters where disclosure is insufficient and we are not given the opportunity
to review and understand what issues may be raised.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Related-party transactions:</i></b></span>
Invesco will vote all related party transactions on a case-by-case basis. The vote analysis will consider the following factors, among
others:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">disclosure of the transaction details must be full and transparent (such
as details of the related parties and of the transaction subject, timeframe, pricing, potential conflicts of interest, and other terms
and conditions);</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">the transaction must be fair and appropriate, with a sound strategic rationale;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">the company should provide an independent opinion either from the supervisory
board or an external financial adviser;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">minority shareholders&#8217; interests should be protected; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">the transactions should be on an arm&#8217;s length basis.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Routine business items
and formalities:</i></b></span> Invesco generally votes non-contentious routine business items and formalities as recommended by the issuer&#8217;s
management and board of directors. Routine business items and formalities generally include proposals to:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">accept or approve a variety of routine reports; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">approve provisionary financial budgets and strategy for the current year.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.25in"/><td style="width: 0.25in"><b>B.</b></td><td><b>Accountability</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Robust shareholder rights and strong board oversight help
ensure that management adhere to the highest standards of ethical conduct, are held to account for poor performance and responsibly deliver
value creation for stakeholders over the long term. We encourage companies to adopt governance features that ensure board and management
accountability. In particular, we consider the following as key mechanisms for enhancing accountability to investors:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>One share one vote:</i></b></span>
Voting rights are an important tool for investors to hold boards and management teams accountable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally do not support proposals that establish or perpetuate dual classes
of voting shares, double voting rights or other means of differentiated voting or disproportionate board nomination rights.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally support proposals to decommission differentiated voting rights.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Where unequal voting rights are established, we expect these to be accompanied
by reasonable safeguards to protect minority shareholders&#8217; interests.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Anti-takeover devices:</i></b></span>
Mechanisms designed to prevent or delay takeover attempts may unduly limit the accountability of boards and management teams to shareholders.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally will not support proposals to adopt antitakeover devices such
as poison pills. Exceptions may be warranted at entities without significant operations and to preserve the value of net operating losses
carried forward or where the applicability of the pill is limited in scope and duration.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In addition, we will generally not support capital authorizations or amendments
to corporate articles or bylaws at operating companies that may be utilized for antitakeover purposes, for example, the authorization
of classes of shares of preferred stock with unspecified voting, dividend, conversion or other rights (&#8220;blank check&#8221; authorizations).</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally support proposals for the removal of anti-takeover provisions.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Shareholder rights:</i></b></span>
We support the rights of shareholders to hold boards and management teams accountable for company performance. We generally support best-practice-aligned
proposals to enhance shareholder rights:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Proxy access:</i></b> Within the US market, we generally vote for management
and shareholder proposals for proxy access that employ guidelines reflecting the SEC framework for proxy access with the following provisions:</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Ownership threshold: at least three percent (3%) of the voting power;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Ownership duration: at least three (3)&#160;years of continuous ownership
for each member of the nominating group;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Aggregation: minimal or no limits on the number of shareholders permitted
to form a nominating group; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Cap: cap on nominees of one (1)&#160;director or twenty-five percent (25%)
of the board, whichever is higher.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholder ability to call special meetings:</i></b> Generally, we
vote for management and shareholder proposals that provide shareholders with the ability to call special meetings with a minimum threshold
of 10% but not greater than 25%. We generally will not support proposals to prohibit shareholders&#8217; right to call special meetings.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Shareholder ability to act by written consent:</i></b> Generally, we
assess shareholder proposals that provide shareholders with the ability to act by written consent case-by-case taking into account the
following factors, among other things:</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Shareholders&#8217; current right to call special meetings; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Investor ownership structure.</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Supermajority vote requirements:</i></b> Generally, we vote against
proposals to require a supermajority shareholder vote. We will vote for management and shareholder proposals to reduce supermajority vote
requirements, in favor of a simple majority threshold. Lowering this requirement can democratize corporate governance and facilitate a
more fair and dynamic decision-making that empowers and represents a wider shareholder base; especially for key corporate actions such
as mergers, changes in control, or proposals to amend or repeal a portion of a company&#8217;s articles of incorporation.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><b><i>Bundling of proposals:</i></b> It is our view that the bundling of
multiple proposals or articles amendments in one single voting item restricts shareholders&#8217; ability to express their views, with
an all-or-nothing vote. We generally oppose such proposals unless all bundled resolutions are deemed acceptable and conducive of long-term
shareholder value.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Virtual shareholder
meetings</i></b></span>: Companies should hold their annual or special shareholder meetings in a manner that best serves the needs of
its shareholders and the company. Shareholders should have an opportunity to participate in such meetings. Shareholder meetings provide
an important mechanism by which shareholders provide feedback or raise concerns and hear from the board and management.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally support management proposals seeking to allow for the convening
of hybrid shareholder meetings (allowing shareholders the option to attend and participate either in person or through a virtual platform).</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Management or shareholder proposals that seek to authorize the company to
hold virtual-only meetings (held entirely through virtual platform with no corresponding in-person physical meeting) will be assessed
on a case-by-case basis. Companies have a responsibility to provide strong justification and establish safeguards to preserve comparable
rights and opportunities for shareholders to participate virtually as they would have during an in-person meeting. Invesco will consider,
among other things, a company&#8217;s practices, jurisdiction and disclosure, including the items set forth below:</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>meeting
procedures and requirements are disclosed in advance of a meeting detailing the rationale for eliminating the in-person meeting;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>clear
and comprehensive description of which shareholders are qualified to participate, how shareholders can join the virtual-only meeting,
how and when shareholders submit and ask questions either in advance of or during the meeting;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">iii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>disclosure
regarding procedures for questions received during the meeting, but not answered due to time or other restrictions; and</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">iv.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>description
of how shareholder rights will be protected in a virtual-only meeting format including the ability to vote shares during the time the
polls are open.</p><div>


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<td style="width: 0.25in"/><td style="width: 0.25in"><b>C.</b></td><td><b>Board Composition and Effectiveness</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Voting on director nominees in uncontested elections</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Definition of independence:</i></b></span>
Invesco considers local market definitions of director independence, but applies a proprietary standard for assessing director independence
considering a director&#8217;s status as a current or former employee of the business, any commercial or consulting relationships with
the company, the level of shares beneficially owned or represented and familial relationships, among others.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Board and committee
independence:</i></b></span> The board of directors, board committees and regional equivalents should be sufficiently independent from
management, substantial shareholders and should be free from conflicts of interest. We consider local market practices in this regard
and in general we look for a balance across the board of directors. Above all, we like to see signs of robust challenge and discussion
in the boardroom.</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against one or more non-independent directors when
a board is less than majority independent, but we will take into account local market practice with regards to board independence in limited
circumstances where this standard is not appropriate.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We will generally vote against non-independent directors serving on the audit
committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We will generally vote against non-independent directors serving on the compensation
committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We will generally vote against non-independent directors serving on the nominating
committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In relation to the board, compensation committee and nominating committee
we will consider the appropriateness of significant shareholder representation in applying this policy. This exception will generally
not apply to the audit committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Independent Board Chair:</i></b></span>
It is our view that independent board leadership generally enhances management accountability to investors. Companies deviating from this
best practice should provide a strong justification and establish safeguards to ensure that there is independent oversight of a board&#8217;s
activities (e.g., by appointing a lead or senior independent director with clearly defined powers and responsibilities).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against the incumbent nominating committee chair,
or nearest equivalent, where the board chair is not independent unless a lead independent or senior director is appointed.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will review shareholder proposals requesting that the board chair be an
independent director on a case-by-case basis, taking into account several factors, including, but not limited to, the presence of a lead
independent director and a sufficiently independent board, a sound governance structure with no record of recent material governance failures
or controversies, and sound financial performance. Invesco will also positively consider less disruptive proposals that will enter into
force at the subsequent leadership transition.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally not vote against a CEO or executive serving as board chair
solely on the basis of this issue, however, we may do so in instances where we have significant concerns regarding a company&#8217;s corporate
governance, capital allocation decisions and/or compensation practices.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Attendance and over
boarding:</i></b></span> Director attendance at board and committee meetings is a fundamental part of their responsibilities and provides
efficient oversight for the company and its investors. In addition, directors should not have excessive external board or managerial commitments
that may interfere with their ability to execute the duties of a director.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against or withhold votes from directors who attend
less than 75% of board and committee meetings for two consecutive years. We expect companies to disclose any extenuating circumstances,
such as health matters or family emergencies, that would justify a director&#8217;s low attendance, in line with good practices.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against directors who have more than four total mandates
at public operating companies, if their attendance is below 75% of all board and committee meetings in the year under review, or if material
governance failures have been identified. We apply a lower threshold for directors with significant commitments such as executive positions
and chairmanships.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Other Board Qualifications:</i></b></span>
In our view, an effective board should be comprised of qualified and engaged directors with a mix of skills, experience, perspectives
and characteristics. We recognize that the presence of a variety of these factors in the boardroom may contribute to robust challenge,
debate, and innovation, and allows the board to make informed judgements. We expect companies to comply with their local market legal
requirements or listing standards for board diversity and to the extent that a company fails to comply with such requirements,&#160;Invesco
will generally vote against the nominating committee chair, or nearest equivalent. Invesco will also consider the professional experience
of the individuals on the board and how they underpin the company&#8217;s performance and long-term shareholder value, among other factors.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Director term limits
and retirement age:</i></b></span> It is important for a board of directors to examine its membership regularly with a view to ensuring
that the board is effective, and the company continues to benefit from a variety of director viewpoints and experience. As stated above,
an individual board&#8217;s nominating committee is best positioned to determine whether director term limits or establishing a mandatory
retirement age would be an appropriate measure to help achieve these goals and, if so, the nature of such limits. Therefore,&#160;Invesco
generally opposes shareholder proposals to limit the tenure of board directors or to impose a mandatory retirement age.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Governance failures:</i></b></span>
A board of directors is ultimately responsible for overseeing management and ensuring that proper governance, oversight and control mechanisms
are in place at the company it oversees. Invesco considers the adequacy of a company's response to material oversight failures when determining
whether any voting action is warranted. Invesco may take voting action against director nominees in response to material failures of governance,
risk oversight or fiduciary responsibilities at the company that adversely affect shareholder value. This may include for example, bribery,
fines or sanctions from regulatory bodies, demonstrably poor risk oversight, or adverse legal judgments, among other things. In addition,&#160;Invesco
will consider the responsibilities delegated to board sub-committees when determining if it is appropriate to hold the incumbent chair
of the relevant committee, or nearest equivalent, accountable for these material failures.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Director Indemnification:</i></b></span>
Invesco recognizes that individuals may be reluctant to serve as corporate directors if they are personally liable for all related lawsuits
and legal costs. As a result, reasonable limitations on directors&#8217; liability can benefit a company and its shareholders by helping
to attract and retain qualified directors while preserving recourse for shareholders in the event of misconduct by directors. Invesco
will evaluate shareholder proposals to amend directors&#8217; indemnification and exculpation provisions on a case-by-case basis.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Discharge of directors:</i></b></span>
We will generally support proposals to ratify the actions of the board of directors, supervisory board and/or executive decision-making
bodies, provided there are no material oversight failures and legal controversies, or other wrongdoings in the relevant fiscal year &#8211;
committed or yet to be confirmed. When such oversight concerns are identified, we will consider a company&#8217;s response to any issues
raised and may vote against ratification proposals instead of, or in addition to, director nominees.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Director election process:</i></b></span>
Board members should generally stand for election annually and individually.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We will generally support proposals requesting that directors stand for election
annually.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally vote against the incumbent governance committee chair or
nearest equivalent, if a company has a classified board structure that is not being phased out. We may make exceptions to this guideline
in regions where market practice is for directors to stand for election on a staggered basis.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We will generally support shareholder proposals to repeal a classified board
and elect all directors annually.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">When a board is presented for election as a slate (e.g., shareholders are
unable to vote against individual nominees and must vote for or against the entire nominated slate of directors) and this approach is
not aligned with local market practice, we will generally vote against the slate in cases where we otherwise would vote against an individual
nominee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Where market practice is to elect directors as a slate, we will generally
support the nominated slate unless there are governance concerns with several of the individuals included on the slate or we have broad
concerns with the composition of the board such as a lack of independence.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Majority vote standard:</i></b></span>
Invesco generally votes in favor of proposals to elect directors by a majority vote, except in cases where a company has adopted formal
governance principles that present a meaningful alternative to the majority voting standard.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Board size:</i></b></span>
We will generally defer to the board with respect to determining the optimal number of board members given the size of the company and
complexity of the business, provided that the proposed board size is sufficiently large to represent shareholder interests and sufficiently
limited to remain effective.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Board assessment and
succession planning:</i></b></span> Invesco will consider and vote case-by-case on shareholder proposals to adopt a policy on succession
planning. When evaluating board effectiveness,&#160;Invesco considers whether periodic performance reviews and skills assessments are
conducted to ensure the board represents the interests of shareholders. In addition, boards should have a robust succession plan in place
for key management and board personnel.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b><i>Voting on director nominees in contested elections</i></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Proxy contests:</i></b></span>
We will review case-by-case dissident shareholder proposals based on their individual merits. We consider the following factors, among
others, when evaluating the merits of each list of nominees: the long-term performance of the company relative to its industry, management&#8217;s
track record, any relevant background information related to the contest, the qualifications of the respective lists of director nominees,
the strategic merits of the approaches proposed by both sides, including the likelihood that the proposed goals can be met, and positions
of stock ownership in the company.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><b>D.</b></td><td><b>Capitalization</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Capital allocation:</i></b></span>
Invesco expects companies to responsibly raise and deploy capital toward the long-term, sustainable success of the business. In addition,
we expect capital allocation authorizations and decisions to be made with due regard to shareholder dilution, rights of shareholders to
ratify significant corporate actions and pre-emptive rights, where applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Share issuance:</i></b></span>
We generally support authorizations to issue shares without preemptive rights up to 20% of a company&#8217;s issued share capital for
general corporate purposes. However, for issuance requests with preemptive rights, we support authorizations up to a threshold of 50%.
Shares should not be issued at a substantial discount to the market price. The same requirements are expected for convertible and non-convertible
debt instruments.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Share repurchase programs:</i></b></span>
We generally support share repurchase plans in which all shareholders may participate on equal terms. However, it is our view that such
plans should be executed transparently and in alignment with long-term shareholder interests. Therefore, we will not support such plans
when there is clear evidence of abuse or no safeguards against selective buybacks, or the terms do not align with market best practices.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Stock splits:</i></b></span>
We will evaluate proposals for forward and reverse stock splits on a case-by-case basis. Each proposal will be evaluated based on its
potential impact on shareholder value, local market best practices, and alignment with the company's long-term strategic goals.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Increases in authorized
share capital:</i></b></span> We will generally support proposals to increase a company&#8217;s number of authorized common and/or preferred
shares, provided we have not identified concerns regarding a company&#8217;s historical share issuance activity or the potential to use
these authorizations for antitakeover purposes. We will consider the amount of the request in relation to the company&#8217;s current
authorized share capital, any proposed corporate transactions contingent on approval of these requests and the cumulative impact on a
company&#8217;s authorized share capital, for example, if a reverse stock split is concurrently submitted for shareholder consideration.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Mergers, acquisitions,
disposals and other corporate transactions:</i></b></span> Invesco&#8217;s investment teams will review proposed corporate transactions
including mergers, acquisitions, reorganizations, proxy contests, private placements, dissolutions and divestitures based on a proposal&#8217;s
individual investment merits. In addition, we broadly approach voting on other corporate transactions as follows:</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally support proposals to approve different types of restructurings
that provide the necessary financing to save the company from involuntary bankruptcy.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally support proposals to enact corporate name changes and other
proposals related to corporate transactions that we believe are in shareholders&#8217; best interests.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will generally support reincorporation proposals, provided that management
has provided a compelling rationale for the change in legal jurisdiction and provided further that the proposal will not significantly
adversely impact shareholders&#8217; rights.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>E.</b></td><td><b>Environmental and Social Issues</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Shareholder proposals
addressing environmental and social issues: </i></b></span>We recognize environmental and social shareholder proposals are nuanced and
require company specific analysis, and therefore,&#160;Invesco will analyze such proposals on a case-by-case basis. When analyzing such
proposals, we will consider the following factors, among others:</p><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">whether we consider the adoption of such proposal would promote long-term
shareholder value;</span></td></tr></table><div>


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</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the board&#8217;s written response to the proposal in the proxy and whether
the company has already responded or taken action to appropriately address the issue(s)&#160;raised in the proposal;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">the materiality of the issue(s)&#160;being raised;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">whether there are fines or litigation, significant controversies including
reputational risks associated with the company&#8217;s practices or policies related to the issue(s)&#160;raised in the proposal;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">the company's existing level of disclosure and track record on environmental
and social issues or if the company already complies with relevant local laws and regulations as it relates to the issue(s)&#160;raised
in the proposal;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">the intentions of the proponent(s)&#160;and how they impact the company&#8217;s
long-term economic success;</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">if the proposal requests greater transparency or disclosure to make an informed
assessment; and</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">whether the proposal&#8217;s requested action is unduly burdensome (scope
or timeframe) or overly prescriptive.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>F.</b></td><td><b>Executive Compensation and Performance Alignment</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco supports compensation polices and equity incentive
plans that promote alignment between management incentives and shareholders&#8217; long-term interests. We pay close attention to local
market practice and may apply stricter or modified criteria where appropriate.</p><div>


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</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Advisory votes on executive
compensation, remuneration policy and remuneration reports:</i></b></span> We will generally not support compensation-related proposals
where more than one of the following is present:</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">i.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>there
is an unmitigated misalignment between executive pay and company performance for at least two consecutive years;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">ii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>there
are problematic compensation practices which may include, among others, incentivizing excessive risk taking or circumventing alignment
between management and shareholders&#8217; interests via repricing of underwater options;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">iii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>vesting
periods for long-term incentive awards are less than three years;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">iv.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>the
company &#8220;front loads&#8221; equity awards;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">v.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>there
are inadequate risk mitigating features in the program such as clawback provisions;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">vi.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>excessive,
discretionary one-time equity grants are awarded to executives; and/or</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><span style="font-size: 10pt">vii.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</span>less
than half of variable pay is linked to performance targets, except where prohibited by law.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco will consider company reporting on pay ratios as
part of our evaluation of compensation proposals, where relevant.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Equity plans:</i></b></span>
Invesco generally supports equity compensation plans that promote the proper alignment of incentives with shareholders&#8217; long-term
interests, and generally votes against plans that are overly dilutive to existing shareholders, plans that contain objectionable structural
features which may include provisions to reprice options without shareholder approval, plans that include evergreen provisions or plans
that provide for automatic accelerated vesting upon a change in control.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 75; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Employee stock purchase
plans:</i></b></span> We generally support employee stock purchase plans that are reasonably designed to provide proper incentives to
a broad base of employees, provided that the price at which employees may acquire stock represents a reasonable discount from the market
price and that the total shareholder dilution resulting from the plan is not excessive (e.g., more than 10% of outstanding shares).</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Severance Arrangements:</i></b></span>
Invesco considers proposed severance arrangements (sometimes known as &#8220;golden parachute&#8221; arrangements) on a case-by-case basis
due to the wide variety among their terms. Invesco acknowledges that in some cases such arrangements, if reasonable, and aligned with
local market best practices, may be in shareholders&#8217; best interests as a method of attracting and retaining high-quality executive
talent. We generally evaluate case-by-case proposals requiring shareholder ratification of senior executives&#8217; severance agreements
depending on whether the proposed terms and disclosure align with good market practice.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><span style="font-size: 10pt"><b><i>Frequency of Advisory
Vote on Executive Compensation (Say-on-Pay, MSOP) Management Proposals:</i></b></span> It is our view that shareholders should be given
the opportunity to vote on executive compensation and adequately express their potential concerns. Invesco will generally vote in favor
of a one-year frequency, in order to foster greater accountability, as well as to grant shareholders a timely intervention on pay practices.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 76; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><b>Exhibit&#160;A</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Harbourview Asset Management Corporation</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Advisers,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management (India) Pvt. Ltd*<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management (Japan) Limited*<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management (Schweiz) AG</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management Deutschland GmbH</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management Limited<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Asset Management Singapore Ltd</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Australia Ltd</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Canada Ltd.<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Capital Management LLC</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Capital Markets,&#160;Inc.*<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco European RR L.P.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Fund Managers Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Hong Kong Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Investment Advisers LLC</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Investment Management (Shanghai) Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Investment Management Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Loan Manager, LLC</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Managed Accounts, LLC</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Management S.A.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Overseas Investment Fund Management (Shanghai) Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Pensions Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Private Capital,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Real Estate Management S.&#224;.r.l<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco RR Fund L.P.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Senior Secured Management,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Taiwan Ltd*<sup>1</sup></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Invesco Trust Company</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Oppenheimer Funds,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">WL Ross&#160;&amp; Co. LLC</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><sup>* </sup>Invesco entities with specific proxy voting
guidelines</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><sup>1</sup> Invesco entities with specific conflicts of
interest policies</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 77; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Proxy Voting Guidelines</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>for</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Invesco Asset Management (Japan) Limited</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Invesco Japan Proxy Voting Guideline</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Japan (hereinafter &#8220;we&#8221; or &#8220;our) votes proxies
to maximize the interests of our clients (investors) and beneficiaries in the long term, acknowledging the importance of corporate governance
based on fiduciary duties to our clients (investors) and beneficiaries. We do not vote proxies for the interests of ourselves and any
third party other than clients (investors) and beneficiaries. The interests of clients (investors) and beneficiaries are to expand the
corporate value or the shareholders&#8217; economic interests or prevent damage thereto. Proxy voting is an integral part of our stewardship
activities, and we make voting decisions considering whether the proposal would contribute to corporate value expansion and sustainable
growth.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To vote proxies adequately, we have established the Responsible Investment
Committee and developed the Proxy Voting Guideline to govern the decision-making process of proxy voting. While we may seek advice from
an external service provider based on our own guidelines, our investment professionals make voting decisions in principle, based on the
proxy voting guideline, taking into account whether they contribute to increasing the subject company&#8217;s shareholder value.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Responsible proxy voting and constructive dialogue with investee companies
are important components of stewardship activities. While the Proxy Voting Guideline are principles for our voting decisions, depending
on the proposals, we may make an exception if we conclude that such a decision is in the best interests of clients (investors) and beneficiaries
after having constructive dialogue with the investee companies. In such a case, approval of the Responsible Investment Committee shall
be obtained.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Responsible Investment Committee consists of members including
Chief Investment Officer, as the chair, Head of Compliance, Head of ESG, investment professionals nominated by the chair and the other
members, including persons in charge at the Client Reporting department.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have established the Conflict of Interest Management Policy. In
the situation that may give rise to a conflict of interest, we aim to control it in the best interests of clients (investors) and beneficiaries.
The Compliance department is responsible for governing company-wide control of a conflict of interest. The Compliance department is independent
of Investment and Sales departments and shall not receive any command or order for the matters compliant with the laws and regulations,
including a conflict of interest, from them.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Proxy Voting Guidelines</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. <span style="text-decoration:underline">Appropriations of Retained Earnings and Dividends</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We decide how to vote on proposals seeking approval for appropriations
of retained earnings and dividends, taking into account the subject company&#8217;s financial conditions and business performance, shareholders&#8217;
economic interests and so on.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Taking into account the company&#8217;s capital adequacy, business strategies,
and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we consider voting against the proposals
unless reasonable explanations are given by the company.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to the company where the Board of Directors determines appropriations
of retained earnings, taking into account the subject company&#8217;s capital adequacy, business strategies, and so on if the total payout
ratio, including dividends and share repurchases, is significantly low, we consider voting against the reappointment of board directors
unless reasonable explanations are given by the company.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Taking into account the subject company&#8217;s capital adequacy, business
strategies, and so on if the total payout ratio, including dividends and share repurchases, is significantly low, we consider voting for
shareholder proposals increasing shareholder returns.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2. <span style="text-decoration:underline">Appointment of Board Directors</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We decide how to vote on proposals concerning the appointment of board
directors, taking into account their independence, competence, anti-social activity records (if any), and so on. Furthermore, we decide
how to vote on the reappointment of board directors, taking into account their corporate governance practices, accountability during their
tenures, the company&#8217;s business performance and anti-social records (if any), and so on in addition to the above factors.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board directors should make best efforts to continuously gain knowledge
and skills to fulfill the critical role and responsibilities in the company&#8217;s governance. A company should also provide sufficient
training opportunities.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Independent outside directors are expected to play a significant role,
such as safeguarding minority shareholders&#8217; interests through action based on their insights to increase the company&#8217;s corporate
value. It is desirable to enhance the board&#8217;s governance function with independent outside directors accounting for the board majority.
However, given the challenge to secure competent candidates, we also recognize that it is difficult for all the companies, irrespective
of their size, to deploy the independent outside directors&#8217; majority on the Board.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sufficient disclosure is a prerequisite for reflecting the assessment
of independence and suitability of director candidates and board composition in voting decisions. Currently, there are cases where sufficient
information cannot be obtained due to insufficient disclosure on a board chair, each committee&#8217;s function and committee chairs in
Notice of Annual General Meeting (AGM) and a corporate governance report, as well as untimeliness of these issuances. We generally make
decisions based on Notice of AGM, a corporate governance report and an annual securities report disclosed by the time of voting. However,
this shall not apply if we obtain such information from direct engagement with the company or find relevant disclosure elsewhere.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Independence</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We generally vote for the appointment of outside directors. However,
we generally vote against if a candidate is not regarded as independent of the subject company. It is desirable that the company discloses
information, such as numerical data, which supports our decision on board independence.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We view the following outside director candidates are not independent enough.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Candidates who have been working for the following companies for the last
ten years or are those people&#8217;s relatives.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The subject company</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Its subsidiary</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Its parent company</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Candidates who have been working for the following companies for the last
five years or are those people&#8217;s relatives.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Shareholders who own more than 10% of the subject company</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Principal loan lenders</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Principal securities brokers</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Major business partners</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Auditors</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Audit companies, consulting companies or any related service providers which
have any consulting contracts with the subject company</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Any other counterparts which have any interests in the subject company</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In cases other than above, we separately scrutinize the
independence of candidates who are regarded as not independent enough.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We take extra care when we assess the independence of candidates from a company
which is regarded as a policy shareholder under cross shareholding, mutually sends outside directors to each other, and so on, as such
cases potentially raise doubts about their independence. The company should give reasonable explanations. It is also desirable that the
company contrives the timing and method of disclosure to allow investors to understand those relationships enough.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We judge board independence according to the stock exchange&#8217;s independence
criteria with emphasizing independence ensured practically. We consider each company&#8217;s business environment and make the best effort
to engage with the subject company to determine the independence of the candidates.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We regard an outside director with a significantly long tenure as non-independent
and consider voting against the reappointment of such an outside director. We generally consider voting against the reappointment of outside
directors whose tenures are longer than ten years.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If the subject company is a company with Audit Committee, we judge the independence
of outside director candidates who become audit committee board members using the same independence criteria for the appointment of statutory
auditors in principle.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally consider voting against the appointment of top executives and
a nominating committee chair at a company with three Committees if independent outside directors of the subject company account for less
than 1/3 of the Board after the AGM. However, this shall not apply if we confirm sufficient planning or special circumstances on increasing
the number of independent outside directors in engagements.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In case the subject company has a parent company or controlling shareholders,
we generally consider voting against the appointment of top executives and a nominating committee chair at a company with three Committees
if independent outside directors account for less than half of the Board after the AGM. However, this shall not apply if we confirm sufficient
planning or special circumstances on increasing the number of independent outside directors in engagements.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(2)</b></td><td><b>Attendance rate and concurrent duties</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">All members are expected to attend board and respective committee meetings
in principle. A Company is generally obligated to facilitate all members to attend these meetings. We generally vote against the reappointment
of board directors who attended less than 75% of board or respective committee meetings.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We take into account not only the number of attendance but nomination reasons
and candidates&#8217; real contributions if disclosed.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We take extra care when we assess the capability of board directors who have
many concurrent duties as a director or statutory auditor of listed companies, as such cases potentially raise doubts about their capacity
given the importance of directors&#8217; role and responsibilities. Accordingly, we consider voting against the appointment of board directors
who perform five or more duties as a director or statutory auditor of a listed company or equivalent company. However, in case nominees
serve as executive director or statutory auditor of a listed company or equivalent company, we consider voting against the appointment
of directors who perform three or more duties.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company nominates a board director with many concurrent duties, it should
provide reasonable explanations. It is also desirable that the company contrives disclosure timing and methods to allow investors to understand
the situation enough.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(3)</b></td><td><b>Company&#8217;s business performance</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider voting against the reappointment of board directors if the subject
company made a loss for the three consecutive years during their tenures.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider voting against the reappointment of board directors if we judge
that the subject company&#8217;s business performance significantly lags the peers in the same industry during their tenures.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider voting against top executives if, concerning capital efficiency
including return on capital, effective business strategies achieving corporate value expansion and sustainable growth are not demonstrated,
and appropriate disclosures and sufficient constructive dialogues are not conducted.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


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<td style="width: 0"/><td style="width: 0.25in"><b>(4)</b></td><td><b>Company&#8217;s anti-social activities</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If we judge that a corporate scandal damages or is likely to damage shareholder
value with having a significant effect on society during a board tenure, we conduct adequate dialogues with the subject company on the
background and subsequent resolutions of the scandal. Based on the dialogues, we decide how to vote on the reappointment of top executives,
board directors in charge of those cases and audit committee board members at a company with Audit Committee or three Committees, considering
the impact on shareholder value.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to domestic corporate scandals, at the time a company receives
administrative dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair Trade Commission, we consider voting
against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee or
three Committees. However, in case final dispositions are subsequently determined based on appeal or complaints resolutions, we do not
vote against the reappointment again at that time. We vote on a case-by-case basis concerning compensation orders in a civil case, dispositions
from the Consumer Affairs Agency or administrative dispositions from overseas authorities.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to administrative dispositions to an unlisted subsidiary or
affiliate, we consider voting against the reappointment of top executives, directors in charge and audit committee board members at a
company with Audit Committee or three Committees of the holding or parent company. If a subsidiary or affiliate is listed, we consider
voting against the reappointment of top executives, directors in charge and audit committee board members at a company with Audit Committee
or three Committees of both the subsidiary or affiliate and the holding or parent company. However, we may vote on a case-by-case basis,
depending on the importance of the disposition to the subsidiary or affiliate, its impact on the holding or parent company&#8217;s financial
performance, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to employees&#8217; scandals, if the scandal damages or is likely
to damage shareholder value, and we judge that the subject company owes management responsibility, we consider voting against the reappointment
of top executives, directors in charge and audit committee board members at a company with Audit Committee or three Committees.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider voting against the reappointment of board directors if the subject
company engages in window dressing or inadequate accounting practices during their tenures.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(5)</b></td><td><b>Activities against shareholder interest</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company raises capital through an excessively dilutive third-party allotment
without a shareholders&#8217; meeting&#8217;s approval, we consider voting against the reappointment of board directors, particularly
top executives.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company raises capital through a large-scale public offering without
reasonable explanations, we consider voting against the reappointment of board directors, particularly top executives.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company does not execute a shareholder proposal regarded as favorable
for minority shareholders receiving the majority support from shareholders or does not make a similar company proposal at an AGM in the
following year, we consider voting against the appointment of top executives.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(6)</b></td><td><b>Others</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">If a company insufficiently discloses board director candidates&#8217; information,
we generally vote against such candidates.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>3. <span style="text-decoration:underline">Composition of Board of Directors</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While each company&#8217;s board structure would differ depending on
its size and so on, we believe that a company with three Committees (Nomination, Audit and Remuneration) is desirable to achieve better
governance as a listed company. For a company with Board of Statutory Auditors (Kansayaku) or Audit Committee, it is also desirable to
voluntarily deploy a Nomination Committee, a Remuneration Committee and other necessary committees. Besides, it is desirable that Board
Chair is an independent outside director. We believe that a highly transparent board composition ensures management accountability and
contributes to sustained enterprise value expansion. Finally, the disclosure of the third-party assessment on the Board of Directors is
desirable.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To strengthen the Board of Directors&#8217; monitoring function and
increase its transparency and effectiveness, we believe it is important to ensure gender, nationality, career, and age diversity in principle.
It is desirable that each company adopts a skills matrix that defines the diversity and expertise required to fulfill the Board&#8217;s
responsibilities reflecting its situation and selects director candidates accordingly.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are concerned about retired directors assuming consulting, advisory
or other similar positions which could negatively impact transparency and decision making of the Board. If such positions exist, and retired
directors assume them, it is desirable that the company discloses their existence, their expected roles and contributions and compensations
for such posts.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Number of board members and change in board composition</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning the number of board members
and change in board composition, taking into account the impacts on the subject company and shareholders&#8217; economic interests compared
to the current situations.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The number of board members should be optimized to make the right management
decision at the right time. We may consider each company&#8217;s business situation and scale. However, we generally consider voting against
the appointment of top executives and a nominating committee chair at a company three Committees if the number of board members is expected
to exceed 20 without decreasing from the previous AGM, and reasonable explanations are not given.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against the appointment of top executives and a nomination
committee chair at a company three Committees if a decrease in outside directors or an increase in internal directors significantly reduces
the percentage of outside directors, which potentially causes governance problems.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If there are two or more females on the Board, we consider voting against
the appointment of top executives and a nomination committee chair at a company three Committees. However, this shall not apply if 20%
or more of board members are females, or we confirm sufficient planning or special circumstances on increasing the number of female directors
in engagements.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We believe that board diversity is important and may set a higher target
for a female board member ratio in the future. Similarly, we may set a racial and nationality diversity target, especially for companies
with global business operations.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(2)</b></td><td><b>Procedures of board director appointment, scope of their responsibilities and so on</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning change in board director appointment
procedures, taking into account the rationales, and so on, compared to the current procedures.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals reducing board directors&#8217; responsibilities
for financial damages on fiduciary duty breach.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Board directors&#8217; responsibilities include effective monitoring of top
executives succession planning. The Nomination Committee at a company with three Committees or the arbitrary Nomination Committee created
at a company with the other governance structures should provide effective monitoring of successor development and appointment with transparency.
It is desirable that an independent outside director serves as Nomination Committee Chair. If we judge that the succession procedure significantly
lacks transparency and rationality, we consider voting against the appointment of top executives.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>4. <span style="text-decoration:underline">Appointment of Statutory Auditors (Kansayaku)</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We decide how to vote on proposals concerning the appointment of statutory
auditors, taking into account their independence, competence and anti-social activities records (if any), and so on. We decide how to
vote on the reappointment of statutory auditors, taking into account their corporate governance practices and accountability during their
tenures, the company&#8217;s anti-social activity records, and so on in addition to the above factors.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Statutory auditors and audit committee board directors at a company
with Audit committee or three Committees should have deep knowledge specialized in accounting, laws and regulations and should make best
efforts to continuously gain knowledge and skills to fulfill the critical role and responsibilities in the company&#8217;s governance.
A company should also provide sufficient training opportunities.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Independence</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote against the appointment of outside statutory auditors without
independency.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In general, a person who has no relationship with the subject company other
than a statutory auditor appointment is regarded as independent.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We regard that an outside statutory auditor with a significantly long tenure
is not independent and generally vote against the reappointment of such an outside statutory auditor. We generally consider voting against
the candidate whose tenure is longer than ten years.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(2)</b></td><td><b>Attendance rate and concurrent duties</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">All statutory auditors are expected to attend board or board of statutory
auditors meetings in principle. A companies is generally obligated to facilitate all statutory auditors to attend these meetings. We generally
vote against the reappointment of statutory auditors who attended less than 75% of board or board of statutory auditors meetings.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We take into account not only the number of attendance but nomination reasons
and candidates&#8217; real contributions if disclosed.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We take extra care when we assess the capability of statutory auditors who
have many concurrent duties as an director or statutory auditor of listed companies, as such cases potentially rise doubts about their
capacity, given the importance of statutory auditors&#8217; role and responsibilities. Accordingly, we consider voting against the appointment
of statutory auditors who perform five or more duties as a board director or statutory auditor of a listed company or equivalent company.
However, in case nominees serve as executive director or statutory auditor of a listed company or equivalent company, we consider voting
against the appointment of statutory auditors who perform three or more duties.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company nominates a statutory auditor with many concurrent duties, it
should give reasonable explanations. It is also desirable that the company contrives disclosure timing and methods to allow investors
to understand the situation enough.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(3)</b></td><td><b>Accountability</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If there are material concerns about a published audit report or audit procedures,
or insufficiencies of required disclosures, we vote against the reappointment of statutory auditors.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(4)</b></td><td><b>Company&#8217;s anti-social activities</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If we judge that a corporate scandal damages or is likely to damage shareholder
value with having a significant impact on society during a statutory auditor&#8217;s tenure, we conduct adequate dialogues with the subject
company on the background and subsequent resolutions of the scandal. Based on the dialogues, we decide how to vote on the reappointment
of statutory auditors, considering the impact on shareholder value.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to domestic corporate scandals, at the time a company receives
administrative dispositions to cartel, bid-rigging, and so on from authorities, such as the Fair Trade Commission, we consider voting
against the reappointment of statutory auditors. However, in case the final dispositions are subsequently determined based on appeal or
complaints resolutions, we do not vote against the reappointment again at that time. We vote on a case-by-case basis concerning compensation
orders in a civil case, dispositions from the Consumer Affairs Agency or administrative dispositions from overseas authorities.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to administrative dispositions to an unlisted subsidiary or
affiliate, we consider voting against the reappointment of statutory auditors of the holding or parent company. If a subsidiary or affiliate
is listed, we consider voting against the reappointment of statutory auditors of both the subsidiary or affiliate and the holding or parent
company. However, we may decide on a case-by-case basis, depending on the importance of the dispositions to the subsidiary or affiliate,
its impact on the holding or parent company&#8217;s financial performance, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">With respect to employees&#8217; scandals, if the scandal damages or is likely
to damage shareholder value, and we judge that the subject company owes management responsibility, we consider voting against the reappointment
of statutory auditors.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider voting against the reappointment of statutory auditors if the
subject company engages in window-dressing or inadequate accounting practices during their tenures.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>5. <span style="text-decoration:underline">Composition of Board of Statutory Auditors (Kansayaku)</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We decide how to vote on proposals concerning the number of members
or change in composition of the board of statutory auditors, taking into account the impact on the subject company and shareholders&#8217;
economic interests compared to the current situations.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We consider an increase in statutory auditors favorably. However, in case
of a decrease, we consider voting against the reappointment of top executives unless clear and reasonable explanations are given.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We consider the same for audit committee board members for a company with
Audit Committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>6. <span style="text-decoration:underline">Appointment of Accounting Auditors</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We decide how to vote on proposals concerning the appointment and replacement
of accounting auditors, taking into account their competence, audit fee levels, and so on.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against the reappointment of statutory auditors (Kansayaku)
or audit committee board members at a company with Audit Committee or three Committees if we judge that a company reappoints an accounting
auditor without replacing it despite the following accounting audit problems.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">It is determined that an accounting auditor provides an unfair opinion on
the company&#8217;s financial conditions.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">In case there are concerns on financial statements, required disclosures
are insufficient.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">In case an accounting auditor has a service contract other than accounting
audit services with the subject company, it is regarded that such a contract creates a conflict of interest between them.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Excessive audit fees are paid.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">It is regarded that an accounting auditor makes fraud or negligence.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If it is regarded that an accounting auditor has issues in other company&#8217;s
audits, in case a company appoints or reappoints the accounting auditor without replacing it, we take the impact on the company&#8217;s
corporate value full consideration into voting decisions.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals concerning accounting auditor replacement
if it is regarded that a company changes an incumbent accounting auditor due to a dispute about accounting principles.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>7. <span style="text-decoration:underline">Compensation for Board Directors, Statutory Auditors (Kansayaku)
and Employees</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Board directors&#8217; salaries and bonuses</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It is desirable to increase the proportion of stock incentive plans in board
directors&#8217; salaries and bonuses, on condition that a performance-based compensation structure is established, transparency, such
as disclosures of a benchmark or formula laying the foundations for calculation, ensures accountability, and the impact on shareholders,
such as dilution, are taken into considerations. The Remuneration Committee at a company with three Committees (Nomination, Audit and
Remuneration) or the arbitrary Remuneration Committee preferably deployed at a company with the other governance structures should ensure
the accountability of compensation schemes. It is desirable that an independent outside director serves as Remuneration Committee Chair.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We consider voting against proposals seeking approval for salaries and bonuses
in the following cases.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Negative correlation between company&#8217;s financial performance and directors&#8217;
salaries and bonuses are observed.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Inappropriate systems and practices are in place.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The total amount of salaries and bonuses is not disclosed.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Management failures, such as a significant share price decline or serious
earnings deterioration, are apparent.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The remuneration proposal includes people determined to be responsible for
activities against shareholder interest.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for shareholder proposals requesting disclosure of individual
directors&#8217; salaries and bonuses.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company implements any measures ensuring transparency other than disclosure,
we take it into consideration.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If there is no proposal seeking approval for directors&#8217; salaries and
bonuses, and the compensation structure lacks transparency, we consider voting against the appointment of top executives.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against bonuses for statutory auditors at a company with
Board of Statutory Auditors and audit committee board members at a company with Audit Committee.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We separately consider voting to audit committee board members at a company
with three Committees.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(2)</b></td><td><b>Stock incentive plans</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning stock incentive plans, including
stock options and restricted stock units, taking into account the impact on shareholder value and rights, compensation levels, the scope,
the rationales, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to lower the strike price of
stock options.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to change the strike price on condition
that shareholders&#8217; approval is required every time.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against stock incentive plans if the terms and conditions
for exercising options, including equity dilution, lack transparency. We generally consider voting against proposals potentially causing
10% or more equity dilution.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It is desirable that stock incentive plans is a long-term incentive aligned
with sustainable growth and corporate value expansion. As such, we generally vote against stock incentive plans allowing recipients to
exercise all the rights within two years after vested for the subject fiscal year. However, this shall not apply to recipients who retire
during the subject fiscal year. We assess the validity if a vesting period is regarded as too long.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against stock incentive plans granted to statutory auditors
and audit committee board members at a company with Audit Committee.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We separately consider stock incentive plans granted to audit committee board
members, including both inside and outside directors, at a company with three Committees.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote against stock incentive plans granted to any third parties
other than employees.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote against stock incentive plans in case a company is likely
to adopt the plans as takeover defense.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(3)</b></td><td><b>Employee stock purchase plan</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning employee stock purchase plans,
taking into account the impact on shareholder value and rights, the scope and the rationales, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(4)</b></td><td><b>Retirement benefits for board directors</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning grant of retirement benefits,
taking into account the scope and scandals (if any) of recipients and business performance and scandals (if any) of the subject company,
and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals granting retirement benefits if all the following
criteria are satisfied.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The granted amount is disclosed.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 85; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Outside directors, statutory auditors and audit committee board members at
a company with Audit Committees are excluded.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Recipients do not cause any significant scandals during their tenures.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The subject company does not make a loss for the three consecutive years,
or its business performance is not determined to significantly lag behind the peers in the same industry.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The company does not cause scandals that significantly impact society and
damage, or are unlikely to damage, shareholder value during their tenures.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">The company does not engage in window-dressing or inadequate accounting practices
during their tenures.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>8. <span style="text-decoration:underline">Cross-shareholdings</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a company holds shares for the sake of business relations (cross
shareholdings), the company should explain the medium- to long-term business and financial strategies, including capital costs, and disclose
proxy voting guidelines, voting results, and so on. If the company does not give reasonable explanations and engage in constructive dialogues,
we consider voting against the appointment of top executives. It is important that the company does not hinder the sales/reduction of
cross shareholdings when a policy shareholder intends. In addition, a company should formulate a policy for institutional investor engagements,
considering its shareholder composition, and conduct business with an awareness of capital costs and stock prices.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company's cross shareholdings account for 20% or more of its net assets,
we generally consider voting against the appointment of top executives. However, this shall not apply if we confirm that the company makes
a reduction, does sufficient planning or has industry-specific circumstances that should be taken into consideration in engagement.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>9. <span style="text-decoration:underline">Capital Policy</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a listed companies&#8217; capital policy is likely to significantly
impact shareholder value and interests, a company should implement a rational capital policy and explain capital policy guidelines to
shareholders. We consider voting against proposals concerning capital policies that we judge damage shareholder value. If a company has
a capital policy that is not part of proposals at an AGM but regarded to damage shareholder value, we consider voting against the reappointment
of board directors.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">It is undesirable that a company intends to maintain or increase so-called
&#8220;friendly&#8221; stable shareholders and infringes minority shareholders&#8217; rights by the third-party allotment, treasury stocks
transfer or company management holdings&#8217; transfer to foundations affiliated with the company.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Change in authorized shares</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to increase authorized shares,
taking into account the impact on shareholder value and rights, the rationales, the impact on the sustainability of stock market listing
and a going concern, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to increase authorized shares if
we judge that not increasing authorized shares is likely to lead to delisting or have a significant impact on a going concern.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to increase authorized shares
after an acquirer emerges.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><b>(2)</b></td><td style="text-align: justify"><b>New share issue</b></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on new share issues, taking into account the rationales,
the terms and conditions of issues, the impact of dilution on shareholder value and rights and the impact on the sustainability of stock
market listing or a going concern, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(3)</b></td><td><b>Share repurchase and reissue</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning share repurchase or reissue,
taking into account the rationales, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 86; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(4)</b></td><td><b>Stock split</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking a stock split.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(5)</b></td><td><b>Consolidation of shares (reverse stock split)</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking consolidation of shares, taking
into account the rationale, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(6)</b></td><td><b>Preferred shares</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to issue blank-cheque preferred
shares or increase authorized shares without specifying voting rights, dividends, conversion and other rights.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to issue preferred shares or increase
authorized shares if voting rights, dividends, conversion and other rights are specified, and those rights are regarded as reasonable.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals requiring approvals for preferred shares
issues from shareholders.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(7)</b></td><td><b>Convertible bonds</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to issue convertible bonds, taking
into account the number of new shares, the time to maturity, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(8)&#160;Corporate bonds and credit
facilities</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning a corporate bond issue or a
credit facility expansion, taking into account the subject company&#8217;s financial conditions, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(9)&#160;Debt capitalization</b></p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to change the number of authorized
shares or issue shares for debt restructuring, taking into account the terms and conditions of the change or the issue, the impact on
shareholder value and rights, the rationales, the impact on the sustainability of stock market listing and a going concern, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(10)&#160;Capital reduction</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning capital reduction, taking into
account the impact on shareholder value and rights, the rationales and the impact on the sustainability of stock market listing and a
going concern, and so on.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking capital reduction following standard
accounting procedures.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(11) Financing plan</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning a financing plan, taking into
account the impact on shareholder value and rights, the rationales and the impact on the sustainability of stock market listing and a
going concern, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(12) Capitalization of reserves</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking capitalization of reserves, taking
into account the rationales, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>10. <span style="text-decoration:underline">Amendment to Articles of Incorporation and Other Legal Documents</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(1)&#160;Change in an accounting
period</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to change an accounting period unless
it is regarded as an aim to delay an AGM.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(2)&#160;Amendment to articles
of incorporation</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals to amend an article of incorporation,
taking into account the impact on shareholder value and rights, the necessity, the rationales, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to amend an article of incorporation
if it is required by law.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 87; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to amend an article of incorporation
if we judge that it is likely to infringe shareholder rights or damage shareholder value.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for transition to a company with three Committees.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to relax or eliminate special
resolution requirements, taking into account the rationale.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We are concerned about retired directors assuming advisory, consulting, or
other similar positions which could negatively impact on transparency and decision making of the Board of Directors. We generally vote
against proposals seeking to create such a position.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to authorize a company to hold virtual-only
meetings, taking into account the impact on shareholder value and rights.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We will consider, among other things, a company&#8217;s practices, jurisdiction
and disclosure, including the items set forth below:</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">meeting procedures and requirements are disclosed in advance of a meeting
detailing the rationale for eliminating the in-person meeting,</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">safeguard and clear and comprehensive description as to how and when shareholders
submit and ask questions either in advance of or during the meeting,</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">disclosure regarding procedures for questions received during the meeting,
but not answered due to time or other restrictions, and</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0.5in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">description of how shareholder rights will be protected in a virtual-only
meeting format including the ability to vote on proposals during the time the polls are open.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(3)&#160;Change in a quorum for
an annual general meeting (AGM)</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning change in quorum for an AGM,
taking into account the impact on shareholder value and rights, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>11. <span style="text-decoration:underline">Company Organization Change</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(1)&#160;Change in a registered
company name and address</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to change a registered company
name, taking into account the impact on shareholder value, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to change a registered address.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><b>(2)&#160;Company reorganization</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning the following company reorganization,
taking into account their respective impacts on shareholder value and rights, the subject company&#8217;s financial conditions and business
performance, and the sustainability of stock market listing or a going concern, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Mergers and acquisitions</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Business transfers</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Company split (spin-off)</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Asset sale</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Company sale</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Liquidation</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 88; Value: 1 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt">B-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>12. <span style="text-decoration:underline">Proxy Fight</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(1)</b></td><td><b>Proxy fight</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals concerning the appointment of directors
with opposition candidates, taking into account their independence, competence, anti-social activity records (if any), corporate governance
practices and accountability of the candidates and business performance and anti-social activity records (if any) of the subject company,
the proxy fight background, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><b>(2)</b></td><td><b>Proxy context defense</b></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Classified board</b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to introduce a classified board.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to set a director's term of one year.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Shareholder rights to remove a director</b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals seeking to tighten requirements for shareholders
to remove a director.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Cumulative voting</b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to introduce cumulative voting
for director appointments, taking into account the background, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to terminate cumulative voting
for director appointment, taking into account the background, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>13. <span style="text-decoration:underline">Takeover Defense</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that management and shareholder interest is not always aligned.
As such, we generally vote against the creation, amendment and renewal of takeover defense measures that we judge decrease shareholder
value or infringes shareholder rights. We generally vote against the reappointment of directors if takeover defense measures are not part
of proposals at an AGM but are regarded to decrease shareholder value or infringes shareholder rights.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Relaxing requirements to amend articles of incorporation and company policies</b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to relax requirements to amend
articles of incorporation or company policies, taking into account the impact on shareholder value and rights, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif"><b>Relaxing of requirements for merger approval</b></span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We decide how to vote on proposals seeking to relaxing requirements for merger
approval, taking into account the impact on shareholder value and rights, and so on.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>14. <span style="text-decoration:underline">Environment, Social and Governance (ESG)</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We support the United Nations Principles for Responsible Investment
(UN PRI) and acknowledge that company&#8217;s ESG practices are an important factor in investment decision making. Thus, we consider voting
against the reappointment of top executives and directors in charge if we judge that there is an issue that could significantly damage
corporate value. We consider voting for proposals related to ESG materiality, including climate change or diversity, if we judge that
such proposals contribute to preventing from damaging or expanding corporate value. If not, we consider voting against such proposals.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>15. <span style="text-decoration:underline">Disclosure</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disclosure and constructive dialogues based thereon are important in
proxy voting and investment decision making. Furthermore, proactive disclosure and effective engagement are desirable as demand for ESG
disclosure, including climate change, has been increasing, and the disclosure frameworks have been rapidly progressing.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote against proposals that lack sufficient disclosure to make
proxy voting decisions.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">We generally vote for proposals seeking to enhance disclosures if such information
is beneficial to shareholders.</span></td></tr></table><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="text-align: justify; width: 0"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">If a company&#8217;s financial and non-financial disclosures is significantly
poor, and if the level of investor relations activities by management or people in charge is significantly low, we consider voting against
the reappointment of top executives and directors in charge.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>16. <span style="text-decoration:underline">Conflict of Interest</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We abstain from voting proxies of the following companies that are
likely to have a conflict of interest. We also abstain from voting proxies with respect to the following investment trusts that are managed
by us or Invesco group companies, as a conflict of interest may rise.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Companies and investment trusts that we abstain from voting proxies:</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#9679;</span></span></td><td><span style="font-family: Times New Roman, Times, Serif">Invesco Ltd.</span></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have established the Conflict of Interest Management Policy. In
the situation that may give rise to a conflict of interest, we aim to control it in the best interests of clients (investors) and beneficiaries.
The Compliance department is responsible for governing company-wide control of a conflict of interest. The Compliance department is independent
of the Investment and Sales departments and shall not receive any command or order for the matters compliant with the laws and regulations,
including a conflict of interest, from the Investment and Sales departments.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proxy voting and stewardship activities are reported to the Responsible
Investment Committee. The Responsible Investment Committee approves them. Besides, the Compliance department reviews whether conflicts
of interest are properly managed in proxy voting and then reports the results to the Conflict of Interest Oversight Committee. Furthermore,
the results are reported to the Executive Committee in Tokyo and the Invesco Proxy Advisory Committee.</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>17. <span style="text-decoration:underline">Shareholder Proposals</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We vote on a case-by-case basis on shareholder proposals while we follow
the Proxy Voting Guidelines in principle.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-size: 10pt"><b>DISCLAIMER:
The English version is a translation of the original in Japanese for information purposes only. In case of a discrepancy, the Japanese
original will prevail. You can download the Japanese version from our website: </b></span><b><span style="text-decoration:underline">http://www.invesco.co.jp/footer/proxy.html</span>.</b></p><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>2092318-JP</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Appendix C</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SPECIAL CONSIDERATIONS RELATING TO THE JURISDICTIONS
IN WHICH THE FUND INVESTS</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As explained in the Fund&#8217;s
prospectus, the Fund&#8217;s investments are highly sensitive to the fiscal stability of the jurisdictions in which the Fund principally
invests, including the subdivisions, agencies, instrumentalities or authorities of those jurisdictions that issue municipal securities
contained in the Fund&#8217;s portfolio. You should consider carefully the special risks inherent in the Fund&#8217;s investments in municipal
securities.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in municipal
securities issued by certain territories, commonwealths and possessions of the United States that pay interest that is exempt (in the
opinion of the issuer&#8217;s legal counsel when the security is issued) from federal income tax. Therefore, the Fund&#8217;s investments
could be affected by the fiscal stability of, for example, Puerto Rico, Guam, the U.S. Virgin Islands, or the Northern Mariana Islands.
Additionally, the Fund&#8217;s investments could be affected by economic, legislative, regulatory or political developments affecting
issuers in those territories, commonwealths or possessions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
represents a summary of the risks associated with the concentration of the Fund&#8217;s investments in the municipal securities of these
jurisdictions. This information is intended to supplement the information contained in the Fund&#8217;s prospectus, and does not purport
to be a complete analysis of every risk factor that may affect the obligations of the issuers of these municipal securities.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following information
is based on publicly available reports prepared by officials of each jurisdiction&#8217;s government or their designees. The information
may also be based on official statements and other offering documents relating to securities issued by or on behalf of these jurisdictions,
their agencies, instrumentalities and political subdivisions, as available on of the date of this Statement of Additional Information.
Although this information is generally compiled from government resources, the Fund does not make any representation as to the accuracy
of the information contained herein. Municipal bond issuers may not be subject to the same disclosure obligations as other bond issuers,
which may impact the reliability of the information provided by municipal issuers that is used to determine fund investments and can potentially
make investments in municipal securities riskier than other investments. The Fund has not independently verified this information and
the Fund does not have any obligation to update this information throughout the year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, this information
is subject to change rapidly, substantially and without notice. Such changes may negatively impact the fiscal condition of the jurisdictions
in which the Fund invests, which could harm the performance of the Fund. Accordingly, inclusion of the information herein shall not create
an implication that there has not been any change in the affairs of the relevant jurisdictions since the date of this Statement of Additional
Information. More information about the specific risks facing each jurisdiction may be available from official resources published by
those jurisdictions.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The bond ratings provided
below are current as of the date specified. Unless otherwise stated, the ratings indicated are for obligations of the jurisdiction referenced
below. The political subdivisions of a given jurisdiction may have different ratings that are unrelated to the ratings assigned to the
obligations of the state, commonwealth or territory. Investors should note that the creditworthiness of obligations issued by a jurisdiction&#8217;s
local municipal issuers may be unrelated to the creditworthiness of obligations issued by the jurisdiction itself, and that there may
be no obligation on the part of the jurisdiction to make payment on such local obligations in the event of default.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that any statements
made below involve matters of forecasts, projections, opinions, assumptions or estimates, whether or not expressly stated to be such,
they are made as such and not as representations of fact or certainty, and no representation is made that any of these statements have
been or will be realized. All forecasts, projections, assumptions, opinions or estimates are &#8220;forward looking statements,&#8221;
which must be read with an abundance of caution because they may not be realized or may not occur in the future.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, investors should
note that municipal securities may be more susceptible to being downgraded, and issuers of municipal securities may be more susceptible
to default, insolvency or bankruptcy, during recessions or similar periods of economic stress. Factors contributing to the economic stress
on municipalities may include lower property tax collections, lower sales tax revenue and lower income tax revenue, among others. In addition,
as certain municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if
the banking or financial sector suffers an economic downturn or if the credit ratings of the institutions issuing the guarantee are downgraded
or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse
effect on the market prices of the municipal securities and thus the value of the Fund&#8217;s investments in those securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Recent downgrades of certain
municipal securities insurers have negatively impacted the price of certain insured municipal securities. Given the large number of potential
claims against municipal securities insurers, there is a risk that they will be unable to meet all future claims. Certain municipal issuers
either have been unable to issue securities or access the market to sell their issues. For some issuers that have been able to access
the market, they have had to issue securities at much higher rates, which may reduce revenues available for the municipal issuers to pay
existing obligations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Should a jurisdiction, or
its applicable municipalities or subdivisions, fail to sell their securities when and at the rates projected, the jurisdiction or its
subdivisions could experience a weakened overall cash position in the current fiscal year.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An insolvent municipality
may take steps to reorganize its debt, which might include extending debt maturities, reducing the amount of principal or interest, refinancing
the debt or taking other measures that may significantly affect the rights of creditors and the value of the securities issued by the
municipality and the value of the Fund&#8217;s investments in those securities. Pursuant to Chapter 9 of the U.S. Bankruptcy Code, certain
municipalities that meet specific conditions may be provided protection from creditors while they develop and negotiate plans for reorganizing
their debts. The U.S. Bankruptcy Code provides that individual U.S. states are not permitted to pass their own laws purporting to bind
non-consenting creditors to a restructuring of a municipality&#8217;s indebtedness, and thus all such restructurings must be pursuant
to Chapter 9 of the Bankruptcy Code.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>CALIFORNIA</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Introduction. </b>The economy
of the State of California (&#8220;State&#8221;) is diverse, with major components in the high-technology, trade, entertainment, manufacturing,
tourism, construction and services sectors. In addition, governmental agencies at the state, local and federal levels employ a significant
number of the State&#8217;s residents. As these sectors represent the largest share of employment in the State, economic problems or factors
that adversely impact these sectors may have a negative effect on the value of the State&#8217;s municipal securities, which may reduce
the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The State faces significant
fiscal challenges including significant underfunding of the State&#8217;s pension systems. Furthermore, the economic outlook in the rest
of the United States remains uncertain, especially in light of the COVID-19 pandemic. An economic downturn could significantly impact
the State&#8217;s finances and, therefore, its municipal securities. Moreover, the level of public debt in the State may affect long-term
growth prospects and could cause some municipalities to experience financial hardship.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From year-to-year, the State
may experience a number of political, social, economic, and environmental circumstances that influence the State&#8217;s economic and
fiscal condition. Such circumstances include, but are not limited to: (i)&#160;persistent structural imbalances; (ii)&#160;rising debt
levels; (iii)&#160;significant pension underfunding; (iv)&#160;revenue volatility; (v)&#160;developments with respect to the U.S. and
world economies; (vi)&#160;environmental considerations, natural disasters and widespread diseases, including pandemics and epidemics;
and (vii)&#160;U.S. federal economic and fiscal policies, including the amount of federal aid provided to the State and its municipalities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no guarantee
that the State&#8217;s economic and fiscal conditions will continue to improve or that future developments will not have a materially
adverse impact on the State&#8217;s finances. Any deterioration in the State&#8217;s financial condition may have a negative effect on
the marketability, liquidity or value of the securities issued by the State and its municipalities, which could reduce the performance
of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Current Economic Climate.</b>
California&#8217;s economy, the largest among the 50 states and the fourth largest in the world, has major components in high technology,
trade, entertainment, manufacturing, government, tourism, construction and services. California is by far the most populous state in the
nation. The July&#160;2024 estimate of California&#8217;s population is 39.2 million residents, which was 12% of the total U.S. population.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2024, the State&#8217;s
gross domestic product was approximately $4.1 trillion, an increase of 6.0% over the prior year. During 2024, residents of California
had a per capita income of $85,518, which compared favorably to the national average of $72,425 over the same period.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March&#160;2025, California&#8217;s
civilian labor force consists of approximately 19.7 million individuals. Total nonfarm employment was approximately 18.0 million in March&#160;2025,
with only two of California&#8217;s eleven major industry sectors experiencing job growth over the year ending March&#160;2025. The only
sectors experiencing job gains were the education and health services sector and government sector. California&#8217;s unemployment peaked
at 16.1% in April&#160;2020 due to the outbreak of the COVID-19 pandemic. However, as of March&#160;2025, California had an unemployment
rate of 5.3%, which was higher than the 5.1% rate as of March&#160;2024. California&#8217;s unemployment rate was higher than the national
average of 4.2% as of March&#160;2025.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Constraints on the Budget
Process.</b> Over the years, a number of laws and constitutional amendments have been enacted, often through voter initiatives that have
limited the State&#8217;s ability to use local government taxing sources to aid its budget and use discretion in developing and executing
budget plans.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Likewise, local governments
are constrained by certain legislative and constitutional measures in their ability to raise revenue. As a result of these and other limits
to the ability of local governments to raise revenue, local governments may face significant fiscal problems in periods of economic stress,
which could cause these issuers to default on their outstanding obligations or file for bankruptcy protection under Chapter 9 of the U.S.
Bankruptcy Code. Chapter 9 of the U.S. Bankruptcy Code provides insolvent municipalities that meet certain conditions with protection
from their creditors while the municipalities develop plans to reorganize their debts. In the past, as a result of financial and economic
difficulties, several California municipalities filed for bankruptcy protection under Chapter 9. Additional municipalities could file
for bankruptcy protection in the future. Any such action could negatively impact the value of a fund&#8217;s investments in the securities
of those issuers or other issuers in California.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Budget.</b> The 2024 Budget
Act, implementing the State budget for the fiscal year (&#8220;FY&#8221;) ended June&#160;30, 2025 projected an estimated General Fund
shortfall of $46.8 billion for FY 2024-25, before corrective actions were taken in the 2024-25 Budget. This shortfall was largely driven
by the substantial decline in the stock market in 2022 that negatively impacted revenues in fiscal year 2022-23, as well as the unprecedented
delay in critical income tax collections for tax year 2022. In 2023, due to California&#8217;s conformity with federal tax filing and
payment deadline delays for over 99% of California taxpayers deemed impacted by winter storms, a significant portion of the State&#8217;s
revenues from personal tax and corporation income tax attributable to tax year 2022 was not due until November&#160;2023.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The enacted General Fund expenditures
for fiscal year 2024-25 were projected at $211.5 billion; a decrease of $11.6 billion compared with a revised estimate of $223.1 billion
for fiscal year 2023-24. A high level review of the 2024 Budget Act main programs in fiscal year 2024-25 follows: $101 billion of total
funding for TK-12 Education under Proposition 98, of which $79.5 billion is from the General Fund and the remainder is from other funds,
including local property taxes; total funding of approximately $29.4 billion for all major segments of higher education, including $23.4
billion from the General Fund; total funding of $114.4 billion for Health and Human Services, of which $71.4 billion is from the General
Fund, $42.8 billion is from special funds, and $0.2 billion is from bond funds; and total funding of $18.2 billion for the Department
of Corrections and Rehabilitation, of which $14.2 billion is from the General Fund and $4 billion is from special funds.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As part of the 2024 Budget
Act, the Governor declared a fiscal budget emergency on June&#160;26, 2024, which allowed the Legislature to suspend the required transfer
to the Budget Stabilization Account (the &#8220;BSA&#8221;) for fiscal year 2024-25 and to withdraw $4.9 billion from the BSA, the State&#8217;s
rainy day fund. To balance the budget over two fiscal years, the 2024 Budget Act also assumed a suspension of the required transfer to
the BSA for fiscal year 2025-26 and a withdrawal of an additional $7.1 billion from the BSA. Consistent with the approach outlined in
the 2024 Budget Act of utilizing a portion of the State&#8217;s reserves to help balance the budget over two fiscal years (2024-25 and
2025-26), the 2025-26 Governor&#8217;s proposed budget assumes that the conditions for the Governor to declare a fiscal budget emergency
in fiscal year 2025-26 and proposes to suspend the required transfer of $2.4 billion to the BSA and maintains the withdrawal of $7.1 billion
from the BSA in fiscal year 2025-26 leaving a projected balance in the BSA of $10.9 billion at the end of fiscal year 2025-26.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Retirement Systems. </b>Underfunded
pension plans continue to add spending pressure to the State&#8217;s budget. California&#8217;s two main public pension funds are the
California Public Employees&#8217; Retirement System (&#8220;CalPERS&#8221;) and the California State Teachers&#8217; Retirement System
(&#8220;CalSTRS&#8221;). As of June&#160;2023, CalPERS and CalSTRS served a combined total of approximately 3.2 million members.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CalPERS and CalSTRS each continue
to face unfunded future liabilities in the tens of billions of dollars. For fiscal year 2024-25, the actuarially determined General Fund
pension contributions to CalPERS and CalSTRS were approximately $3.5 billion and $4.3 billion, respectively. For fiscal year 2025-26,
the actuarially determined General Fund pension contributions to CalPERS and CalSTRS are approximately $4.9 billion and $4.6 billion,
respectively.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Legislation with respect to
both CalPERS and CalSTRS and changes made by both systems in actuarial assumptions in the last several years, including expected investment
returns and funding methodologies, are expected to result in significant annual increases in the amount the State is required to pay from
the General Fund in the foreseeable future.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to pension benefits,
the State also provides certain other post-employment benefits (&#8220;OPEB&#8221;), such as health care and dental benefits, for eligible
retired employees of the State. Because the State currently funds its OPEB costs on a &#8220;pay-as-you-go&#8221; basis, the State has
amassed large unfunded actuarial liabilities with respect to its OPEB obligations. The State&#8217;s total OPEB liability (&#8220;TOL&#8221;)
is estimated to be $92.03 billion as of June&#160;30, 2023 (of which $85.18 billion is unfunded) as compared to a TOL of $87.5 billion
estimated as of June&#160;30, 2022.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the State may ultimately
be responsible for paying the difference between the benefits paid and the contributions received by the systems, these unfunded liabilities
pose a significant risk to the State&#8217;s fiscal condition. In addition, with more money diverted to pension contributions, the State
may have less resources available to meet its debt obligations (including those obligations related to debt held by the Funds), which
could impact the credit rating and marketability of its municipal bonds.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Debt. </b>California has
a substantial amount of debt outstanding. As of January&#160;1, 2025, the State had approximately $79.3 billion of outstanding general
obligation bonds and lease revenue bonds payable principally from the State&#8217;s General Fund or from lease payments paid from the
operating budget of the respective lessees, which operating budgets are primarily, but not exclusively, derived from the General Fund.
As of January&#160;1, 2025, there were approximately $45.3 billion of authorized and unissued long-term voter approved general obligation
bonds which, when issued, will be payable principally from the General Fund and approximately $6.6 billion of authorized and unissued
lease revenue bonds. The State Constitution prohibits the creation of general obligation indebtedness of the State unless a bond measure
is approved by a majority of the electorate voting at a general election or a direct primary. Additionally, the State constitution generally
prevents these bonds from being used to finance State budget deficits.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation.</b> The State,
its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental operations. Some
of these proceedings involve claims for substantial amounts, which 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 ultimate outcome of such proceedings, 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 a fund&#8217;s investments. If the
State eventually loses any of these cases, the final remedies may not have to be implemented in any one year.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Credit Rating.</b> On May&#160;19,
2023, Moody&#8217;s affirmed its Aa2 rating on California&#8217;s general obligation bonds and revised the outlook to negative from stable.
On December&#160;15, 2023, S&amp;P revised the outlook on California general obligations bonds to a stable outlook from a positive outlook
and on March&#160;3, 2025, affirmed its AA+ (with a stable outlook) rating. On March&#160;24, 2025, Fitch affirmed its AA (with a stable
outlook) rating on California&#8217;s general obligation bonds. As of June&#160;1, 2025, these ratings had not been withdrawn or revised.
These ratings reflect only the views of the respective rating agency, an explanation of which may be obtained from each such rating agency.
There is no assurance that these ratings will continue for any given period of time or that they will not be revised or withdrawn entirely
by the rating agency if, in the judgment of such rating agency, circumstances so warrant. A downward revision or withdrawal of any such
rating may have an adverse effect on the market prices of the securities issued by the State, its municipalities, and their political
subdivisions, instrumentalities, and authorities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Other Considerations.</b>
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. California has historically been susceptible
to wildfires and hydrologic variability. Over the past several years, the State has already experienced the impacts of climate change
through a multi-year drought, flooding, and unprecedented wildfires, such as the significant Los Angeles wildfire events to January&#160;2025.
The State experienced a five-year drought from 2012-2016, and the State recently suffered a multi-year drought that ended in early 2023,
following winter storms. Dry weather increases wildfire risk, and future drought conditions may impact future economic forecasts. Hotter
and drier weather conditions spurred by climate change could reduce California&#8217;s water supply by up to 10% by the year 2040.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The cumulative impacts of
these destructive events on housing increases the demand for construction resources for rebuilding and worsens the State&#8217;s housing
imbalances for years following the incidents. The increasing frequency of natural disasters within the State, particularly wildfires,
has led to rising home insurance premiums, as well as resulted in some insurers either limiting or discontinuing issuance of policies,
which could further weaken housing development in the State and exacerbate the ongoing housing shortage.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The specific timing and severity
of future fiscal impacts of climate change on the State budget is difficult to predict but could be significant. The State is in the process
of implementing various resilience measures to reduce the impacts of climate change, including significant investments in wildfire prevention,
water infrastructure projects, and workforce development towards more sustainable industries. Although the State has committed tens of
billions of dollars in recent years from a combination of funding sources such as the General Fund, bond funds, and special funds, the
ability of the State to take actions to mitigate any future fiscal impact of climate change on the State budget is limited, and there
can be no assurances that the current or any future resilience measures will be effective in materially mitigating the impact of climate
change on the State.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the fiscal year ended
2017-18, the State&#8217;s annual comprehensive financial report (ACFR) was published near the end of March&#160;following each fiscal
year in compliance with the State&#8217;s bond disclosure requirements. In recent years, the ACFR for the fiscal year ended June&#160;30,
2019 was published in October&#160;2020, the ACFR for the fiscal year ended June&#160;30, 2020 was published in February&#160;2022, the
ACFR for the fiscal year ended June&#160;30, 2021 was published in March&#160;2023, and the ACFR for the fiscal year ended June&#160;20,
2022 was published in March&#160;2024, and the ACFR for the fiscal year ended June&#160;30, 2023 was published in December&#160;2024.
According to the State Controller, the delays of these reports is attributable in large part to reporting challenges experienced by a
large number of State departments transitioning from several separate legacy accounting systems to a new statewide accounting, budget,
cash management and procurement information technology system. As of the date of this SAI, the State had not published the ACFR for the
fiscal year ended June&#160;30, 2024.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Commonwealth of Puerto Rico</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Introduction. The Commonwealth
of Puerto Rico (the &#8220;Commonwealth&#8221;) Government and the Financial Oversight and Management Board for Puerto Rico (the Oversight
Board) together have made significant progress in achieving fiscal responsibility, stabilizing Puerto Rico&#8217;s finances, substantially
reducing its debt burden, and making significant strides to reform its civil service.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When the U.S. Congress passed
the bipartisan Puerto Rico Oversight, Management, and Economic Stability Act of 2016 (PROMESA) that created the Oversight Board, the Governor
of Puerto Rico had declared the debt unpayable, and the Puerto Rico Government was in default. Decades of economic decline and chronic
financial mismanagement left Puerto Rico in crisis, soon exacerbated by natural disasters, including Hurricanes Irma and Mar&#237;a
in 2017, earthquakes, and the global COVID-19 pandemic in 2020.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">According to a U.S. Government
Accountability Office (GAO) report from 2018, the causes of the crisis were: (i)&#160;inadequate financial management and oversight practices,
such as the overestimation of potential revenues and persistent spending in excess of appropriated amounts; (ii)&#160;prolonged economic
contraction, impacted by outmigration and resulting diminished labor force, the high cost of energy and importing goods, regulatory challenges
to doing business, the phaseout of the possessions tax credit, and banking and housing struggles; and (iii)&#160;policy decisions, such
as allowing the use of debt proceeds to balance budgets, insufficiently addressing public pension funding shortfalls, and inadequately
managing the financial condition of the Puerto Rico Electric Power Authority (PREPA).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to PROMESA and for each
of the first 16 consecutive years of this century, from fiscal years 2000 to 2016, Government spending exceeded recurring Government revenues.
Controls and guardrails, to the extent they existed, were insufficient to prevent overestimation of revenues, excessive borrowing, overspending,
and the deficits that eroded Puerto Rico&#8217;s economic stability. Before PROMESA, Government pensions were not sufficiently funded,
putting pension payments for current and future retirees at risk.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As result of these practices,
the consolidated Commonwealth&#8217;s outstanding debt and pension liabilities had grown to over $120 billion - with more than $70 billion
in financial debt and more than $50 billion in pension liabilities - an amount almost twice the size of Puerto Rico&#8217;s economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Oversight Board was established
to oversee the Commonwealth&#8217;s financial operations and allows the Commonwealth and its instrumentalities, with approval of the Oversight
Board, to file cases to restructure debt and other obligations in a &#8220;Title III&#8221; proceeding. U.S. territories do not have the
ability to file for bankruptcy under the federal Bankruptcy Code. Title III incorporates many provisions of the federal Bankruptcy Code,
and incorporates legal mechanisms for a litigation stay and restructuring of pension and debt obligations, among other provisions. Title
III petitions were filed for, among others, the Commonwealth, the Puerto Rico Sales Tax Financing Corporation (COFINA), and PREPA, three
of the largest issuers of Commonwealth debt. It is possible that petitions under Title III or other provisions of PROMESA, including Title
VI, for additional Commonwealth instrumentalities will be filed in the future. These restructuring proceedings create uncertainty as to
the treatment of claims of varying degrees of seniority in the levels and priorities of payment from the affected entities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurances
that the Commonwealth will not continue to face severe fiscal stress or that such circumstances will not become even more difficult in
the future. Furthermore, there can be no guarantee that future developments will not have a materially adverse impact on the Commonwealth&#8217;s
finances. Any deterioration in the Commonwealth&#8217;s financial condition may have a negative effect on the payment of principal and
interest, the marketability, liquidity or value of the securities issued by the Commonwealth, which could reduce the performance of a
fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Current Economic Climate.
</b>Puerto Rico&#8217;s civilian labor force consists of approximately 1.2 million individuals. As of March&#160;2025, Puerto Rico had
an unemployment rate of 5.5%, which was down from 5.9% in March&#160;2024. Puerto Rico&#8217;s unemployment rate was higher than the national
average of 4.2% as of March&#160;2025.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s economy
has major components in Trade, Transportation and Utilities; Professional and Business Services; Education and Health Services; Leisure
and Hospitality; and Manufacturing. In addition, government agencies at the local and federal levels employ a significant number of the
Commonwealth&#8217;s residents. Based on March&#160;2025 data, these sectors employed almost 75% of the Commonwealth&#8217;s non-farm
workers. Because these sectors represent the largest share of employment in the Commonwealth, economic problems or factors that adversely
impact these sectors may have a negative effect on the value of the Commonwealth&#8217;s municipal securities, which may reduce the performance
of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April&#160;10, 2024, the
Commonwealth filed its audited financial statements for fiscal year 2022 with the Municipal Securities Rulemaking Board&#8217;s Electronic
Municipal Market Access system. Total assets plus deferred outflows of resources and total liabilities plus deferred inflows of resources
of the primary government as of June&#160;30, 2022, amounted to approximately $34.4 billion and $85.5 billion, respectively, for a net
deficit of approximately $51.1 billion as of June&#160;30, 2022, compared to a net deficit of approximately $59.2 billion as of June&#160;30,
2021 (as restated). The 2022 audited financial statements noted that notwithstanding the circumstances existing on June&#160;30, 2022,
based on subsequent events that remediated the Commonwealth&#8217;s financial condition and addressed its liabilities, management does
not believe there is substantial doubt about the Commonwealth&#8217;s ability to continue as a going concern as of the date of the basic
financial statements. The 2022 audited financial statements noted that various component units, including PREPA, have been identified
as having substantial doubt about their ability to continue as a going concern.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s economy
is closely linked to the economy of the United States, as most of the external factors that affect the Commonwealth&#8217;s economy (other
than oil prices) are determined by the policies and performance of the mainland economy. In recent years, however, the performance of
Puerto Rico&#8217;s economy has significantly diverged from the performance of the United States economy. Puerto Rico&#8217;s economy
entered into a recession in the fourth quarter of FY2006, two years before the rest of the United States, and has continued to face substantial
economic challenges. In May&#160;2018, the Oversight Board projected that the Commonwealth&#8217;s real gross national product declined
by 13.3% on a year-over-year basis, due, in part, to adverse effects from hurricanes that impacted the Commonwealth in 2017 (as discussed
below). In addition, in December&#160;2017, Congress enacted the Tax Cuts and Jobs Act, which subjects companies located in the Commonwealth
to a tax on income generated from certain intellectual property. Previously, companies located in the Commonwealth had been exempt from
paying federal income taxes on such income. It is not presently possible to predict the extent of the impact that the tax will have on
the Commonwealth&#8217;s economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In recent years, Puerto Rico
has received an unprecedented influx of federal funds in the form of Disaster Relief Funding, COVID-19 stimulus, and funds from the Bipartisan
Infrastructure Law which have strengthened Puerto Rico&#8217;s economy but may mask underlying weaknesses. Prior to 2017, Puerto Rico
gross national product was trending downwards, a trend which was compounded by subsequent natural disasters, including Hurricanes Irma
and Mar&#237;a in 2017, earthquakes in 2020, and a global pandemic. Through successive federal stimulus packages, Puerto Rico received
approximately $120 billion in federal funds, equivalent to approximately 145% of its 2023 gross national product. Puerto Rico&#8217;s
economic growth is highly dependent on its ability to efficiently deploy those federal funds. The 2024 Fiscal Plan assumes full deployment
of this stimulus by the end of FY2035, after which their stimulative effect on the economy will end.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Puerto Rico&#8217;s government
significantly expanded the Earned Income Tax Credit (EITC) starting in tax year 2021 after receiving permanent additional funds from the
federal government under the American Rescue Plan Act of 2021 (ARPA). Since then, $3.6 billion has been paid to more than 640,000 taxpayers
with approximately $1.3 billion estimated for FY2023 alone. While not solely attributable to the EITC, given other concurring federal
stimulus funding, since the adoption of the expanded credit, Puerto Rico&#8217;s non-farm employment level increased by over 106,000 from
about 851,100 in January&#160;2021 to 957,600 in February&#160;2023. Puerto Rico&#8217;s labor force also increased by about 89,000 over
this same period, and as of December&#160;2023, the labor participation rate (the size of the labor force relative to the size of the
working age population) increased from around 40.6% in 2020 (1.1 million workers) to 43.6% in 2023 (1.2 million workers).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Fiscal Plan and Budget.
</b>The Commonwealth has faced a number of significant fiscal challenges, including a structural imbalance between its General Fund revenues
and expenditures. Such challenges contributed to the passage of PROMESA, which established the Oversight Board and empowered it to approve
Puerto Rico&#8217;s fiscal plans and budgets. The Oversight Board is comprised of seven members appointed by the President who are nominated
by a bipartisan selection process. The budget process requires the Oversight Board, the Governor, and the Commonwealth&#8217;s Legislative
Assembly to develop a budget that complies with the fiscal plan developed by the Oversight Board and the Governor. PROMESA contains a
provision that grants the Oversight Board powers to monitor compliance with certified financial plans and budgets and undertake certain
actions, including spending reductions and the submission of recommended actions to the Governor that promote budgetary compliance.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June&#160;5, 2024, the
Oversight Board certified the 2024 Fiscal Plan for Puerto Rico. The 2024 Fiscal Plan reports that Puerto Rico is stable, and the Commonwealth
government is solvent. The massive debt is almost completely restructured, a critical element of fiscal responsibility and access to market
access. Under the Fiscal Plans and PROMESA certified budgets, Puerto Rico has moved from structural deficits to fiscal stability. The
Oversight Board developed a comprehensive process to evaluate budget changes throughout the year to ensure sufficient funding sources
are available to support operating needs. However, the government must still undertake significant work to put in place the practices
needed to ensure that this progress is sustained beyond the longevity of the Oversight Board. In particular, the government must establish
robust financial management and oversight practices, while also making targeted investments to promote sustainable and inclusive economic
development. The 2024 Fiscal Plan highlights a set of initiatives that aim to ensure the successful pursuit of these objectives.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Separate 2024 Fiscal Plans
were certified for COFINA on June&#160;5, 2024 and PRASA on June&#160;11, 2024. A separate Fiscal Plan for PREPA was certified on February&#160;6,
2025. There is no certainty that any certified fiscal plan will be fully implemented, or if implemented will ultimately provide the intended
results.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of Puerto Rico&#8217;s
unaffordable debt has been dramatically reduced. The restructuring of the central government debt saved Puerto Rico more than $50 billion
in debt payments to creditors. The restructurings of COFINA saved about $17.5 billion, the Highways and Transportation Authority (HTA)
about $3 billion, and the Puerto Rico Aqueducts and Sewers Authority (PRASA) about $400 million. The savings of more than $70 billion
reduced the debt burden on the people of the Island by approximately $24,000 per person in Puerto Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The debt restructuring of
PREPA is pending. Restructuring the debt, however, was only half of PROMESA&#8217;s mandate. In order to fulfill the mandate of PROMESA,
fiscal responsibility still needs to be secured over the long term. Necessary improvements to systems and procedures are underway. However,
appropriate spending discipline to preserve and institutionalize the recent success and prevent Puerto Rico from falling back into old
habits of overpromising and overspending that resulted in bankruptcy has not been achieved. Strong financial management is critical to
long-term fiscal stability and will be required to restore access to the capital markets at reasonable rates.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the Commonwealth of Puerto
Rico leaves bankruptcy behind, the Government and Oversight Board&#8217;s focus will shift toward growing the economy. The 2023 Fiscal
Plan is a roadmap that prioritizes growth and opportunity. The 2023 Fiscal Plan also includes critical initiatives to support economic
development, including actions to improve the ease of doing business, upgrade infrastructure, prepare the workforce to compete for the
jobs of the future, and a roadmap for tax reform. These economic development initiatives are designed to maximize the impact of an unprecedented
influx of federal funds. In response to multiple natural disasters and the COVID-19 pandemic, the federal government has committed over
$120 billion in funding to Puerto Rico, equivalent to 150% of the Commonwealth&#8217;s gross national product.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should be aware
that Puerto Rico relies heavily on transfers from the federal government related to specific programs and activities in the Commonwealth.
These transfers include, among others, entitlements for previously performed services, or those resulting from contributions to programs
such as Social Security, Veterans&#8217; Benefits, Medicare and U.S. Civil Service retirement pensions, as well as grants such as Nutritional
Assistance Program grants and Pell Grant scholarships for higher education. There is considerable uncertainty about which federal policy
changes may be enacted in the coming years and the economic impact of those changes. Due to the Commonwealth&#8217;s dependence on federal
transfers, any actions that reduce or alter these transfers may cause increased fiscal stress in Puerto Rico, which may have a negative
effect on the value of the Commonwealth&#8217;s municipal securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Retirement Systems. </b>The
Commonwealth&#8217;s retirement systems include the Employees Retirement System (&#8220;ERS&#8221;), the Teachers Retirement System (&#8220;TRS&#8221;)
and the Judiciary Retirement System (&#8220;JRS&#8221; and together with the ERS and TRS, the &#8220;Pension Systems&#8221;). As of July&#160;1,
2017, the total actuarial liabilities for the ERS, the TRS and the JRS were approximately $31.0 billion, $17.0 billion and $700 million,
respectively. The total annual benefits due from the ERS, TRS and JRS for FY2018 totaled approximately $1.5 billion, $800 million and
$25 million, respectively. In 2017, the Legislative Assembly enacted laws to reform the operation and funding of the Pension Systems.
Those laws required the ERS to sell its assets and transfer the proceeds to the General Fund. In addition, employer contributions to the
Pension Systems, which had been operating on a &#8220;pay-as-you-go&#8221; basis, were eliminated, and the General Fund assumed any payments
that the Pension Systems could not make.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Oversight Board reported
in its 2022 Fiscal Plan that, over many decades, successive Commonwealth governments have failed to adequately fund these retirement plans,
and that the ERS, TRS and JRS were insolvent. The Oversight Board reported in its 2023 Fiscal Plan that, historically, government pensions
were not sufficiently funded, putting the ability to make pension payments for current and future retirees at risk. The Plan of Adjustment
(see &#8220;Debt&#8221; section below) and 2023 Fiscal Plan, together, minimize this risk through a series of pension initiatives. Most
importantly, the budget now funds estimated pay-as-you-go (PayGo) payments and the Plan of Adjustment authorizes the establishment of
a new Pension Reserve Trust, which allocates surplus funds to support future payments to retirees. Pension Reserve Trust and PayGo accounts
for about 10% and 20% of General Fund expenditures in FY 2023, respectively.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth may have
to make additional contributions to the Pension Systems, which could result in reduced funding for other priorities, including payments
on its outstanding debt obligations. Alternatively, the Commonwealth may be forced to raise revenue or issue additional debt. Either outcome
could increase the pressure on the Commonwealth&#8217;s budget, which could have an adverse impact on a fund&#8217;s investments in Puerto
Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Debt. </b>Certain of the
Commonwealth&#8217;s component units defaulted on debt service payments during fiscal year 2016. As a result, the Governor issued several
executive orders declaring emergency periods and suspending certain transfers and payments with respect to the Commonwealth and several
of its component units.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July&#160;1, 2016, the
Commonwealth and various additional component units were unable to comply with their scheduled debt service obligations, and defaulted
on $911 million of their scheduled debt obligations, including $779 million in general obligation debt service. Since 2016, the Commonwealth
has continued to default on debt service payments for multiple bonds, including general obligation bonds and those issued by various component
units, including PREPA, the Puerto Rico Public Finance Corporation, and the Puerto Rico Public Building Authority, among others. The Oversight
Board reported in the Revised Fiscal Plan that, as of May&#160;30, 2018, the Commonwealth&#8217;s consolidated outstanding debt and pension
liabilities had grown to over $120 billion, with more than $70 billion in financial debt and more than $50 billion in pension liabilities.
The Revised Fiscal Plan provided for debt service payments of approximately $2.4 billion for FY2019. However, on July&#160;2, 2018, the
Commonwealth failed to make a scheduled debt payment of approximately $516 million.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2017, the Oversight Board
filed petitions pursuant to Title III of PROMESA in federal court on behalf the Commonwealth and certain of its instrumentalities, including
the Puerto Rico Sales Tax Financing Corporation (&#8220;COFINA&#8221;), ERS, the Puerto Rico Highways and Transportation Authority, and
the Puerto Rico Electric Power Utility (&#8220;PREPA&#8221;), to begin proceedings to restructure their outstanding debt. As a result
of these petitions, the ability of the creditors of the Commonwealth and its instrumentalities that have filed for Title III to take action
with respect to outstanding obligations has been temporarily stayed.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&#160;5, 2017, the Oversight
Board, at the request of the Governor, commenced a Title III case for COFINA by filing a petition for relief under Title III of PROMESA
in the United States District Court for the District of Puerto Rico. Claims against COFINA were resolved through the COFINA Plan of Adjustment,
which became effective on February&#160;12, 2019, and which is no longer the subject of any appeals.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In August&#160;2019, the Puerto
Rico Aqueduct and Sewer Authority (&#8220;PRASA&#8221;) and the Government of Puerto Rico reached an agreement with the U.S. Environmental
Protection Agency and U.S. Department of Agriculture to a consensual modification of about $1 billion of outstanding loans under PROMESA&#8217;s
Section&#160;2017. This agreement lowers PRASA&#8217;s debt service payments on the U.S. Government program loans by about $380 million
over the next 10 years and eliminates approximately $1 billion in guaranty claims against the Puerto Rico Government. Additionally, it
provides PRASA with access to $400 million in new federal funding through various clean water programs over the next five years to support
PRASA&#8217;s ongoing effort to improve water quality and safety for the people of Puerto Rico.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&#160;18, 2022,
Judge Laura Taylor Swain confirmed the Commonwealth Plan of Adjustment restructuring approximately $35 billion of debt and other claims
against the Commonwealth of Puerto Rico, the Public Buildings Authority (PBA), and ERS, as well as more than $50 billion of unfunded pension
liabilities. The Plan of Adjustment saves Puerto Rico more than $50 billion in debt service and reduces outstanding obligations to just
over $7 billion. On January&#160;18, 2022, the Title III Court entered its Findings of Fact and Confirmation Order with respect to the
Eighth Amended Plan. Between January&#160;28, 2022, and February&#160;17, 2022, six appeals of the Confirmation Order were filed in the
First Circuit. By March&#160;11, 2022, the First Circuit denied all parties&#8217; motions for stay pending appeal. On March&#160;15,
2022, the conditions precedent to the Effective Date of the Eighth Amended Plan were satisfied and/or waived by the Oversight Board, and
the plan became effective.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Effective Date, the
principal elements of the Eighth Amended Plan were executed reducing the Commonwealth&#8217;s total funded debt obligations from approximately
$34.3 billion of prepetition debt to approximately $7.4 billion, representing a total debt reduction of 78%. This debt reduction will
also reduce the Commonwealth&#8217;s maximum annual debt service (inclusive of COFINA) from approximately $4.2 billion to $1.15 billion,
representing a total debt service reduction of 73%. Also as of the Effective Date, all of the legacy Commonwealth general obligation bonds,
ERS bonds, and PBA bonds were discharged, and all of the Commonwealth, ERS, and PBA obligations and guarantees related thereto were discharged.
In addition, all Commonwealth laws that required the transfer of funds from the Commonwealth to other entities have been deemed preempted,
and the Commonwealth has no obligation to transfer additional amounts pursuant to those laws. Importantly, effectuating the Eighth Amended
Plan provides a path for Puerto Rico to access the credit markets and develop balanced annual budgets.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A critical component of the
Eighth Amended Plan is the post-effective date issuance of new general obligation bonds (the &#8220;New GO Bonds&#8221;) and contingent
value instruments (CVIs) that will be used to provide recoveries to general obligation and PBA bondholders, and to HTA and Puerto Rico
Infrastructure Financing Authority bondholders under separate restructurings.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to PREPA&#8217;s
Title III proceeding, following multiple modifications and objections to the previously filed Plans of Adjustment for PREPA, the Oversight
Board filed the Fifth Amended Plan of Adjustment for PREPA (the &#8220;PREPA Plan&#8221;) with the U.S. District Court for the District
of Puerto Rico (the &#8220;District Court&#8221;) on March&#160;28, 2025. There is no certainty that the District Court will confirm the
PREPA Plan, or that, if confirmed, the PREPA Plan will be fully implemented.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this SAI,
this process is ongoing. Any future negative developments could adversely affect Fund performance. It is not presently possible to predict
the results of all of the restructurings and related planned issuance of the New GO Bonds and CVIs and other debt securities, but such
outcomes will have significant impact on bondholders. If the Commonwealth or its instrumentalities are unable to obtain favorable results,
there would be negative impacts on Fund performance.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-size: 10pt"><b>Other
Considerations. </b>On September&#160;6, 2017 and September&#160;20, 2017, respectively, Hurricanes Irma and Maria struck Puerto Rico,
causing unprecedented humanitarian, economic, and infrastructure-related damages and upending the daily lives of Puerto Rico&#8217;s over
three million residents. Thousands of residents were left homeless, basic utilities were completely shut down, and schools, hospitals,
and businesses were destroyed. Tens of thousands of local residents fled the Island. The federal government&#8217;s response became one
of the largest and most complex disaster relief efforts in U.S. history. In addition, the southwestern part of Puerto Rico was struck
by a swarm of earthquakes that began on December&#160;28, 2019, and continued into 2021. On September&#160;18, 2022 Hurricane Fiona made
landfall, again causing significant infrastructure damages and loss of basic utilities.</span> I<span style="font-size: 10pt">n August&#160;2024,
Hurricane Ernesto also caused significant flooding and loss of basic utilities.</span></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth faces challenges
to achieving sustained economic growth, which is critical to debt sustainability. Challenges include, for example, (i)&#160;the location
of the islands that lead to the high cost of importing goods and energy; (ii)&#160;vulnerability to increasing frequency and severity
of extreme weather events; (iii)&#160;concentrated economies relying on limited industries; and (iv)&#160;outmigration and population
loss.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Outstanding issues relating
to the potential for a transition to statehood may also have broad implications for Puerto Rico and its financial and credit positions.
The power to grant statehood resides with the U.S. Congress.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation. </b>In addition
to the litigation described above, the Commonwealth, its officials and employees are named as defendants in legal proceedings that occur
in the normal course of governmental operations. Some of these proceedings involve claims for substantial amounts, which if decided against
the Commonwealth might require the Commonwealth 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 ultimate outcome of such proceedings,
estimate the potential impact on the ability of the Commonwealth to pay debt service costs on its obligations, or determine what impact,
if any, such proceedings may have on a fund&#8217;s investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Credit Rating. </b>In February&#160;2014,
Puerto Rico&#8217;s then outstanding general obligation bonds were downgraded to non-investment grade or &#8220;junk&#8221; status by
Moody&#8217;s and S&amp;P. Following multiple further downgrades S&amp;P discontinued its ratings for the Commonwealth&#8217;s general
obligation bonds in 2018 and Moody&#8217;s withdrew its ratings for the Commonwealth&#8217;s general obligation bonds in 2021. On May&#160;12,
2022, following the Effective Date of the Plan of Adjustment, Fitch also withdrew its D rating and announced that it will no longer provide
ratings for the Commonwealth<b>. </b>S&amp;P, Fitch and Moody&#8217;s do not currently maintain a rating for the New GO Bonds or an issuer
rating for the Commonwealth of Puerto Rico (confirmed as of June&#160;1, 2025).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Introduction. </b>Guam&#8217;s
economy is heavily dependent upon revenues from tourism and U.S. federal and military spending. As a result, economic problems or factors
that adversely impact these sources of revenue may have a negative effect on the value of Guam&#8217;s municipal securities, which may
reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam faces significant fiscal
challenges including a high unemployment rate, uncertainty in the tourism industry and a reliance on a foreign workforce affecting key
industry segments. An economic downturn in the United States or countries such as Japan, China, or Korea, which provide large sources
of tourism to the island, could significantly impact the finances of Guam and, therefore, its municipal securities. Moreover, the level
of public debt in Guam may affect long-term growth prospects and could cause Guam to experience financial hardship. As a result of these
and other factors, Guam has faced fiscal stress in recent years.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From year-to-year, Guam may
experience a number of political, social, economic and environmental circumstances that influence Guam&#8217;s economic and fiscal condition.
Such circumstances include, but are not limited to: (i)&#160;persistent structural imbalances; (ii)&#160;rising debt levels; (iii)&#160;significant
pension underfunding; (iv)&#160;revenue volatility; (v)&#160;developments with respect to the U.S. and world economies; (vi)&#160;environmental
considerations, natural disasters and widespread diseases, including pandemics and epidemics; and (vii)&#160;U.S. federal economic and
fiscal policies, including the amount of federal aid provided to Guam. There can be no guarantee that future developments, including events
affecting Guam&#8217;s economic and fiscal condition, will not have a materially adverse impact on Guam&#8217;s finances. Any deterioration
in Guam&#8217;s financial condition may have a negative effect on the marketability, liquidity or value of the securities issued by Guam,
which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Current Economic Climate.
</b>As of December&#160;2024, Guam&#8217;s civilian labor force consisted of approximately 69,070 individuals. This figure includes citizens
of the Federated States of Micronesia, and the Republic of Marshall Islands, who are authorized by compact to accept employment in the
United States and also, citizens of the Republic of Palau, who are authorized by covenant to accept employment in the United States.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unemployment rate in Guam
for December&#160;2024 was 3.9%, an increase of 0.5 percentage points from the September&#160;2024 figure of 3.4%, and a reduction of
0.3 percentage points from the December&#160;2023 figure of 4.2%. Guam&#8217;s unemployment rate was below the national average of 4.1%
in December&#160;2024. Approximately 77% of Guam&#8217;s workforce is employed in the private sector, with the remainder employed by the
federal and local governments. Based upon preliminary reports for December&#160;2024, Guam&#8217;s private sector employment increased
2.1%, federal government employment increased 0.5% and local government employment decreased 1.6%.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The COVID-19 pandemic significantly
impacted Guam&#8217;s tourism economy. The Guam Government, residents and businesses received and estimated $3.8 billion through various
federal stimulus programs enacted following the start of the COVID-19 pandemic. Guam received $1.8 billion under the Coronavirus Aid,
Relief, and Economic Security Act of 2020; the Guam government received its full share of the Coronavirus Response and Relief Supplemental
Appropriations Act of 2021 ($553.6 million); and Guam received $1.5 billion from ARPA.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam&#8217;s economy is expected
to continue expanding and recovering from the pandemic downturn throughout Fiscal Years 2025 and 2026. Increased tourism, construction
and numbers of DOD personnel are anticipated in 2026, broadening the expansion to industries beyond construction. This economic expansion
and partial recovery began in 2021 and 2022, restoring Guam&#8217;s growth trend. Further, increased economic activity is anticipated
due to simultaneous increases in construction including the progression of the Camp Blaz Marine Corps base construction activity nearing
its planned peak, missile defense construction, private and Government construction projects, and continued recovery in the tourism sector
from South Korea and Japan.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The three primary sources
of inflows of funds to Guam are from tourism, federal expenditures, and construction capital investment. Tourism has continued a partial
rebound from the pandemic virtual shutdown in March&#160;2020, continuing into 2022. Calendar year 2024 visitor arrivals to Guam rose
by approximately 12.6% although they were still well below pre-pandemic levels.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Guam&#8217;s economy is limited
by labor availability and supply chain issues. Guam&#8217;s economy traditionally depended on tourism and military-related spending.
The global downturn in tourism, Japan&#8217;s aging population, and the incentive for vacationing within the country have inhibited full
recovery. The largest tourism sector is from South Korea. However, a strong dollar and domestic instability have impacted levels of South
Korean tourism.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In contrast, the growth in
military-related spending involving direct investment and the need for military contractors to spend extended visits to Guam has offset
the tourism decline and boosted the economy actively. The government of Guam has also transferred additional funding to the Guam Visitors
Bureau to stimulate tourism and has implemented programs to bring additive manufacturing to the island. There are also agricultural and
aquacultural programs designed to reduce Guam&#8217;s dependence on imported goods, particularly food.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal government expenditures
now represent the largest single source of funds flowing to Guam. Federal government expenditures were the second-largest source of funds,
well behind tourism expenditures. The pandemic induced reduction in tourism, and an increase in federal expenditures changed that. Economic,
social and political conditions in Japan, South Korea and throughout the Pacific Rim, and the resulting effect on overseas travel from
these countries, are a major determinant of tourism on Guam. Tourism, particularly from South Korea and Japan, where approximately 85%
of visitors originated over the past several fiscal years (including FY 2021), represents a significant share of the economic activity
on Guam. In response to the current COVID-19 pandemic, many countries, including South Korea and Japan, issued shelter-in-place orders
and travel restrictions and warnings. As a result of the COVID 19 pandemic, calendar year 2020 visitor arrivals to Guam fell by approximately
80%.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United States&#8217; military
presence on Guam also contributes significantly to the island&#8217;s economy. Its strategic location close to Asia has increased its
importance in the overall military strategy of the United States, but also has exposed Guam to certain geopolitical risks, including threats
of military confrontation. In the years following 2010, Guam began to experience a decrease in U.S. military personnel as the plan to
relocate certain forces from Japan to Guam was delayed. However, current plans anticipate that approximately 5,000 Marines and 1,500 dependents
from Okinawa and other locations will be relocated to Guam by Fiscal Year 2028, with the first 2,500 Marines moving to a new Marine Corps
Base Camp Blaz by Fiscal Year 2026. The military build-up efforts continue with over $765 million in military construction projects in
progress. The FY2023 National Defense Authorization Act included $1.691 billion for Guam&#8217;s infrastructure and defense prioritizing
missile defense.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Budget</b>. On February&#160;5,
2024, the Governor submitted the Executive Budget Proposal request for FY 2025 (the &#8220;FY25 Proposed Budget&#8221;). The FY25 Proposed
Budget totaled $1.26 billion and projected $860 million in General Fund revenues, $214 million in Special Fund revenues and $190 million
in federal fund match. The enacted budget totaled $1.17 billion and projects $812.3 million in General Fund revenues, $211.5 million in
Special Fund revenues and $145.1 million in Federal Matching Grants-in-Aid revenue. On January&#160;31, 2025, the Governor of Guam submitted
the Executive Budget Proposal request for FY 2026 (the &#8220;FY26 Proposed Budget&#8221;). The FY26 Proposed Budget totaled $1.36 billion
and projected $947.6 million in General Fund revenues, $211.1 million in Special Fund revenues and $198.3 million in Federal Matching
Grants-in-Aid revenue.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Debt. </b>Guam is prohibited
from authorizing or allowing the issuance of public debt in excess of 10% of the assessed tax valuation of the property in Guam. Public
debt does not include bonds or other obligations payable solely from revenues derived from any public improvement or undertaking, and
obligations for the payment of which appropriations are required on an annual basis. The debt ceiling was at $1.38 billion as of October&#160;31,
2023, when the property assessment was certified. CNMI&#8217;s total debt outstanding, subject to the debt ceiling, was at $916.1 million
as of September&#160;30, 2023.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation. </b>Guam, its
officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental operations. Some
of these proceedings involve claims for substantial amounts, which if decided against Guam might require Guam 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 ultimate outcome of such proceedings, estimate the potential impact on the ability of Guam to pay debt service
costs on its obligations, or determine what impact, if any, such proceedings may have on a fund&#8217;s investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Natural Disasters. </b>Like
other Pacific islands, Guam is periodically subject to typhoons and tropical storms. From 1962 to date, ten typhoons caused damage
great enough to result in federal disaster relief. Super Typhoon Karen in 1962, Typhoon Pamela in 1976, Typhoon Russ in 1990, Super
Typhoon Omar in 1992, Super Typhoon Paka in 1997, Typhoon Chata&#8217;an and Super Typhoon Pongsona in 2002, Typhoon Dolphin in
2015, Typhoon Wutip in 2019 and Super Typhoon Mawar in 2023. Super Typhoon Mawar made landfall in Guam on May&#160;24, 2023, with
the territory sustaining substantial damage from high winds, storm surge, and heavy rainfall. President Biden declared Guam a major
disaster area on May&#160;27, 2023, enabling the distribution of federal funds.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the United States
Federal Emergency Management Agency (FEMA) makes disaster relief assistance available after significant typhoon or earthquake damage,
there can be no assurance that future typhoons and/or earthquakes will not cause significant damage to the System or business in Guam,
or that FEMA will provide disaster relief assistance if significant damage is experienced. There can also be no assurance that, even with
FEMA assistance, damage that results from future typhoons or earthquakes will not adversely affect business activity in Guam.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Credit rating. </b>Credit
rating. On February&#160;24, 2025, S&amp;P removed all of its Government of Guam ratings from Credit Watch, where they were placed with
negative implications on November&#160;27, 2024, and assigned a positive outlook on the ratings. On February&#160;24, 2025, S&amp;P also
affirmed its BB- rating on Guam&#8217;s general obligation bonds. On January&#160;25, 2024, Moody&#8217;s upgraded its rating to Baa3
(with a stable outlook) on Guam&#8217;s general obligation bonds. These ratings reflect only the views of the respective rating agency,
an explanation of which may be obtained from each such rating agency. As of June&#160;1, 2025, the above ratings had not been revised
or withdrawn. There is no assurance that these ratings will continue for any given period of time or that they will not be revised or
withdrawn entirely by the rating agencies if, in the judgment of such rating agencies, circumstances so warrant. A downward revision or
withdrawal of any such rating may have an adverse effect on the market prices of the securities issued by Guam or its political subdivisions,
instrumentalities and authorities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>U.S. VIRGIN ISLANDS</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Introduction. </b>The United
States Virgin Islands ( &#8220;Virgin Islands&#8221;) is an unincorporated territory of the United States with separate executive, legislative
and judicial branches of government. The economy of the Virgin Islands is heavily dependent upon revenues from tourism, but other major
sectors of the Virgin Islands&#8217; economy include the trade, transportation and utilities sector; the professional and business services
sector; the leisure and hospitality sector; and the government sector. As these sectors represent the largest share of employment in the
Virgin Islands, economic problems or factors that adversely impact these sectors may have a negative effect on the value of the Virgin
Islands&#8217; municipal securities, which may reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The economy of the Virgin
Islands has faced substantial fiscal challenges in recent years, including damage to infrastructure caused by natural disasters or widespread
diseases, a high unemployment rate, a structural deficit, declining government revenues, and considerable unfunded pension and healthcare
liabilities. The level of public debt in the Virgin Islands may affect long-term growth prospects and may make it difficult for the Virgin
Islands to make full repayment on its obligations. Furthermore, the economic outlook in the rest of the United States remains uncertain.
A future economic downturn in the United States could significantly impact the finances of the Virgin Islands and, therefore, its municipal
securities.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no guarantee
that economic and fiscal conditions in the Virgin Islands will improve or that future developments will not have a materially adverse
impact on the finances of the Virgin Islands. Any deterioration in the Virgin Islands&#8217; financial condition may have a negative effect
on the value of the securities issued by the Virgin Islands, which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Current Economic Climate.
</b>The impact of the pandemic on employment was substantial. From February&#160;to May&#160;2020, the Territory&#8217;s unemployment
rate grew from 4.5% to 13.6% but has since fallen to 3.1% as of April&#160;2023. Exports declined partially due to the unprecedented losses
in travel and tourism. Tourism is the Territory&#8217;s primary export and the sector most impacted by the pandemic. The industry experienced
a near halt to air leisure and business travel in 2020 and the cancellation of all cruise ship calls throughout most of 2020 and early
2021. Consequently, air visitors fell 35.1% in 2020 to 442,027 from 640,887 in 2019 before rebounding 96.7% to a high of 824,460 in 2021.
Cruise passenger visitors plunged 69.3% to 442,027 in 2020 but began to recover in the second half of 2021 and by year&#8217;s end, reached
245,695- still about 82.9% below the 1.4 million cruise passengers in 2019.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Businesses also spent less
money on construction and equipment, triggering a 27.7% decline in private fixed investment. In addition, declining government spending
from fading disaster response and hurricane recovery activities weighed on gross domestic product growth, decreasing that component by
4%. Imports fell 10.6%, reflecting declines in imports of goods, including consumer goods and equipment, and other services. The U.S.
Census Bureau released the 2020 decennial census counts in 2021. Between 2010 and 2020, the Virgin Islands&#8217; population fell 18.1%.
According to the Virgin Islands Bureau of Economic Research, residents of the Virgin Islands received approximately $2.9 billion in estimated
personal income in 2021. As a result, residents of the Virgin Islands had a per capita personal income of $27,049 in 2021.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2022, the Virgin Islands&#8217;
real gross domestic product (GDP) decreased by 1.3% following a 3.7% increase in 2021. The increase in real GDP reflected increases in
exports and personal consumption expenditures. This was due to reductions in exports, private investment, government spending, and personal
consumption, partially offset by an increase in inventory investment. Imports, a subtraction item in the calculation of GDP, also decreased.
In 2022 the export of goods and services decreased by 18.9%. Goods exports declined due to lower crude oil and petroleum products exports,
while services exports increased due to higher visitor spending. Total visitor arrivals were 69.7% higher in 2022 than in 2021.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Visitor arrivals reached roughly
2.4 million in 2023, marking a rise of around 582,385 visitors over 2022-or a 32.1% increase. Furthermore, visitor arrivals surpassed
pre-pandemic levels by 15.5%. Air arrivals totaled 782,022. A total of 1.6 million cruise guests visited the territory in 2023, accounting
for 67.4% of visitor arrivals in 2023.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of July&#160;2024, the
Virgin Islands&#8217; had an unemployment of approximately 3.8% which was down from 3.7% in July&#160;2023. The Virgin Islands&#8217;
unemployment rate was lower than the national average which was 4.3% for the same periods.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Virgin Islands&#8217;
economy has faced setbacks in recent years largely as a result of the lingering effects of the economic recession in the United States,
the impact of natural disasters, and the closure of the HOVENSA petroleum refinery and the COVID-19 pandemic. These factors have placed
financial stress on key segments of the Virgin Islands&#8217; economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tourism sector constitutes
a significant portion of the Virgin Islands&#8217; economy. However, because of its geographical location, the Virgin Islands is subject
to natural disasters, including hurricanes, that can cause considerable damage to the territory and disrupt the tourism industry. Any
additional natural disasters that impact tourism could adversely affect the Virgin Islands&#8217; economy. Furthermore, the Virgin Islands
was closed to tourists from March&#160;to May&#160;2020 and from August&#160;to September&#160;2020 due to the COVID-19 pandemic. As of
September&#160;19, 2020, the Virgin Islands has reopened to tourism. However, the current and long-term impact of the pandemic remains
unknown.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The United States continues
to be the primary source of visitors to the Virgin Islands. Therefore, any gains in the tourism industry are closely related to economic
growth in the United States. In order to expand its tourism industry and insulate the islands from potential economic declines in the
United States, the Virgin Islands has begun, in recent years, increasing its tourism marketing to other countries and regions and is evaluating
ways to reposition itself as a leading tourism destination through a private-sector driven approach.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Continued efforts to encourage
visitors from within the Caribbean region are also expected to play a significant role in growing the Virgin Islands&#8217; tourism industry
in the future. In addition, the Virgin Islands has sought to increase its capacity for tourists by increasing flights to the islands and
establishing partnerships to increase accommodations.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Important private sector activities
in the Virgin Islands include wholesale and retail trade, leisure and hospitality, financial activities, and construction and mining activities.
The agricultural sector remains small, which requires most of the territory&#8217;s food to be imported. International business and financial
services are a small but growing component of the economy.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2012, the operators of
the HOVENSA oil refinery, one of the largest employers in the Virgin Islands at the time, announced that they would close the refinery,
laying off approximately 1,200 employees and 950 subcontractors. However, in January&#160;2016, Limetree Bay Terminals, LLC and its affiliates
(Limetree) finalized its purchase of the HOVENSA oil refinery, including HOVENSA&#8217;s storage and docking facilities. Limetree re-opened
the refinery in February&#160;2021. Following multiple major flaring incidents resulting in significant air pollutant and oil releases,
the U.S. Environmental Protection Agency (the &#8220;EPA&#8221;) issued notices of violations of the Clean Air Act, and ordered Limetree
to pause all operations at the refinery for at least 60 days. In June&#160;2021, Limetree announced the indefinite closing of its oil
refining facility on the island of St. Croix and the layoff of 271 plant employees. In December&#160;2021 Limetree sold the refinery to
joint bidders, West Indies Petroleum and Port Hamilton Refining and Transportation. Because of these and subsequent other events, including
West Indies Petroleum&#8217;s announcement in June&#160;2022 disavowing ownership of the refinery, ongoing litigation, an August&#160;2022
fire at the refinery, and the September&#160;2022, October&#160;2022, and August&#160;2024 announcements of additional EPA action and
reopening requirements, it is not possible to predict the extent of the impact of the sale of the refinery on the Virgin Islands&#8217;
economy. It is also not possible to predict at this time whether or not Port Hamilton will be able to successfully resolve all outstanding
environmental issues with the EPA or successfully re-open the refinery.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In fiscal year 2020, the Virgin
Islands reported a net pension liability for the primary government and component units of $4.2 billion. Additionally, the Virgin Islands
reported another post-employment benefits liability of $786.8 million in fiscal year 2020. In fiscal year 2021, the pension liability
totaled approximately $4.53 billion. Additionally, the Virgin Islands reported another post-employment benefits liability of $992.3 million
in fiscal year 2020. Virgin Islands officials were continuing to project that the public pension system would reach insolvency by 2024
absent a reduction in member benefits or infusion of cash into the system.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Virgin Islands&#8217;
Government Employees&#8217; Retirement System (GERS) remains one of the lowest funded public pension plans in the United States, according
to GAO&#8217;s analysis of national data. In 2021, GERS actuaries projected that the plan would be insolvent by March&#160;2025. The Virgin
Islands government has made changes to the plan over the years to maintain its solvency. In April&#160;2022, Virgin Islands finalized
a debt refinancing plan to provide dedicated funding to GERS with revenue from an excise tax on rum sales. However, GERS continues to
face the risk of insolvency. According to GAO&#8217;s analysis, GERS may face insolvency within the next 10 years if the excise tax rate
is lower than expected or if rum sales decline, among other risks. For example, the GERS&#8217; revenue projections for the excise tax
used a $13.25 per proof gallon tax rate that expired in 2021 and reverted to a lower statutorily defined rate in 2022 ($10.50). While
the Virgin Islands government has paid the resulting shortfall in 2023, it is not required and may not be sustainable.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Overall, the underlying fundamentals
of the Virgin Islands economy are volatile. Fluctuating unemployment, decreasing revenues and the loss of many high-paying jobs have combined
to place significant fiscal pressure on the local government. It is possible that fiscal challenges facing the Virgin Islands could impact
the ability of the territory to satisfy the obligations on its outstanding debt. Any such outcome would likely reduce the value of the
municipal securities issued by the Virgin Islands and its political subdivisions, instrumentalities, and authorities, which may reduce
the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Budget. </b>In recent fiscal
years, the government has experienced substantial fluctuations in revenues and expenditures, as well as recurring deficits. The Virgin
Islands has taken a series of actions in recent years to reduce the size of its operating budget and address its recurring operating deficit.
However, these actions have not addressed the structural imbalances that have led to recurring deficits. Rather, annual shortfalls have
been addressed by an ad hoc combination of inter-fund transfers and debt financing.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Proposed Executive Biennial
Budget includes $969.1 million in General Funds for FY 2024 and $968.0 million in General Funds for FY 2025. The total operating budget
including appropriated and non-appropriated funds and federal funds is $1.42 billion and $1.42 billion in Fiscal Years 2024 and 2025,
respectively.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total assets and deferred
outflows of resources of the Government of the Virgin Islands as of September&#160;30, 2021 and 2020, were approximately $4.3 billion
and $3.7 billion, respectively. Total liabilities and deferred inflows were approximately $9.7 and $8.8 billion, respectively, over the
same period. Liabilities exceed assets mainly due to unfunded pension and postemployment benefits such as health insurance due to retired
Government employees amounting to $5.5 billion and $5.0 billion at September&#160;30, 2021 and 2020.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Virgin Islands Government
reported an unrestricted net deficit in Governmental Activities and in the General Fund that raise substantial doubt about its ability
to continue as a going concern. On September&#160;30, 2021, the Government&#8217;s net deficit of $5.3 billion consisted of a $584.2 million
net investment in capital assets; $300.5 million restricted by statute or other legal requirements that were not available to finance
day-to-day operations; and an unrestricted net deficit of $6.2 billion. On September&#160;30, 2020, the Government&#8217;s net deficit
of $5.2 billion consisted of a $529.0 million net investment in capital assets; $307.4 million restricted by statute or other legal requirements
that were not available to finance day-to-day operations; and an unrestricted net deficit of $6.0 billion.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through March&#160;2023, federal
grants and assistance received by the primary government related to COVID-19 amounted to $880.6 million. Federal grants and assistance
received by component units of the government amounted to $82.6 million.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Debt</b>. Current law prohibits
the Virgin Islands from authorizing or issuing general obligation bonds in excess of 10% of the aggregate assessed valuation of taxable
real property in the territory. As of September&#160;30, 2020, the net amount of bonds outstanding, including both general obligation
and revenue bonds, was estimated at $2.0 billion. The large fiscal risks faced by the Virgin Islands, may hamper the Virgin Islands ability
to repay its public debts. </p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Natural Disasters</b>. In September&#160;2017, two successive hurricanes - Irma and Maria - caused severe
damage to the Virgin Islands. The infrastructure of the Virgin Islands was severely damaged by high winds and substantial flooding, leaving
much of the Virgin Islands without power. According to officials, Hurricanes Irma and Maria caused an estimated $10.76 billion in damage
to the public infrastructure and economy of the Virgin Islands. In February&#160;2018, Congress appropriated $89.3 billion for disaster
recovery efforts for areas affected by hurricanes in 2017. Approximately $11 billion of these funds were made available to the Virgin
Islands and the Commonwealth of Puerto Rico, and $2 billion was designated to help repair and reconstruct the electrical system of the
islands. The damage caused by Hurricanes Irma and Maria is expected to have adverse effects on the Virgin Islands&#8217; economy. Before
the storms made landfall, the Virgin Islands was already facing a severe economic crisis due to mounting debt obligations and declining
revenues. There can be no assurances that the Virgin Islands will receive sufficient aid to rebuild from the damage caused by Hurricanes
Irma and Maria, and it is not currently possible to predict the long-term impact that Hurricanes Irma and Maria will have on the Virgin
Island&#8217;s economy. All these developments have a material adverse effect on the Virgin Island&#8217;s finances and negatively impact
the marketability, liquidity and value of securities issued by the Virgin Islands that are held by the Fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation</b>. The Virgin
Islands, its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental operations.
Some of these proceedings involve claims for substantial amounts, which if decided against the Virgin Islands might require the Virgin
Islands 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 ultimate outcome of such proceedings, estimate the potential impact on the ability
of the Virgin Islands to pay debt service costs on its obligations, or determine what impact, if any, such proceedings may have on a fund&#8217;s
investments.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Credit rating</b>. On September&#160;28,
2017, Fitch withdrew its ratings due to the Virgin Islands&#8217; communication that it intended to stop participating in the ratings
process, and Fitch indicated that it no longer had sufficient information to maintain the ratings. On March&#160;23, 2023, Moody&#8217;s
announced that it had withdrawn the U.S. Virgin Islands issuer rating. S&amp;P, Fitch and Moody&#8217;s do not currently maintain an issuer
rating for the U.S. Virgin Islands (confirmed as of June&#160;1, 2025).</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NORTHERN MARIANA ISLANDS</b></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Introduction</b>. The Commonwealth
of the Northern Mariana Islands (the &#8220;Commonwealth&#8221; or &#8220;CNMI&#8221;) is a commonwealth of the United States with a political
status similar to that of Puerto Rico. The economy of the Commonwealth is heavily dependent upon revenues from tourism and transfers from
the federal government. As these sources represent a significant share of the Commonwealth&#8217;s revenue, economic problems or factors
that adversely impact these sources may have a negative effect on the value of the Commonwealth&#8217;s municipal securities, which may
reduce the performance of a fund. Although the Commonwealth has faced significant setbacks, the economy has shown signs of modest growth
in recent years. Such growth may be slow as the Commonwealth continues to face substantial fiscal challenges including high unemployment,
severe reductions in key industry segments and large government deficits. An economic downturn in the United States or countries such
as Japan, China or Korea, which provide large sources of tourism to the islands, could significantly impact the finances of the Commonwealth
and, therefore, its municipal securities. Moreover, the level of public debt in the Commonwealth may affect long-term growth prospects
and could cause the Commonwealth to experience continued financial hardship.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From year-to-year, the Commonwealth
may experience a number of political, social, economic and environmental circumstances that influence the Commonwealth&#8217;s economic
and fiscal condition. Such circumstances include, but are not limited to: (i)&#160;persistent structural imbalances; (ii)&#160;rising
debt levels; (iii)&#160;significant pension underfunding; (iv)&#160;revenue volatility; (v)&#160;developments with respect to the U.S.
and world economies; (vi)&#160;environmental considerations, natural disasters and widespread diseases, including pandemics and epidemics;
and (vii)&#160;U.S. federal economic and fiscal policies, including the amount of federal aid provided to the Commonwealth. There can
be no guarantee that future developments, including events affecting the Commonwealth&#8217;s economic and fiscal condition, will not
have a materially adverse impact on the Commonwealth&#8217;s finances. Any further deterioration in the Commonwealth&#8217;s financial
condition may have a negative effect on the marketability, liquidity or value of the securities issued by the Commonwealth and may jeopardize
the ability of the Commonwealth to satisfy its obligations on its outstanding debt, which could reduce the performance of a fund.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Current Economic Climate</b>.
After joining the United States in 1978, the federal government agreed to exempt the Commonwealth from federal minimum wage and immigration
laws in an effort to help stimulate the Commonwealth&#8217;s economy. As a result of these exemptions, the Commonwealth was able to build
a large garment industry, which at one time accounted for nearly 40% of the Commonwealth&#8217;s economy. A significant portion of the
Commonwealth&#8217;s residents and a large number of temporary workers from throughout the region worked in the textile industry. Critical
to this growth was duty-free access to U.S. markets and local authority over immigration and the minimum wage.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the last two decades,
however, the Commonwealth&#8217;s economy underwent an involuntary transformation resulting from federal policy actions that led to the
dissolution of the Commonwealth&#8217;s garment industry. Following the collapse of the garment industry, tourism emerged as the major
driver of the Commonwealth&#8217;s economy. The majority of the Commonwealth&#8217;s visitors are from Japan, Korea, China, and the United
States, and federal immigration policy has also greatly impacted tourism in the Commonwealth. Any future developments that make international
travel to the islands more difficult may have a negative impact on the Commonwealth&#8217;s economy. In addition, the relaxation of laws
restricting gambling helped to attract outside private investment and spur economic growth.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The CNMI economy faced challenges
prior to the pandemic. It was still recovering from the effects of Super Typhoon Yutu, which devastated the CNMI in October&#160;2018,
causing extensive damage to homes, businesses, and infrastructure, including to the Saipan International Airport. The COVID-19 pandemic
had a significant negative impact on tourism. Tourism from Asia declined significantly beginning in January&#160;2020 at the onset of
the pandemic, leading to a sharp reduction in anticipated general revenue. To prevent the spread of the COVID-19 virus, the Commonwealth
suspended commercial air travel in April&#160;2020 and again in December&#160;2021. The COVID-19 pandemic led to large declines in the
number of employees in CNMI. According to CNMI, the number of workers in CNMI dropped by 13% from 2019 to 2020.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The CNMI government&#8217;s
strategy to encourage tourism and economic activity by building casinos and hotels on Saipan and Tinian has not been successful, leaving
the territory without a viable plan to recover its economy through other means. CNMI&#8217;s inflation adjusted gross domestic product
fell by 11.3% in 2019 and another 29.7% in 2020 with sharp declines in tourist spending, casino gambling revenue, and private fixed investment.
With the tourism industry struggling to recover, federal assistance slowing, and weak financial management practices persisting, CNMI
is at risk of a severe fiscal crisis.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tourism is CNMI&#8217;s primary
source of economic activity. However, the number of visitors to CNMI has been declining since 2018 when Super Typhoon Yutu caused extensive
damage to homes, businesses, and infrastructure, including to the Saipan International Airport. The COVID-19 pandemic caused a much sharper
decline in tourism revenue and economic activity, exacerbated by the subsequent closure of the Guam&#8217;s largest casino in 2020 after
just three years of operating. Visitors in 2022 increased to 96,521-indicating a slight recovery-though still well below pre-pandemic
levels.</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth&#8217;s real
gross domestic product decreased by 29.7% in 2020, after decreasing by 11.3% in 2019. The decrease primarily reflects decreases in exports
of services, private fixed investment, personal consumption expenditures and government spending. Exports of goods and services decreased
74.4% in 2020. The decrease in exports was largely accounted for by exports of services, which consists primarily of visitor spending,
including on casino gambling. Revenues from casino gambling dropped over 95%. The number of visitors to the Commonwealth decreased 81.7%,
reflecting the effects of the COVID-19 pandemic.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commonwealth also faces
certain unique risks, including its reliance on a foreign workforce that has the potential to result in a labor shortage. In addition,
because of its geographical location, the Commonwealth is subject to natural disasters. The Commonwealth has previously experienced severe
weather events that significantly impacted its economy, and any future storms, or other natural disasters, that have an adverse effect
on the Commonwealth&#8217;s finances could negatively impact the marketability, liquidity or value of securities issued by the Commonwealth.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Budget</b>. The Commonwealth
has run a budget deficit for many years, which means spending has consistently outpaced revenue collection. The Commonwealth&#8217;s governmental
activities deficit net position increased from $480 million to a deficit net position of $580.1 million, an increase of 20.9% between
fiscal years 2020 and 2021.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September&#160;30, 2024,
the Governor signed into law the Commonwealth&#8217;s budget for FY2025 (the &#8220;Enacted Budget&#8221;). The Enacted Budget identifies
total budgetary resources of approximately $158.6 million, which, after adjustments and transfers, including debt service, would leave
$111.5 million for appropriations during the fiscal year.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unfunded liabilities of the
Northern Mariana Islands Retirement Fund and minimum annual payments required to the Northern Mariana Islands Settlement Fund (&#8220;NMISF&#8221;)
as part of a 2013 pension-related settlement present a significant risk to the fiscal condition of the Commonwealth. Pursuant to law,
the Commonwealth is required to make contributions to the retirement fund each year on an actuarially funded basis toward the annuities
related to retirement and other benefits. Due to recurring budget deficits, the Commonwealth has often delayed or suspended payments to
the retirement fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended September&#160;30,
2021, 2020 and 2019, the Commonwealth recorded payments to NMISF of $40 million and $13.57 million, $42 million and $13.98 million, and
$44 million and $14.15 million, respectively. However, the enacted Fiscal Year 2025 budget made no provision for payments to NMISF in
Fiscal Year 2025. There can be no guarantee in the future that the Commonwealth&#8217;s pension fund will not face additional financial
risk, including the possibility of going bankrupt, or that the Commonwealth will be able to make required payments.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Debt</b>. As of September&#160;30,
2021, the Commonwealth had $80.6 million in long-term debt outstanding, which represents a net decrease of $4.8 million or 5.6% from the
prior year. The expected annual debt service requirements on the Commonwealth&#8217;s general obligation bonds are $9.65 million for the
fiscal year 2025 and $9.77 million for the fiscal year 2026.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of September&#160;30, 2020,
CNMI&#8217;s total public debt outstanding was about $114.1 million, or about 12 percent of GDP ($938.8 million). This reflects CNMI&#8217;s
inability to borrow through capital markets in recent years. CNMI has struggled to finance its pension plan. Moreover, its economy continues
to decline with limited prospects for recovery as its tourism industry struggles. CNMI&#8217;s financial management and reporting has
also worsened. With CNMI&#8217;s limited financial prospects and weak financial management practices persisting, CNMI is at risk of a
severe fiscal crisis.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Natural Disasters. </b>On
October&#160;25, 2018, Super Typhoon Yutu, one of the strongest storms ever recorded, made landfall in the Commonwealth and caused significant
damage. On October&#160;27, 2018, the federal government declared a major disaster and authorized public assistance for emergency relief
and rebuilding services.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The damage caused by Super
Typhoon Yutu had adverse effects on the Commonwealth&#8217;s economy. In addition to diverting funds to relief and recovery efforts, the
Commonwealth lost revenue as a result of decreased tourism. There can be no assurances that the Commonwealth will receive the necessary
aid to rebuild from the damage caused by Super Typhoon Yutu, and it is not currently possible to predict the long-term impact that Super
Typhoon Yutu will have on the Commonwealth&#8217;s economy. These developments have a material adverse effect on the Commonwealth&#8217;s
finances and may negatively impact the payment of principal and interest, marketability, liquidity, and value of securities issued by
the Commonwealth that are held by the Fund.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May&#160;24, 2023, Super
Typhoon Mawar traversed the Rota Channel, with the Island of Rota sustaining damage, the severity of which was still being assessed as
of the date of this SAI.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The long-term effects of the
COVID-19 pandemic are currently unpredictable. The long-term behavioral changes associated with the pandemic (i.e., reduced travel, increased
work from home, reduced activity in large gathering places,&#160;etc.) and their future impact on the Commonwealth are also unknown.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Litigation</b>. The Commonwealth,
its officials and employees are named as defendants in legal proceedings that occur in the normal course of governmental operations. Some
of these proceedings involve claims for substantial amounts, which if decided against the Commonwealth might require the Commonwealth
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 ultimate outcome of such proceedings, estimate the potential impact on the ability of the
Commonwealth to pay debt service costs on its obligations, or determine what impact, if any, such proceedings may have on a fund&#8217;s
investments.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Credit rating</b>. On April&#160;1,
2020, Moody&#8217;s withdrew its issuer rating for the Commonwealth of Ba3 with a negative outlook. S&amp;P, Fitch and Moody&#8217;s do
not currently maintain a credit rating for CNMI general obligation debt (confirmed as of June&#160;1, 2025).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


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</div><p style="margin: 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#160;C</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>OTHER INFORMATION</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 25. Financial Statements And Exhibits</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding: 0.25pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contained in Part&#160;A: </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Highlights of the Invesco California Value Municipal Income
Trust (the &#8220;Registrant&#8221;) for the last ten fiscal years and for the fiscal period ended August&#160;31, 2024.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements for the fiscal years ended
February&#160;28, 2025, February&#160;29, 2024, February&#160;28, 2023, February&#160;28, 2022 and February&#160;28, 2021, are incorporated
in Part&#160;A by reference to Registrant&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm">February&#160;28,
2025 Annual Report</a> (audited) on Form&#160;N-CSR as filed with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221; or
the &#8220;Commission&#8221;) via EDGAR Accession No.&#160;0001193125-25-111538 on May&#160;2, 2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contained in Part&#160;B:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#8217;s Financial Statements are incorporated in Part&#160;B
by reference to Registrant&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm">February&#160;28,
2025 Annual Report (audited)</a> on Form&#160;N-CSR as filed with the SEC via EDGAR Accession No.&#160;0001193125-25-111538 on May&#160;2,
2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 0.25in; padding: 0.25pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="padding: 0.25pt; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits </span></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="vertical-align: top; font-size: 10pt; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/895531/000175272424098241/EX99_G1bi.htm">Fourth Amended and Restated Agreement and Declaration of Trust of Registrant, dated September&#160;20, 2022 (<i>incorporated by reference to Registrant&#8217;s report on Form&#160;N-CEN, filed with the Securities and Exchange Commission on May&#160;14, 2024</i>)</a></span></td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/895531/000175272423208504/VCV_G1BI.htm">By-Laws of Registrant, effective as of September&#160;20, 2022 (<i>incorporated by reference to Registrant&#8217;s report on Form&#160;N-CEN/A, filed with the Securities and Exchange Commission on September&#160;20, 2023</i>)</a></span></td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1059386/000119312525048460/d923374dex99e.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend Reinvestment Plan of Registrant <i>(incorporated by reference to Post-Effective Amendment 1 to Invesco Senior Income Trust&#8217;s registration statement filed on March&#160;6, 2025)</i></span></a></td></tr>
  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="text-align: left; vertical-align: top; font-size: 10pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left; width: 0.25in">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt; width: 0.25in">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable</span></td></tr>
  <tr>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="tm2525809d1_ex99-xgxix1.htm">Amended and Restated Master Investment Advisory Agreement, dated as of July&#160;1, 2020 between the Registrant and Invesco Advisers,&#160;Inc. (filed herewith)</a></span></td></tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td>&#160;</td>
    </tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="tm2525809d1_ex99-xgxiix1.htm">Amended and Restated Master Intergroup Sub-Advisory Contract, dated July&#160;1, 2020 between Invesco Advisers,&#160;Inc. and each of Invesco Canada Ltd.,&#160;Invesco Asset Management Deutschland GmbH,&#160;Invesco Asset Management Ltd.,&#160;Invesco Asset Management (Japan) Limited,&#160;Invesco Hong Kong Limited and Invesco Senior Secured Management,&#160;Inc. <i>(</i>filed herewith<i>)</i></a></span></td></tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td colspan="3">&#160;</td>
    </tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of Underwriting Agreement/Sales Agreement (<i>to
be filed by amendment)</i></span></td>
    </tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td colspan="2">&#160;</td>
    </tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/725781/000119312514321709/d758704dex99f1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of
AIM Funds Retirement Plan for Eligible Directors/Trustees, as approved by the Board of Directors/Trustees on December&#160;31, 2013 <i>(incorporated
into this filing by reference to Post-Effective Amendment No.&#160;87 to AIM Sector Funds (Invesco Sector Funds) registration statement
filed on August&#160;26, 2014</i></span></a><a href="https://www.sec.gov/Archives/edgar/data/725781/000119312514321709/d758704dex99f1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>)</i></span></a></td>
    </tr>
  <tr>
    <td style="text-align: left">&#160;</td>
    <td style="text-align: left">&#160;</td>
    <td colspan="2">&#160;</td>
    </tr>
  <tr>
    <td style="text-align: left; vertical-align: top">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="text-align: left; vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="vertical-align: bottom; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/725781/000119312515303497/d16327dex99f2.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form&#160;of
Invesco Funds Trustee Deferred Compensation Agreement <i>(incorporated into this filing by reference to Post-Effective Amendment No.&#160;89
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  <tr>
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  <tr>
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</table><div>


</div><p style="margin: 0">&#160;</p><div>


</div><p style="margin: 0"></p><div>


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</div><p style="margin: 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
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Custodian Agreement, dated June&#160;1, 2018, between Registrant and State Street Bank and Trust Company <i>(incorporated into this filing
by preference to Post-Effective Amendment No.&#160;89 to AIM Investment Securities Funds (Invesco Investment Securities Funds) Registration
Statement on Form&#160;N-1A, filed on June&#160;27, 2019)</i></span></a></td>
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  <tr>
    <td style="vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
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  <tr>
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  <tr>
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    <td style="text-align: left">&#160;</td>
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  <tr>
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  <tr>
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    <td style="text-align: left">&#160;</td>
    <td style="text-align: left; vertical-align: top">&#160;</td>
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    <td style="text-align: left; vertical-align: top; font-size: 10pt">&#160;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: left">&#160;</td>
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  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span></td>
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  <tr>
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    <td>&#160;</td>
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  <tr>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</span></td>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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    <td style="vertical-align: bottom">&#160;</td>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; font-size: 10pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</span></td>
    <td style="vertical-align: top; font-size: 10pt; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
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  <tr>
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  <tr>
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  <tr>
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  <tr>
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 2 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr>
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  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr>
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  </table><div>
</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>


</div><p style="margin: 0"> <b>Item 26. Marketing Arrangements</b></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to Exhibit&#160;(h)&#160;to this
Registration Statement to be filed by further amendment.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="margin: 0"> <b>Item 27. Other Expenses of Issuance and Distribution</b></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the estimated expenses
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</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-spacing: 0px;">
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  <tr style="vertical-align: bottom; ">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_____]</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Independent Registered Public Accounting Firm Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_____]</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Legal Fees</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_____]</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">FINRA Fees</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_____]</span></td><td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[_____]</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="margin: 0"> <b>Item 28. Persons Controlled by or Under Common Control with Registrant</b></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="margin: 0"> <b>Item 29. Number of Holders of Securities</b></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 97%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;">
  <tr style="vertical-align: bottom; ">
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 50%">Title of Class</td><td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; width: 1%">&#160;</td>
    <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 49%; text-align: center">Number of Record Shareholders as <br/>
of&#160;[_____], 2025</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Common Shares, no par value</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">[&#160;&#160;]</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Preferred Shareholder</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">[&#160;&#160;]</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="margin: 0"> <b>Item 30. Indemnification</b></p><div>






</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indemnification provisions for officers, trustees,
and employees of the Registrant are set forth in Article&#160;VIII of the Registrant's Fourth Amended and Restated Agreement and Declaration
of Trust and Article&#160;VIII of its Bylaws and are hereby incorporated by reference. See Item 25(2)(a)(i)&#160;and (b)(i)&#160;above.
Under the Fourth Amended and Restated Agreement and Declaration of Trust, effective as of September&#160;20, 2022, as amended (i)&#160;Trustees
or officers, when acting in such capacity, shall not be personally liable for any act, omission or obligation of the Registrant or any
Trustee or officer except by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in
the conduct of his office with the Registrant; (ii)&#160;every Trustee, officer, employee or agent of the Registrant shall be indemnified
to the fullest extent permitted under the Delaware Statutory Trust Act, the Registrant&#8217;s Bylaws and other applicable law; (iii)&#160;in
case any shareholder or former shareholder of the Registrant shall be held to be personally liable solely by reason of his being or having
been a shareholder of the Registrant and not because of his acts or omissions or for some other reason, the shareholder or former shareholder
(or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate
or general successor) shall be entitled, out of the Registrant&#8217;s assets, to be held harmless from and indemnified against all loss
and expense arising from such liability in accordance with the Bylaws and applicable law. The Registrant, on its own behalf, assume the
defense of any such claim made against the shareholder for any act or obligation of the Registrant.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registrant and other investment companies and
their respective officers and trustees are insured under a joint Mutual Fund Directors and Officers Liability Policy, issued by ICI Mutual
Insurance Company and certain other domestic insurers, with limits up to $100,000,000 an additional; $50,000,000 of excess coverage (plus
an additional $30,000,000 limit that applies to independent directors/trustees only).</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 3 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#160;16 of the Master Investment Advisory
Agreement between the Registrant and Invesco Advisers,&#160;Inc. (&#8220;Invesco Advisers&#8221;) provides that in the absence of willful
misfeasance, bad faith, gross negligence or reckless disregard of obligations or duties hereunder on the part of Invesco Advisers or any
of its officers, directors or employees, that Invesco Advisers shall not be subject to liability to the Registrant, or to any shareholder
of the Registrant for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may
be sustained in the purchase, holding or sale of any security.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section&#160;10 of the Master Intergroup Sub-Advisory
Contract for Mutual Funds (the Sub-Advisory Contract) between Invesco Advisers, on behalf of Registrant, and each of Invesco Asset Management
Deutschland GmbH,&#160;Invesco Asset Management Limited,&#160;Invesco Asset Management (Japan) Limited,&#160;Invesco Canada Ltd.,&#160;Invesco
Hong Kong Limited and Invesco Senior Secured Management,&#160;Inc. (each a Sub-Adviser, collectively the Sub-Advisers) provides that the
Sub-Adviser shall not be liable for any costs or liabilities arising from any error of judgment or mistake of law or any loss suffered
by the Registrant in connection with the matters to which the Sub-Advisory Contract relates except a loss resulting from willful misfeasance,
bad faith or gross negligence on the part of the Sub-Adviser in the performance by the Sub-Adviser of its duties or from reckless disregard
by the Sub-Adviser of its obligations and duties under the Sub-Advisory Contract.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 31. Business and Other Connections of the Investment Adviser</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The only employment of a substantial nature of
Invesco Adviser&#8217;s directors and officers is with the Advisers and its affiliated companies. For information as to the business,
profession, vocation or employment of a substantial nature of each of the officers and directors of Invesco Asset Management Deutschland
GmbH,&#160;Invesco Asset Management Limited,&#160;Invesco Asset Management (Japan) Limited,&#160;Invesco Hong Kong Limited,&#160;Invesco
Senior Secured Management,&#160;Inc. and Invesco Canada Ltd. (each a Sub-Adviser, collectively the Sub-Advisers) reference is made to
Form&#160;ADV filed under the Investment Advisers Act of 1940, as amended, by each Sub-Adviser herein incorporated by reference. Reference
is also made to the caption &#8220;Management of the Fund &#8211; Adviser&#8221; and &#8220;Management of the Fund &#8211; Sub-Adviser&#8221;
in the Prospectus which comprises Part&#160;A of this Registration Statement, and to the caption &#8220;Investment Advisory and Other
Services&#8221; of the Statement of Additional Information which comprises Part&#160;B of this Registration Statement.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 32. Location of Accounts and Records</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Invesco Advisers,&#160;Inc., 1331 Spring Street
NW, Suite&#160;2500, Atlanta, Georgia 30309, maintains physical possession of each such&#160;account, book or other document of the Registrant
at the Registrant&#8217;s principal executive offices, 11 Greenway Plaza, Houston, Texas 77046-1173, except for those maintained at its
Atlanta offices at the address listed above or at its Louisville, Kentucky offices, 400 West Market Street, Suite&#160;3300, Louisville,
Kentucky 40202 and except for those relating to certain transactions in portfolio securities that are maintained by the Registrant&#8217;s
Custodian, State Street Bank and Trust Company, 225 Franklin Street, Boston, Massachusetts 02110, and the Registrant&#8217;s Transfer
Agent and Dividend Paying Agent, Computershare Trust Company, N.A., 250 Royall Street, Canton, MA, 02021.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Records may also be maintained at the offices of:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management Deutschland GmbH</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An der Welle 5</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1st Floor</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frankfurt, Germany 60322</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management Ltd.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Perpetual Park</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Perpetual Park Drive</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Henley-on-Thames</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfordshire RG91HH</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 4 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management (Japan) Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roppongi Hills Mori Tower 14F</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6-10-1 Roppongi</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Minato-ku, Tokyo 106-6114</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Hong Kong Limited</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">45F Jardin House</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1 Connaught Place</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Central, Hong Kong P.R.C.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Senior Secured Management,&#160;Inc.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">224 Liberty Street</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10281</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Canada Ltd.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">120 Bloor Street East</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&#160;700</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada M4W 1B7</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 33. Management Services</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 34. Undertakings</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">1.</td><td>Not applicable.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">2.</td><td>Not applicable.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 0.5in">3.</td><td>Registrant undertakes:</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(a)</td><td>Not applicable.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(b)</td><td>that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment to this registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities
at that time shall be deemed to be the initial bona fide offering thereof; and</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(c)</td><td>to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(d)</td><td>that, for the purpose of determining liability under the Securities Act to any purchaser:</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if the Registrant is relying on Rule&#160;430B:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(A)&#160;Each prospectus filed by the Registrant
pursuant to Rule&#160;424(b)(3)&#160;shall be deemed to be part of the registration statement as of the date the filed prospectus was
deemed part of and included in the registration statement; and</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 5 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">(B)&#160;Each prospectus required to be
filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7)&#160;as part of a registration statement in reliance on Rule&#160;430B relating
to an offering made pursuant to Rule&#160;415(a)(1)(i), (x), or (xi)&#160;for the purpose of providing the information required by Section&#160;10(a)&#160;of
the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of
prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the
prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and any person that is at that date an underwriter, such
date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the
registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement
that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date; or</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Registrant is subject to Rule&#160;430C: each prospectus filed pursuant to Rule&#160;424 under the Securities Act as part of a registration
statement relating to an offering, other than registration statements relying on Rule&#160;430B or other than prospectuses filed in reliance
on Rule&#160;430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in this registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(e)</td><td>that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities:</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in">The undersigned Registrant undertakes that
in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to
the purchaser:</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(1)</td><td>any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule&#160;424
under the Securities Act;</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(2)</td><td>free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by
the undersigned Registrants;</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(3)</td><td>the portion of any other free writing prospectus or advertisement pursuant to Rule&#160;482 under the Securities Act relating to the
offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned
Registrant; and</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 1in"/><td style="width: 0.5in">(4)</td><td>any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0"/><td style="width: 0.5in; text-align: left">4.</td><td style="text-align: justify">Registrant undertakes that:</td>
</tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(a)</td><td>for the purpose of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule&#160;430A and contained in a form of prospectus filed by the Registrant under
Rule&#160;424(b)(1)&#160;under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared
effective; and</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 6 --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in">(b)</td><td>for the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that
time shall be deemed to be the initial bona fide offering thereof.</td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the Registrant&#8217;s annual report pursuant to Section&#160;13(a)&#160;or Section&#160;15(d)&#160;of the Securities Exchange Act
of 1934 that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of
such issue.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Registrant
undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt
of a written or oral request, any prospectus or Statement of Additional Information. Additionally, the Registrant undertakes to only offer
rights to purchase common and preferred shares together after a post-effective amendment to the Registration Statement relating to such
rights has been declared effective.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


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    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2525809d1_signpage.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1" --><div>

</div><p style="margin: 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>SIGNATURES</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form&#160;N-2
to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Houston, and State of Illinois, on the 12th
day of September, 2025.</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="border-collapse: collapse; width: 100%; border-spacing: 0px;">
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">INVESCO CALIFORNIA VALUE MUNICIPAL
    INCOME TRUST</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 3%"><span style="font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%"><span style="font-size: 10pt">/s/ Glenn Brightman</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">Glenn Brightman</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-size: 10pt">President</span></td></tr>
  </table><div>




</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As required by the Securities
Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities set forth below
on the 12<sup>th</sup> day of September, 2025</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;">
  <tr style="vertical-align: top">
    <td style="width: 48%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Signatures</span></b></span></td>
    <td style="width: 4%"/>
    <td style="width: 48%; font-size: 10pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration:underline">Title</span></b></span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt; text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal Executive Officer:</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr>
    <td style="border-bottom: Black 1pt solid; vertical-align: top">/s/ Glenn Brightman</td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President </span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Glenn Brightman)</span></td>
    <td>&#160;</td>
    <td>(Principal Executive Officer) &#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Beth Ann Brown*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair and Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Beth Ann Brown)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Carol Deckbar*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Carol Deckbar)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Cynthia Hostetler*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Cynthia Hostetler)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Eli Jones*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Eli Jones) </span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Elizabeth Krentzman*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Elizabeth Krentzman)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Anthony J. LaCava,&#160;Jr.*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Anthony J. LaCava,&#160;Jr.)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ James Liddy*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(James Liddy)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Prema Mathai-Davis*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prema Mathai-Davis </span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joel W. Motley*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Joel W. Motley)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">/s/ Edward Perkin*</td>
    <td>&#160;</td>
    <td>&#160; Trustee</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Edward Perkin)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Teresa M. Ressel*</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Teresa M. Ressel)</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid">/s/ Daniel S. Vandivort*</td>
    <td>&#160;</td>
    <td>&#160; Trustee</td></tr>
  <tr style="vertical-align: top">
    <td>(Daniel S. Vandivort) &#160; &#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Adrien Deberghes</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President&#160;&amp;</span></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Adrien Deberghes)</span></td>
    <td>&#160;</td>
    <td>Treasurer (Principal Financial Officer)</td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Glenn Brightman</span></td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td>(Glenn Brightman) <br/>
Attorney-In-Fact</td>
    <td>&#160;</td>
    <td style="font-size: 10pt">&#160;</td></tr>
  </table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><a href="https://www.sec.gov/Archives/edgar/data/1112996/000119312525017678/d916888dex99q.htm">*Glenn
Brightman, pursuant to powers of attorney dated December&#160;18, 2024, incorporated herein by reference to Post-Effective Amendment No.&#160;205
to AIM Counselor Series&#160;Trust (Invesco Counselor Series&#160;Trust) Registration Statement on Form&#160;N-1A, filed on January&#160;31,
2025.</a></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 1; Options: Last --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




</div></div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2525809d1_exind.htm" BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1" --><div>

</div><p style="margin: 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>EXHIBITS TO FORM&#160;N-2</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Exhibit</b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration:underline">Number</span></b></p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"><a href="tm2525809d1_ex99-xgxix1.htm">(g)(i)(1)</a></td><td><a href="tm2525809d1_ex99-xgxix1.htm">Amended and Restated Master Investment Advisory Agreement, dated as of July&#160;1, 2020 between the Registrant and Invesco Advisers,&#160;Inc.</a></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"><a href="tm2525809d1_ex99-xgxiix1.htm">(g)(ii)(1)</a></td><td><a href="tm2525809d1_ex99-xgxiix1.htm">Amended and Restated Master Intergroup Sub-Advisory Contract, dated July&#160;1, 2020 between Invesco Advisers,&#160;Inc. and each
of Invesco Canada Ltd.,&#160;Invesco Asset Management Deutschland GmbH,&#160;Invesco Asset Management Ltd.,&#160;Invesco Asset Management
(Japan) Limited,&#160;Invesco Hong Kong Limited and Invesco Senior Secured Management,&#160;Inc.</a></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;"><tr style="vertical-align: top">
<td style="width: 1in"><a href="tm2525809d1_ex99-xkxiiix1.htm">(k)(iii)(1)</a></td><td><a href="tm2525809d1_ex99-xkxiiix1.htm">Amended and Restated Master Administrative Services Agreement, dated July&#160;1, 2020, between Registrant and Invesco Advisers,&#160;Inc.</a></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; border-spacing: 0px;" width="100%"><tr style="vertical-align: top">
<td style="width: 0.5in"><a href="tm2525809d1_exfilingfees.htm">(s)</a></td><td style="width: 0.5in"/><td><a href="tm2525809d1_exfilingfees.htm">Calculation of Filing Fees Exhibit</a></td></tr></table><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><div>


</div><!-- Field: Page; Sequence: 1; Options: Last --><div>
    </div><div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#160;</p></div><div>
    </div><!-- Field: /Page --><div>


</div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p><div>




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<DOCUMENT>
<TYPE>EX-99.(G)(I)(1)
<SEQUENCE>2
<FILENAME>tm2525809d1_ex99-xgxix1.htm
<DESCRIPTION>EXHIBIT 99.(G)(I)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2525809d1_ex99-xgxix1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.g(i)(1)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDED AND RESTATED MASTER INVESTMENT ADVISORY AGREEMENT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">THIS AMENDED AND
RESTATED MASTER INVESTMENT ADVISORY AGREEMENT (&ldquo;Agreement&rdquo;) is made this 1<SUP>st</SUP> day of July, 2020, by and between
INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST, a Delaware business trust (the &ldquo;Trust&rdquo;), and Invesco Advisers, Inc., a Delaware
corporation (the &ldquo;Adviser&rdquo;), amends and restates the prior Agreement between the Trust and the Adviser dated August 27, 2012,
as amended to date.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>RECITALS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
is registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), as a closed-end management investment
company;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Adviser
is registered under the Investment Advisers Act of 1940, as amended (the &ldquo;Advisers Act&rdquo;), as an investment adviser and engages
in the business of acting as an investment adviser;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
and the Adviser desire to enter into an agreement to provide for investment advisory services to the Trust upon the terms and conditions
hereinafter set forth; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">NOW THEREFORE, in
consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties agree as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Advisory Services</I>. The Adviser shall act as investment adviser for the Trust and shall, in such capacity, supervise all aspects
of the Trust&rsquo;s operations, including the investment and reinvestment of cash, securities or other properties comprising the Trust&rsquo;s
assets, subject at all times to the policies and control of the Board of Trustees of the Trust (&ldquo;Board of Trustees&rdquo;). The
Adviser shall give the Trust the benefit of its best judgment, efforts and facilities in rendering its services as investment adviser.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Investment Analysis and Implementation</I>. In carrying out its obligations under Section 1 hereof, the Adviser shall:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> (a) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;supervise all aspects of the operations of the Trust;</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;obtain and evaluate pertinent information about significant developments and economic, statistical and financial data, domestic, foreign
or otherwise, whether affecting the economy generally or the Trust, and whether concerning the individual issuers whose securities are
included in the assets of the Trust or the activities in which such issuers engage, or with respect to securities which the Adviser considers
desirable for inclusion in the Trust&rsquo;s assets;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;determine which issuers and securities shall be represented in the Trust&rsquo;s investment portfolios and regularly report thereon to
the Board of Trustees;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;formulate and implement continuing programs for the purchases and sales of the securities of such issuers and regularly report thereon
to the Board of Trustees; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;take, on behalf of the Trust, all actions which appear to the Trust necessary to carry into effect such purchase and sale programs and
supervisory functions as aforesaid, including but not limited to the placing of orders for the purchase and sale of securities for the
Trust.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Securities
Lending Duties and Fees. </I>The Adviser agrees to provide the following services in connection with the securities lending
activities of the Trust: (a) oversee participation in the securities lending program to ensure compliance with all applicable
regulatory and investment guidelines; (b) assist the securities lending agent or principal (the &ldquo;Agent&rdquo;) in determining
which specific securities are available for loan; (c) monitor the Agent to ensure that securities loans are effected in accordance
with the Adviser&rsquo;s instructions and with procedures adopted by the Board of Trustees; (d) prepare appropriate periodic reports
for, and seek appropriate approvals from, the Board of Trustees with respect to securities lending activities; (e) respond to Agent
inquiries; and (f) perform such other duties as necessary.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">As compensation for
such services provided by the Adviser in connection with securities lending activities, the Trust shall pay the Adviser a fee equal to
25% of the net monthly interest or fee income retained or paid to the Trust from such activities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Delegation of Responsibilities</I>. The Adviser is authorized to delegate any or all of its rights, duties and obligations under this
Agreement to one or more sub-advisers, and may enter into agreements with sub-advisers, and may replace any such sub-advisers from time
to time in its discretion, in accordance with the 1940 Act, the Advisers Act, and rules and regulations thereunder, as such statutes,
rules and regulations are amended from time to time or are interpreted from time to time by the staff of the Securities and Exchange Commission
(&ldquo;SEC&rdquo;), and if applicable, exemptive orders or similar relief granted by the SEC and upon receipt of approval of such sub-advisers
by the Board of Trustees and by shareholders (unless any such approval is not required by such statutes, rules, regulations, interpretations,
orders or similar relief).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Independent Contractors. </I>The Adviser and any sub-advisers shall for all purposes herein be deemed to be independent contractors
and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust in any way or otherwise
be deemed to be an agent of the Trust.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Control by Board of Trustees</I>. Any investment program undertaken by the Adviser pursuant to this Agreement, as well as any other
activities undertaken by the Adviser on behalf of the Trust, shall at all times be subject to any directives of the Board of Trustees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Compliance with Applicable Requirements</I>. In carrying out its obligations under this Agreement, the Adviser shall at all times conform
to:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
all applicable provisions of the 1940 Act and the Advisers Act and any rules and regulations adopted thereunder;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
the provisions of the registration statement of the Trust, as the same may be amended from time to time under the Securities Act of 1933
and the 1940 Act;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
the provisions of the Trust&rsquo;s Declaration of Trust, as the same may be amended from time to time;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
the provisions of the by-laws of the Trust, as the same may be amended from time to time; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> (e) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any other applicable provisions of state, federal or foreign law.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Broker-Dealer Relationships</I>. The Adviser is responsible for decisions to buy and sell securities for the Trust, broker-dealer selection,
and negotiation of brokerage commission rates.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Adviser&rsquo;s primary consideration in effecting a security transaction will be to obtain the best execution.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In selecting a broker-dealer to execute each particular transaction, the Adviser will take the following into consideration: the
best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty in
executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Trust on a
continuing basis. Accordingly, the price to the Trust in any transaction may be less favorable than that available from another
broker-dealer if the difference is reasonably justified by other aspects of the fund execution services offered.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject to such
policies as the Board of Trustees may from time to time determine, the Adviser shall not be deemed to have acted unlawfully or to have
breached any duty created by this Agreement or otherwise solely by reason of its having caused the Trust to pay a broker or dealer that
provides brokerage and research services to the Adviser an amount of commission for effecting a fund investment transaction in excess
of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Adviser determines in good
faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker
or dealer, viewed in terms of either that particular transaction or the Adviser&rsquo;s overall responsibilities with respect to the Trust,
and to other clients of the Adviser as to which the Adviser exercises investment discretion. The Adviser is further authorized to allocate
the orders placed by it on behalf of the Trust to such brokers and dealers who also provide research or statistical material, or other
services to the Trust, to the Adviser, or to any sub-adviser. Such allocation shall be in such amounts and proportions as the Adviser
shall determine and the Adviser will report on said allocations regularly to the Board of Trustees indicating the brokers to whom such
allocations have been made and the basis therefor.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
With respect to the Trust, to the extent the Adviser does not delegate trading responsibility to one or more sub-advisers, in making decisions
regarding broker-dealer relationships, the Adviser may take into consideration the recommendations of any sub-adviser appointed to provide
investment research or advisory services in connection with the Trust, and may take into consideration any research services provided
to such sub-adviser by broker-dealers.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Subject to the other provisions of this Section 8, the 1940 Act, the Securities Exchange Act of 1934, and rules and regulations thereunder,
as such statutes, rules and regulations are amended from time to time or are interpreted from time to time by the staff of the SEC, any
exemptive orders issued by the SEC, and any other applicable provisions of law, the Adviser may select brokers or dealers with which it
or the Trust are affiliated.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<I>Compensation</I>. The compensation that the Trust shall pay the Adviser is set forth in Appendix I attached hereto.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">10.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Expenses of the Trust</I>. All of the ordinary business expenses incurred in the operations of the Trust and the offering of their
shares shall be borne by the Trust unless specifically provided otherwise in this Agreement. These expenses borne by the Trust 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 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 Trust in connection with membership in investment company organizations
and the cost of printing copies of prospectuses and statements of additional information distributed to the Trust&rsquo;s shareholders.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Services to Other Companies or Accounts</I>. The Trust understands that the Adviser now acts, will continue to act and may act in the
future as investment manager or adviser to fiduciary and other managed accounts, and as investment manager or adviser to other investment
companies, including any offshore entities, or accounts, and the Trust has no objection to the Adviser so acting, provided that whenever
the Trust and one or more other investment companies or accounts managed or advised by the Adviser have available funds for investment,
investments suitable and appropriate for each will be allocated in accordance with a formula believed to be equitable to each company
and account. The Trust recognizes that in some cases this procedure may adversely affect the size of the positions obtainable and the
prices realized for the Trust.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">12. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Non-Exclusivity</I>.
The Trust understands that the persons employed by the Adviser to assist in the performance of the Adviser&rsquo;s duties under this Agreement
will not devote their full time to such service and nothing contained in this Agreement shall be deemed to limit or restrict the right
of the Adviser or any affiliate of the Adviser to engage in and devote time and attention to other businesses or to render services of
whatever kind or nature. The Trust further understands and agrees that officers or directors of the Adviser may serve as officers or trustees
of the Trust, and that officers or trustees of the Trust may serve as officers or directors of the Adviser to the extent permitted by
law; and that the officers and directors of the Adviser are not prohibited from engaging in any other business activity or from rendering
services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other
investment advisory companies.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Effective Date, Term and Approval</I>. This Agreement shall become effective with respect to the Trust, if approved by the shareholders
of the Trust, on the date indicated above. If so approved, this Agreement shall thereafter continue in force and effect until June 30,
2021, and may be continued from year to year thereafter, provided that the continuation of the Agreement is specifically approved at least
annually:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
(i) by the Board of Trustees or (ii) by the vote of &ldquo;a majority of the outstanding voting securities&rdquo; of the Trust (as defined
in Section 2(a)(42) of the 1940 Act); and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
by the affirmative vote of a majority of the trustees who are not parties to this Agreement or &ldquo;interested persons&rdquo; (as defined
in the 1940 Act) of a party to this Agreement (other than as trustees of the Trust), by votes cast in person at a meeting specifically
called for such purpose.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Termination</I>. This Agreement may be terminated as to the Trust at any time, without the payment of any penalty, by vote of the Board
of Trustees or by vote of a majority of the outstanding voting securities of the applicable the Trust, or by the Adviser, on sixty (60)
days&rsquo; written notice to the other party. The notice provided for herein may be waived by the party entitled to receipt thereof.
This Agreement shall automatically terminate in the event of its assignment, the term &ldquo;assignment&rdquo; for purposes of this paragraph
having the meaning defined in Section 2(a)(4) of the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">15.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Amendment</I>. No amendment of this Agreement shall be effective unless it is in writing and signed by the party against which enforcement
of the amendment is sought.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">16. <I>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Liability
of Adviser and Trust</I>. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of obligations or
duties hereunder on the part of the Adviser or any of its officers, directors or employees, the Adviser shall not be subject to
liability to the Trust or to any shareholder of the Trust for any act or omission in the course of, or connected with, rendering
services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">17.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Liability of Shareholders</I>. Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this
Agreement are not binding upon any of the shareholders of the Trust individually but are binding only upon the assets and property of
the Trust and that the shareholders shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal
liability as shareholders of private corporations for profit.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">18.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Notices</I>. Any notices under this Agreement shall be in writing, addressed and delivered, telecopied or mailed postage paid, to the
other party entitled to receipt thereof at such address as such party may designate for the receipt of such notice. Until further notice
to the other party, it is agreed that the address of the Trust and that of the Adviser shall be 11 Greenway Plaza, Suite 1000, Houston,
Texas 77046-1173.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in">19.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Questions
of Interpretation</I>. Any question of interpretation of any term or provision of this Agreement having a counterpart in or
otherwise derived from a term or provision of the 1940 Act or the Advisers Act shall be resolved by reference to such term or
provision of the 1940 Act or the Advisers Act and to interpretations thereof, if any, by the United States Courts or in the absence
of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to said Acts. In addition,
where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is revised by
rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.
Subject to the foregoing, this Agreement shall be governed by and construed in accordance with the laws (without reference to
conflicts of law provisions) of the State of Texas.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">20.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><I>License
Agreement</I>. The Trust shall have the non-exclusive right to use the name &ldquo;Invesco&rdquo; to designate any current or future
series of shares only so long as Invesco Advisers, Inc. serves as investment manager or adviser to the Trust with respect to such
series of shares.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 28pt 0pt 0in; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed in duplicate by their respective officers on the day and year first written
above.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESCO ADVISERS, INC.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ <FONT STYLE="font-size: 10pt">Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior Vice President &amp; Secretary</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">INVESCO CALIFORNIA VALUE MUNICIPAL
    INCOME TRUST</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ <FONT STYLE="font-size: 10pt">Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Secretary, Senior Vice President and Chief Legal Officer</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>APPENDIX I</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>COMPENSATION TO THE ADVISER</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10pt 0pt -0.25in; text-indent: 0.5in">The Trust shall pay the Adviser, out
of its assets, as full compensation for all services rendered, an advisory fee for the Trust set forth below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 10pt"><U>Trust</U></FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><FONT STYLE="font-size: 10pt"><U>Annual Rate</U></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Invesco California Value Municipal
    Income Trust</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">.55% as a percentage of average daily &ldquo;managed
    assets&rdquo;</FONT></TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">&ldquo;Managed assets&rdquo; for this
purpose means the Trust&rsquo;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 Trust&rsquo;s financial statements for
purposes of generally accepted accounting principles).</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)(II)(1)
<SEQUENCE>3
<FILENAME>tm2525809d1_ex99-xgxiix1.htm
<DESCRIPTION>EXHIBIT 99.(G)(II)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2525809d1_ex99-xgxiix1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1/users" -->

<P STYLE="text-align: right; margin: 0">&nbsp;</P>


<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.g(ii)(1)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDED AND RESTATED
MASTER INTERGROUP SUB-ADVISORY CONTRACT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">This AMENDED AND
RESTATED MASTER INTERGROUP SUB-ADVISORY CONTRACT (&ldquo;Contract&rdquo;) is made as of the 1st day of July, 2020, by and among Invesco
Advisers, Inc. (the &ldquo;Adviser&rdquo;) and each of Invesco Canada Ltd., Invesco Asset Management Deutschland GmbH, Invesco Asset Management
Limited, Invesco Asset Management (Japan) Ltd., Invesco Hong Kong Limited, and Invesco Senior Secured Management, Inc. (each a &ldquo;Sub-Adviser&rdquo;
and, collectively, the &ldquo;Sub-Advisers&rdquo;), and amends and restates the prior Contract between the Adviser and the Sub-Advisers
dated August 27, 2012, as amended to date.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">WHEREAS:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">A)</TD><TD STYLE="text-align: justify">The Adviser has entered into an investment advisory agreement with Invesco California Value Municipal
Income Trust (the &ldquo;Trust&rdquo;), a closed-end management investment company registered under the Investment Company Act of 1940,
as amended (the &ldquo;1940 Act&rdquo;),</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">B)</TD><TD STYLE="text-align: justify">The Adviser is authorized to delegate certain, any or all of its rights, duties and obligations under
investment advisory agreements to sub-advisers, including sub-advisers that are affiliated with the Adviser;</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">C)</TD><TD STYLE="text-align: justify">Each Sub-Adviser represents that it is registered with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;)
as an investment adviser under the Investment Advisers Act of 1940 (&ldquo;Advisers Act&rdquo;) as an investment adviser, or will be so
registered prior to providing any services to any of the Funds under this Contract, and engages in the business of acting as an investment
adviser; and</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">D)</TD><TD STYLE="text-align: justify">The Sub-Advisers and their affiliates have personnel in various locations throughout the world and have
been formed in part for the purpose of researching and compiling information and recommendations on the economies of various countries
and securities of issuers located in such countries or on various types of investments and investment techniques, and providing investment
advisory services in connection therewith.</TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">NOW THEREFORE, in consideration of the
promises and the mutual covenants herein contained, it is agreed between the parties hereto as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0"> 1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Appointment</I>. The Adviser hereby appoints each Sub-Adviser as a sub-adviser of each Fund for the period and on the terms set forth herein. Each Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0"> 2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Duties as Sub-Adviser</I>. Subject to paragraph 7 below, the Adviser may, in its discretion, appoint each Sub-Adviser to perform one or more of the following services with respect to all or a portion of the investments of each Fund. The services and the portion of the investments of each Fund to be advised or managed by each Sub-Adviser shall be as agreed upon from time to time by the Adviser and the Sub-Advisers. Each Sub-Adviser shall pay the salaries and fees of all personnel of such Sub-Adviser performing services for the Funds related to research, statistical and investment activities.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 35.95pt">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>Investment Advice</U>. If and to the extent requested by the Adviser, each Sub-Adviser shall provide investment advice to one or more
of the Funds and the Adviser with respect to all or a portion of the investments of such Fund(s) or with respect to various investment
techniques, and in connection with such advice shall furnish such Fund(s) and the Adviser with such factual information, research reports
and investment recommendations as the Adviser may reasonably require.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>Order Execution</U>. If and to the extent requested by the Adviser, each Sub-Adviser shall place orders for the purchase and sale of
portfolio securities or other investments for one or more of the Funds. In so doing, each Sub-Adviser agrees that it shall comply with
paragraph 3 below.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Discretionary
Investment Management</U>. If and to the extent requested by the Adviser, each Sub-Adviser shall, subject to the supervision of the Trust&rsquo;s
Board of Trustees (the &ldquo;Board&rdquo;) and the Adviser, manage all or a portion of the investments of one or more of the Funds in
accordance with the investment objectives, policies and limitations provided in the Trust&rsquo;s Registration Statement and such other
limitations as the Trust or the Adviser may impose with respect to such Fund(s) by notice to the applicable Sub-Adviser(s) and otherwise
in accordance with paragraph 5 below. With respect to the portion of the investments of a Fund under its management, each Sub-Adviser
is authorized to: (i) make investment decisions on behalf of the Fund with regard to any stock, bond, other security or investment instrument,
including but not limited to foreign currencies, futures, options and other derivatives, and with regard to borrowing money; (ii) place
orders for the purchase and sale of securities or other investment instruments with such brokers and dealers as the Sub- Adviser may select;
and (iii) upon the request of the Adviser, provide additional investment management services to the Fund, including but not limited to
managing the Fund&rsquo;s cash and cash equivalents and lending securities on behalf of the Fund. In selecting brokers or dealers to execute
trades for the Funds, each Sub-Adviser will comply with its written policies and procedures regarding brokerage and trading, which policies
and procedures shall have been approved by the Board. All discretionary investment management and any other activities of each Sub-Adviser
shall at all times be subject to the control and direction of the Adviser and the Board.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">3. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Broker-Dealer
Relationships</I>. Each Sub-Adviser agrees that, in placing orders with brokers and dealers, it will attempt to obtain the best net result
in terms of price and execution. Consistent with this obligation, each Sub-Adviser may, in its discretion, purchase and sell portfolio
securities from and to brokers and dealers who sell shares of the Funds or provide the Funds, the Adviser&rsquo;s other clients, or a
Sub-Adviser&rsquo;s other clients with research, analysis, advice and similar services. Each Sub- Adviser may pay to brokers and dealers,
in return for such research and analysis, a higher commission or spread than may be charged by other brokers and dealers, subject to such
Sub-Adviser determining in good faith that such commission or spread is reasonable in terms either of the particular transaction or of
the overall responsibility of the Adviser and such Sub-Adviser to the Funds and their other clients and that the total commissions or
spreads paid by each Fund will be reasonable in relation to the benefits to the Fund over the long term. In no instance will portfolio
securities be purchased from or sold to a Sub-Adviser, or any affiliated person thereof, except in accordance with the applicable securities
laws and the rules and regulations thereunder and any exemptive orders currently in effect. Whenever a Sub-Adviser simultaneously places
orders to purchase or sell the same security on behalf of a Fund and one or more other accounts advised by such Sub-Adviser, such orders
will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account.</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">4. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Books and
Records</I>. Each Sub-Adviser will maintain all required books and records with respect to the securities transactions of the Funds, and
will furnish the Board and the Adviser with such periodic and special reports as the Board or the Adviser reasonably may request. Each
Sub-Adviser hereby agrees that all records which it maintains for the Adviser are the property of the Adviser, and agrees to preserve
for the periods prescribed by applicable law any records which it maintains for the Adviser and which are required to be maintained, and
further agrees to surrender promptly to the Adviser any records which it maintains for the Adviser upon request by the Adviser.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> 5. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Further Duties</I>.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
In all matters relating to the performance of this Contract, each Sub-Adviser will act in conformity with the Agreement and Declaration
of Trust, By-Laws and Registration Statement of the Trust and with the instructions and directions of the Adviser and the Board and will
comply with the requirements of the 1940 Act, the rules, regulations, exemptive orders and no-action positions thereunder, and all other
applicable laws and regulations.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Sub-Adviser
shall maintain compliance procedures for the Funds that it and the Adviser reasonably believe are adequate to ensure compliance with the
federal securities laws (as defined in Rule 38a- 1 of the 1940 Act) and the investment objective(s) and policies as stated in the Funds&rsquo;
prospectuses and statement of additional information. Each Sub-Adviser at its expense will provide the Adviser or the Trust&rsquo;s Chief
Compliance Officer with such compliance reports relating to its duties under this Contract as may be requested from time to time. Notwithstanding
the foregoing, each Sub-Adviser will promptly report to the Adviser any material violations of the federal securities laws (as defined in Rule 38a-1 of the 1940 Act) that it is or should be aware
of or of any material violation of the Sub-Adviser&rsquo;s compliance policies and procedures that pertain to the Funds.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Sub-Adviser
at its expense will make available to the Board and the Adviser at reasonable times its portfolio managers and other appropriate personnel,
either in person or, at the mutual convenience of the Adviser and the Sub-Adviser, by telephone, in order to review the investment policies,
performance and other investment related information regarding the Funds and to consult with the Board and the Adviser regarding the Funds&rsquo;
investment affairs, including economic, statistical and investment matters related to the Sub-Adviser&rsquo;s duties hereunder, and will
provide periodic reports to the Adviser relating to the investment strategies it employs. Each Sub-Adviser and its personnel shall also
cooperate fully with counsel and auditors for, and the Chief Compliance Officer of, the Adviser and the Trust.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Each Sub-Adviser
will assist in the fair valuation of portfolio securities held by the Funds. The Sub-Adviser will use its reasonable efforts to provide,
based upon its own expertise, and to arrange with parties independent of the Sub-Adviser such as broker-dealers for the provision of,
valuation information or prices for securities for which prices are deemed by the Adviser or the Trust&rsquo;s administrator not to be
readily available in the ordinary course of business from an automated pricing service. In addition, each Sub-Adviser will assist the
Funds and their agents in determining whether prices obtained for valuation purposes accurately reflect market price information relating
to the assets of the Funds at such times as the Adviser shall reasonably request, including but not limited to, the hours after the close
of a securities market and prior to the daily determination of a Fund&rsquo;s net asset value per share.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(e) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Sub-Adviser
represents and warrants that it has adopted a code of ethics meeting the requirements of Rule 17j-1 under the 1940 Act and the requirements
of Rule 204A-1 under the Advisers Act and has provided the Adviser and the Board a copy of such code of ethics, together with evidence
of its adoption, and will promptly provide copies of any changes thereto, together with evidence of their adoption. Upon request of the
Adviser, but in any event no less frequently than annually, each Sub-Adviser will supply the Adviser a written report that (A) describes
any issues arising under the code of ethics or procedures since the Sub-Adviser&rsquo;s last report, including but not limited to material
violations of the code of ethics or procedures and sanctions imposed in response to the material violations; and (B) certifies that the
procedures contained in the Sub-Adviser&rsquo;s code of ethics are reasonably designed to prevent &ldquo;access persons&rdquo; from violating
the code of ethics.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(f) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Upon request
of the Adviser, each Sub-Adviser will review draft reports to shareholders and other documents provided or available to it and provide
comments on a timely basis. In addition, each Sub-Adviser and each officer and portfolio manager thereof designated by the Adviser will
provide on a timely basis such certifications or sub-certifications as the Adviser may reasonably request in order to support and facilitate
certifications required to be provided by the Trust&rsquo;s Principal Executive Officer and Principal Financial Officer and will adopt
such disclosure controls and procedures in support of the disclosure controls and procedures adopted by the Trust as the Adviser, on behalf
of the Trust, deems are reasonably necessary.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(g) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless otherwise
directed by the Adviser or the Board, each Sub-Adviser will vote all proxies received in accordance with the Adviser&rsquo;s proxy voting
policy or, if the Sub-Adviser has a proxy voting policy approved by the Board, the Sub-Adviser&rsquo;s proxy voting policy. Each Sub-Adviser
shall maintain and shall forward to the Funds or their designated agent such proxy voting information as is necessary for the Funds to
timely file proxy voting results in accordance with Rule 30b1-4 of the 1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(h)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Each Sub-Adviser
shall provide the Funds&rsquo; custodian on each business day with information relating to all transactions concerning the assets of the
Funds and shall provide the Adviser with such information upon request of the Adviser.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">6. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Services Not Exclusive</I>.
The services furnished by each Sub-Adviser hereunder are not to be deemed exclusive and such Sub-Adviser shall be free to furnish similar
services to others so long as its services under this Contract are not impaired thereby. Nothing in this Contract shall limit or restrict
the right of any director, officer or employee of a Sub-Adviser, who may also be a Trustee, officer or employee of the Trust, to engage
in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether
of a similar nature or a dissimilar nature.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">7. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Use of Subsidiaries and Affiliates</I>. Each Sub-Adviser may perform any or all of the services contemplated hereunder, including but not limited to providing investment advice
to the Funds pursuant to paragraph 2(a) above and placing orders for the purchase and sale of portfolio securities or other investments
for the Funds pursuant to paragraph 2(b) above, directly or through such of its subsidiaries or other affiliates, including each of the
other Sub-Advisers, as such Sub- Adviser shall determine; provided, however, that performance of such services through such subsidiaries
or other affiliates shall have been approved, when required by the 1940 Act, by (i) a vote of a majority of the independent Trustees who
are not parties to this Contract or &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of a party to this Contract, other than
as Board members (&ldquo;Independent Trustees&rdquo;), cast in person at a meeting called for the purpose of voting on such approval,
and/or (ii) a vote of a majority of that Fund&rsquo;s outstanding voting securities.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"> 8. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Compensation</I>.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The only fees payable to the Sub-Advisers under this Contract are for providing discretionary investment management services
pursuant to paragraph 2(c) above. For such services, the Adviser will pay each Sub-Adviser a fee, computed daily and paid monthly,
equal to (i) 40% of the monthly compensation that the Adviser receives from the Trust pursuant to its advisory agreement with the
Trust, multiplied by (ii) the fraction equal to the net assets of such Fund as to which the Sub-Adviser shall have provided
discretionary investment management services pursuant to paragraph 2(c) above for that month divided by the net assets of such Fund
for that month. This fee shall be payable on or before the last business day of the next succeeding calendar month. This fee shall
be reduced to reflect contractual or voluntary fee waivers or expense limitations by the Adviser, if any, in effect from time to
time as set forth in paragraph 9 below. In no event shall the aggregate monthly fees paid to the Sub-Advisers under this Contract
exceed 40% of the monthly compensation that the Adviser receives from the Trust pursuant to its advisory agreement with the Trust,
as reduced to reflect contractual or voluntary fee waivers or expense limitations by the Adviser, if any.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; If this Contract
becomes effective or terminates before the end of any month, the fees for the period from the effective date to the end of the month or
from the beginning of such month to the date of termination, as the case may be, shall be prorated according to the proportion which such
period bears to the full month in which such effectiveness or termination occurs.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; If a Sub-Adviser
provides the services under paragraph 2(c) above to a Fund for a period that is less than a full month, the fees for such period shall
be prorated according to the proportion which such period bears to the applicable full month.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">9. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Fee Waivers and Expense Limitations</I>.
If, for any fiscal year of a Fund, the amount of the advisory fee which such Fund would otherwise be obligated to pay to the Adviser is
reduced because of contractual or voluntary fee waivers or expense limitations by the Adviser, the fee payable to each Sub-Adviser pursuant
to paragraph 8 above shall be reduced proportionately; and to the extent that the Adviser reimburses the Fund as a result of such expense
limitations, such Sub-Adviser shall reimburse the Adviser that proportion of such reimbursement payments which the fee payable to each
Sub-Adviser pursuant to paragraph 8 above bears to the advisory fee under this Contract.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">10. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Limitation of Liability
of Sub-Adviser and Indemnification</I>. No Sub-Adviser shall be liable for any costs or liabilities arising from any error of judgment
or mistake of law or any loss suffered by a Fund or the Trust in connection with the matters to which this Contract relates except a
loss resulting from willful misfeasance, bad faith or gross negligence on the part of such Sub-Adviser in the performance by such Sub-Adviser
of its duties or from reckless disregard by such Sub-Adviser of its obligations and duties under this Contract. Any person, even though
also an officer, partner, employee, or agent of a Sub-Adviser, who may be or become a Trustee, officer, employee or agent of the Trust,
shall be deemed, when rendering services to a Fund or the Trust or acting with respect to any business of a Fund or the Trust, to be
rendering such service to or acting solely for the Fund or the Trust and not as an officer, partner, employee, or agent or one under
the control or direction of such Sub-Adviser even though paid by it.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"> 11. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Duration and Termination</I>.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Contract shall become effective with respect to each Sub-Adviser upon the later of the date hereabove written and the date that
such Sub-Adviser is registered with the SEC as an investment adviser under the Advisers Act, if a Sub-Adviser is not so registered
as of the date hereabove written; provided, however, that this Contract shall not take effect with respect to any Fund unless it has
first been approved (i) by a vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of
voting on such approval, and (ii) by vote of a majority of that Fund&rsquo;s outstanding voting securities, when required by the
1940 Act.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(b) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Unless sooner
terminated as provided herein, this Contract shall continue in force and effect until June 30, 2021. Thereafter, if not terminated, with
respect to each Fund, this Contract shall continue automatically for successive periods not to exceed twelve months each, provided that
such continuance is specifically approved at least annually (i) by a vote of a majority of the Independent Trustees, cast in person at
a meeting called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting
securities of that Fund.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">(c) &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
the foregoing, with respect to any Fund(s) or any Sub-Adviser(s), this Contract may be terminated at any time, without the payment of
any penalty, (i) by vote of the Board or by a vote of a majority of the outstanding voting securities of such Fund(s) on sixty days&rsquo;
written notice to such Sub-Adviser(s); or (ii) by the Adviser on sixty days&rsquo; written notice to such Sub-Adviser(s); or (iii) by
a Sub-Adviser on sixty days&rsquo; written notice to the Trust. Should this Contract be terminated with respect to a Sub-Adviser, the
Adviser shall assume the duties and responsibilities of such Sub-Adviser unless and until the Adviser appoints another Sub- Adviser to
perform such duties and responsibilities. Termination of this Contract with respect to one or more Fund(s) or Sub-Adviser(s) shall not
affect the continued effectiveness of this Contract with respect to any remaining Fund(s) or Sub-Adviser(s). This Contract will automatically
terminate in the event of its assignment.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0"> 12. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Amendment</I>. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and, when required by the 1940 Act, no amendment of this Contract shall be effective until approved by vote of a majority of the Fund&rsquo;s outstanding voting securities.</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">13.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Notices</I>. Any notices under this Contract shall be in writing, addressed and delivered, telecopied or mailed postage paid, to the
other party entitled to receipt thereof at such address as such party may designate for the receipt of such notice. Until further notice
to the other party, it is agreed that the address of the Trust and the Adviser shall be 11 Greenway Plaza, Suite 1000, Houston, Texas
77046-1173. Until further notice to the other party, it is agreed that the address of each Sub-Adviser shall be set forth in Exhibit B
attached hereto.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">14.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Governing Law</I>. This Contract shall be construed in accordance with the laws of the State of Texas and the 1940 Act. To the extent
that the applicable laws of the State of Texas conflict with the applicable provisions of the 1940 Act, the latter shall control.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">15. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Multiple Sub-Advisory Agreements</I>. This Contract has been signed by multiple parties; namely the Adviser,
on one hand, and each Sub-Adviser, on the other. The parties have signed one document for administrative convenience to avoid a multiplicity
of documents. It is understood and agreed that this document shall constitute a separate sub-advisory agreement between the Adviser and
each Sub-Adviser with respect to each Fund, as if the Adviser and such Sub-Adviser had executed a separate sub-advisory agreement naming
such Sub-Adviser as a sub-adviser to each Fund. With respect to any one Sub-Adviser, (i) references in this Contract to &ldquo;a Sub-Adviser&rdquo;
or to &ldquo;each Sub-Adviser&rdquo; shall be deemed to refer only to such Sub-Adviser, and (ii) the term &ldquo;this Contract&rdquo;
shall be construed according to the foregoing provisions.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; margin: 0">16. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<I>Miscellaneous</I>. The captions
in this Contract are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise
affect their construction or effect. If any provision of this Contract shall be held or made invalid by a court decision, statute, rule
or otherwise, the remainder of this Contract shall not be affected thereby. This Contract shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors. Any question of interpretation of any term or provision of this Contract
having a counterpart in or otherwise derived from a term or provision of the 1940 Act or the Advisers Act shall be resolved by reference
to such term or provision of the 1940 Act or the Advisers Act and to interpretations thereof, if any, by the United States Courts or in
the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC issued pursuant to said Acts. In
addition, where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of the Contract is revised
by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Contract to be executed by their officers designated as of the day and year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ADVISERS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO CANADA LTD.</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adviser</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    H. Kupor</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey H. Kupor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President &amp; Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEUTSCHLAND GMBH</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT (JAPAN)</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIMITED</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>








<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Contract to be executed by their officers designated as of the day and year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ADVISERS,
    INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO CANADA
    LTD.</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adviser</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%"></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%">/s/ Harsh Damani</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey H. Kupor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Harsh Damani</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President &amp;
    Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">CFO Funds</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET
    MANAGEMENT</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEUTSCHLAND
    GMBH</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET
    MANAGEMENT LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET
    MANAGEMENT (JAPAN) LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Contract to be executed by their officers designated as of the day and year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ADVISERS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO CANADA LTD.</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adviser</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%"></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey H. Kupor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President &amp; Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEUTSCHLAND GMBH</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Alexander Taft &#8239;&#8239;&#8239;/s/ Doris Pittlinger</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Alexander Taft &#8239;&#8239;&nbsp;&nbsp;&#8239;Doris Pittlinger</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">DIRECTOR</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Colin Fitzgerald</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Colin Fitzgerald</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">DIRECTOR</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO
    ASSET MANAGEMENT (JAPAN) LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this Contract to be executed by their officers designated as of the day and year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ADVISERS, INC.</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO CANADA LTD.</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adviser</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%"></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>By:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 44%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey H. Kupor</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title: </B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President &amp; Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title:</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEUTSCHLAND GMBH</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESCO ASSET MANAGEMENT LIMITED</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><B>INVESCO ASSET
    MANAGEMENT (JAPAN) LIMITED</B></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sub-Adviser</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">/s/ Takashi Matsuo</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">Takashi Matsuo</TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">CAO &amp; Head of Human Resources</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESCO
    HONG KONG LIMITED</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Adviser</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%">/s/ Lee Siu Mei / Pang Sin Chu</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Lee Siu Mei / Pang Sin Chu</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Head of Finance, GC / Director, GDS, AP</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">INVESCO
    SENIOR SECURED MANAGEMENT, INC.</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Adviser</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD>
    </TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESCO
    HONG KONG LIMITED</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Adviser</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%"></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">INVESCO
    SENIOR SECURED MANAGEMENT, INC.</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sub-Adviser</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Stephen Swanson</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Stephen Swanson</TD>
    </TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">Secretary &amp; General Counsel</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT A</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Addresses of Sub-Advisers</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management Deutschland GmbH</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An der Welle 5</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1st Floor</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Frankfurt, Germany 60313</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management Limited</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Perpetual Park</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Perpetual Park Drive</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Henley-on-Thames</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfordshire</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RG9 1HH</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Kingdom</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Asset Management (Japan) Limited</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Roppongi Hills Mori Tower 14F</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6-10-1 Roppongi, Minato-ku, Tokyo 106-6114</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Hong Kong Limited</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">41/F Champion Tower</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Three Garden Road, Central</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hong Kong</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Senior Secured Management, Inc.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1166 Avenue of the Americas</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10036</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Invesco Canada Ltd.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">5140 Yonge Street</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite 900</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Toronto, Ontario</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Canada M2N 6X7</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(III)(1)
<SEQUENCE>4
<FILENAME>tm2525809d1_ex99-xkxiiix1.htm
<DESCRIPTION>EXHIBIT 99.(K)(III)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2525809d1_ex99-xkxiiix1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2525809-1/tm2525809-1_n2seq1/users" -->

<P STYLE="margin: 0; text-align: right">&nbsp;</P>


<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.k(iii)(1)</B></P>


<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDED AND RESTATED MASTER ADMINISTRATIVE SERVICES AGREEMENT</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This AMENDED AND
RESTATED MASTER ADMINISTRATIVE SERVICES AGREEMENT (&ldquo;Agreement&rdquo;) is made this 1<SUP>st</SUP> day of July, 2020, by and between
Invesco Advisers, Inc., a Delaware corporation (the &ldquo;Administrator&rdquo;) and INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST, a
Delaware statutory trust (the &ldquo;Trust&rdquo;), amends and restates the prior Agreement between the Administrator and the Trust, dated
June 1, 2010, as amended to date.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>W I T N E S S E T H:</U></B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust
is a closed--end investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;); and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Trust,
has retained the Administrator to perform (or arrange for the performance of) accounting, shareholder servicing and other administrative
services as well as investment advisory services to the Trust, and that the Administrator may receive reasonable compensation or may be
reimbursed for its costs in providing such additional services, upon the request of the Board of Trustees and upon a finding by the Board
of Trustees that the provision of such services is in the best interest of the Trust and its shareholders; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Board
of Trustees has found that the provision of such administrative services is in the best interest of the Trust and its shareholders, and
has requested that the Administrator perform such services;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, the parties hereby agree as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">1. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The Administrator
hereby agrees to provide, or arrange for the provision of, any or all of the following services by the Administrator or its affiliates:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(a)&#8239;&#8239;&#8239;
the services of a principal financial officer of the Trust (including related office space, facilities and equipment) whose normal duties
consist of maintaining the financial accounts and books and records of the Trust, including the review of daily net asset value calculations
and the preparation of tax returns; and the services (including related office space, facilities and equipment) of any of the personnel
operating under the direction of such principal financial officer;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(b)&#8239;&#8239;&#8239;
to the extent not otherwise required under the Administrator&rsquo;s investment advisory agreement with the Trust, supervising the operations
of the custodian(s), transfer agent(s) or dividend paying agent(s) for the Trust, auction agent(s) for the Trust &rsquo;s preferred shares,
if issued, and other agents as agreed upon by the Trust; or otherwise providing services to shareholders of the Trust; and the Administrator
from time to time;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(c) &#8239;&#8239;&#8239;supervising
the Trust&rsquo;s relationship with any stock exchange on which the Trust&rsquo;s common shares are listed; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">(d)&#8239;&#8239;&#8239;&#8239;to
the extent not otherwise required under the Administrator&rsquo;s investment advisory agreement with the Trust, such other
administrative services as may be furnished from time to time by the Administrator to the Trust at the request of the Trust&rsquo;s
Board of Trustees, provided, however, that nothing in this Agreement shall require the Administrator to pay (i) the salary or other
compensation of the senior officer of the Trust appointed pursuant to the New York Attorney General&rsquo;s Assurance of
Discontinuance applicable to Invesco Advisers, Inc. dated October 8, 2004; or (ii) the salary or other compensation (or any portion
of such salary or other compensation) of any other officer of the Trust that the Trust&rsquo;s Board of Trustees has agreed should
be paid by the Trust so long as such agreement is evidenced by a resolution of the Board of Trustees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">2. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The services provided hereunder shall
at all times be subject to the direction and supervision of the Trust&rsquo;s Board of Trustees.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
As full compensation for the services performed and the facilities furnished by or at the direction of the Administrator, the Trust shall
pay the Administrator in accordance with the Fee Schedule as set forth in Appendix A attached hereto. Such amounts shall be paid to the
Administrator on a monthly basis.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Administrator shall not be liable for any error of judgment or for any loss suffered by the Trust in connection with any matter to
which this Agreement relates, except a loss resulting from the Administrator&rsquo;s willful misfeasance, bad faith or gross negligence in the
performance of its duties or from reckless disregard of its obligations and duties under this Agreement.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
The Trust and the Administrator each hereby represent and warrant, but only as to themselves, that each has all requisite authority to
enter into, execute, deliver and perform its obligations under this Agreement and that this Agreement is legal, valid and binding, and
enforceable in accordance with its terms.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Nothing in this Agreement shall limit or restrict the rights of any director, officer or employee of the Administrator who may also be
a trustee, officer or employee of the Trust to engage in any other business or to devote his time and attention in part to the management
or other aspects of any business, whether of a similar or a dissimilar nature, nor limit or restrict the right of the Administrator to
engage in any other business or to render services of any kind to any other corporation, firm, individual or association.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement shall become effective with respect to the Trust on the Effective Date for the Trust, as set forth in Appendix A attached
hereto. This Agreement shall continue in effect until June 30, 2021, and may be continued from year to year thereafter, provided that
the continuation of the Agreement is specifically approved at least annually:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.45in">(a)&#8239;&#8239;&#8239;(i)
by the Trust&rsquo;s Board of Trustees or (ii) by the vote of &ldquo;a majority of the outstanding voting securities&rdquo; of the Trust (as defined
in Section 2(a)(42) of the 1940 Act); and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.45in">(b)&#8239;&#8239;&#8239;&#8239;by
the affirmative vote of a majority of the trustees who are not parties to this Agreement or &ldquo;interested persons&rdquo; (as defined
in the 1940 Act) of a party to this Agreement (other than as trustees of the Trust), by votes cast in person at a meeting specifically
called for such purpose.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">This Agreement shall
terminate automatically in the event of its assignment (as defined in the 1940 Act and the rules thereunder), except that the Trust may
assign this Agreement, without approval of the Administrator, 1) to a successor in connection with a redomestication of the Trust and
2) to another fund within the Invesco family of funds in connection with a merger or reorganization of the Trust and such other Invesco
fund</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement may be amended or modified with respect to the Trust, but only by a written instrument signed by both the Trust and the
Administrator.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
Notice is hereby given that, as provided by applicable law, the obligations of or arising out of this Agreement are not binding upon any
of the shareholders of the Trust individually but are binding only upon the assets and property of the Trust and that the shareholders
shall be entitled, to the fullest extent permitted by applicable law, to the same limitation on personal liability as stockholders of
private corporations for profit.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">10. &#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any notice
or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by
registered mail, postage prepaid, (a) to the Administrator at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046, Attention:
President, with a copy to the General Counsel, or (b) to the Trust at 11 Greenway Plaza, Suite 1000, Houston, Texas 77046,
Attention: President, with a copy to the General Counsel.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">11.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement contains the entire agreement between the parties hereto and supersedes all prior agreements, understandings and arrangements
with respect to the subject matter hereof.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">12.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
This Agreement shall be governed by and construed in accordance with the laws (without reference to conflicts of law provisions) of the
State of Texas.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto
have caused this instrument to be executed by their officers designated below as of the day and year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESCO
    ADVISERS, INC.&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    H. Kupor</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President &amp; Secretary</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INVESCO
    CALIFORNIA VALUE MUNICIPAL</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCOME
    TRUST</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Jeffrey H. Kupor</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    H. Kupor</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary,
    Senior Vice President and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Legal Officer</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>APPENDIX A</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>FEE SCHEDULE TO THE</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AMENDED AND RESTATED
MASTER ADMINISTRATIVE SERVICES AGREEMENT</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>OF</B></P>


<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 49%"><U>Trust</U></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 49%; text-align: left"><U>Effective Date of Agreement</U></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Invesco California Value Municipal Income Trust</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">July 1, 2020</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 58pt 0pt 0in; text-indent: 0.5in">The Administrator may receive from
the Trust reimbursement for costs or reasonable compensation for such services as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%; margin-left: 1in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Rate*</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Invesco Fund Complex Net Assets**</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">0.0175</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 67%; font: 10pt Times New Roman, Times, Serif; text-align: left">First $100 billion</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Next $100 billion</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0135</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Next $100 billion</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.0125</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Next $100 billion</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.010</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Over $400 billion</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">* The fee will be paid monthly at 1/12
of the annualized effective fee rate based on the average assets under management of the Invesco Fund Complex Net Assets of the prior
month.</P>


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">** Invesco Fund Complex Net Assets means
the aggregate monthly net assets of each mutual fund and closed-end fund in the Invesco Fund complex overseen by the Invesco Funds Board.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOfferingTableNa">&#9744;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; float: center; width: 100%; text-align: center; border: 1px solid black; font-size: 16px;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 12%;">
            <!-- BLANK -->
          </th>
          <th style="width: 2%;">
            <!-- BLANK -->
          </th>
          <th style="width: 12%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Type</b>
            </p>
          </th>
          <th style="width: 14%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Security Class Title </b>
            </p>
          </th>
          <th style="width: 2%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Calculation or Carry Forward Rule</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount Registered</b>
            </p>
          </th>
          <th style="width: 15%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Proposed Maximum Offering Price Per Unit</b>
            </p>
          </th>
          <th style="width: 10%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Maximum Aggregate Offering Price</b>
            </p>
          </th>
          <th style="width: 5%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Fee Rate</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Amount of Registration Fee</b>
            </p>
          </th>
          <th style="width: 1%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Form Type</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward File Number</b>
            </p>
          </th>
          <th style="width: 6%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Carry Forward Initial Effective Date</b>
            </p>
          </th>
          <th style="width: 7%;">
            <p style="margin: 0pt; text-align: center;">
              <b>Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward</b>
            </p>
          </th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Newly Registered Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_1" format="ixt:booleanfalse" id="ixv-400">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		1
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_1" id="ixv-401">Equity</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_1" id="ixv-402">Common Shares, $0.01 par value per share</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457aFlg" contextRef="offrl_1" format="ixt:booleantrue" id="ixv-403">457(a)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-404">1,000,000</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-405">10.36</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-406">10,360,000.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-407">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_1" id="ixv-408">1,586.12</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:PrevslyPdFlg" contextRef="offrl_2" format="ixt:booleanfalse" id="ixv-409">Fees to be Paid</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
		2
	</td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTp" contextRef="offrl_2" id="ixv-410">Other</ix:nonNumeric>
          </td>
          <td style="text-align: left;">
            <ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="offrl_2" id="ixv-411">Rights to purchase Common Shares</ix:nonNumeric>
          </td>
          <td style="text-align: center;">
            <ix:nonNumeric name="ffd:Rule457aFlg" contextRef="offrl_2" format="ixt:booleantrue" id="ixv-412">457(a)</ix:nonNumeric>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:AmtSctiesRegd" unitRef="Shares" decimals="0" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-413">0</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxOfferingPricPerScty" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-414">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:MaxAggtOfferingPric" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-415">0.00</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-416">0.0001531</ix:nonFraction>
          </td>
          <td style="text-align: right;">
            <span>$</span>
            <ix:nonFraction name="ffd:FeeAmt" unitRef="USD" decimals="INF" format="ixt:numdotdecimal" contextRef="offrl_2" id="ixv-417">0.00</ix:nonFraction>
          </td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fees Previously Paid
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Carry Forward Securities</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Carry Forward Securities
	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: left;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: right;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: center;">

	</td>
          <td style="text-align: right;">

	</td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">Total Offering Amounts:</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; width: 16%;">
            <p id="MaxAggtOfferingPrice" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOfferingAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-418">10,360,000.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top; border-bottom: 1px black; width: 16%;">
            <p id="TotalFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-419">1,586.12</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fees Previously Paid:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalPreviouslyPaidAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlPrevslyPdAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-420">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Total Fee Offsets:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="TotalOffsetAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:TtlOffsetAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-421">0.00</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
        <tr>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td colspan="3" style="vertical-align: top">
            <p style="margin: 0pt; text-align: right">
					Net Fee Due:
				</p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td style="vertical-align: top">
            <p id="NetFeeAmt" style="margin: 0pt; text-align: right">
              <span>$</span>
              <ix:nonFraction name="ffd:NetFeeAmt" contextRef="rc" decimals="INF" format="ixt:numdotdecimal" unitRef="USD" id="ixv-422">1,586.12</ix:nonFraction>
            </p>
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
          <td>
            <!-- BLANK -->
          </td>
        </tr>
      </table>
    </div>
    <div>
      <table style="width: 100%; text-indent: 0px;">
        <tbody>
          <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
            <td>
              <p style="margin:0pt;text-align:left; margin-bottom: 5px;">
                <b>Offering Note</b>
              </p>
            </td>
            <td/>
          </tr>
        </tbody>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="width: 100%; text-indent: 0px;">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">1</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_1" id="ixv-423">The Registrant is relying upon Rule 457(c) under the Securities Act of 1933 ("Securities Act") to calculate the registration fee. The maximum aggregate offering price is estimated solely for purposes of determining the registration fee based on the average of the high and low sales prices of the shares of Common Shares, as reported by the New York Stock Exchange on September 8, 2025, in accordance with Rule 457(c) under the Securities Act. The proposed maximum offering price per security will be determined from time to time by the Registrant in connection with the sale by the Registrant of the securities registered under this Registration Statement.


</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; vertical-align: top;">
          <td style="width:10pt;">
            <p style="margin:0pt;text-align:left;">
              <sup style="vertical-align:top;line-height:120%;font-size:10px">2</sup>
            </p>
          </td>
          <td colspan="7" style="white-space: pre-line;">
            <ix:nonNumeric name="ffd:OfferingNote" escape="1" contextRef="offrl_2" id="ixv-424">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase Common Shares, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement.
</ix:nonNumeric>
          </td>
        </tr>
        <tr>
          <td colspan="7">
            <hr style="width:100%;text-align:left;margin-left:0"/>
          </td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 2: Fee Offset Claims and Sources</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcOffsetTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; text-align: center;  border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 10%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 8%; text-align: left;">
            <!-- BLANK -->
          </th>
          <th style="width: 16%;">
				Registrant or Filer Name
			</th>
          <th style="width: 6%;">
				Form or Filing Type
			</th>
          <th style="width: 7%;">
				File Number
			</th>
          <th style="width: 6%;">
				Initial Filing Date
			</th>
          <th style="width: 6%;">
				Filing Date
			</th>
          <th style="width: 6%;">
				Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Security Type Associated with Fee Offset Claimed
			</th>
          <th style="width: 8%;">
				Security Title Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Unsold Securities Associated with Fee Offset Claimed
			</th>
          <th style="width: 9%;">
				Unsold Aggregate Offering Amount Associated with Fee Offset Claimed
			</th>
          <th style="width: 6%;">
				Fee Paid with Fee Offset Source
			</th>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rules 457(b) and 0-11(a)(2)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr>
          <td colspan="14" style="text-align: center">
            <b>Rule 457(p)</b>
          </td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Claims
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
        <tr style="background-color:#E7E7E2">
          <td style="text-align: left;">
		Fee Offset Sources
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td>
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: left;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
          <td style="text-align: right;">
		N/A
	</td>
        </tr>
      </table>
    </div>
    <div style="padding-bottom: 20px;">
      <table style="float: center; width: 100%; text-align: left;  ">
        <tr style="font-family: Arial, Helvetica, sans-serif; font-size: 16px">
          <th style="vertical-align: bottom; text-align: left; word-wrap: break-word">
            <b>Table 3: Combined Prospectuses</b>
          </th>
          <th style="vertical-align: bottom; word-wrap: break-word; text-align: right;">
            <span style="-sec-ix-hidden: hiddenrcCombinedProspectusTableNa">&#9745;Not Applicable</span>
          </th>
        </tr>
      </table>
      <table style="font-family: Arial, Helvetica, sans-serif; font-size: 16px; float: center; width: 100%; border: 1px solid black;">
        <tr style="background-color:#9ADAF6">
          <th style="width: 4%">
            <!-- Note column -->
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              <b>Security Class Title</b>
            </p>
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              <b>Amount of Securities Previously Registered</b>
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              <b>Form Type</b>
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		N/A
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		N/A
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<TYPE>EX-101.SCH
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<FILENAME>ck0000895531-20250912.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
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        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>0000 - Disclosure - Leverage of portfolio</link:definition>
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>0000 - Disclosure - DESCRIPTION OF OUR CAPITAL STOCK</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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      <link:roleType roleURI="http://www.invesco.com/role/RiskFactor" id="RiskFactor">
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        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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        <link:definition>0000 - Document - Cover</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.invesco.com/role/OtherData" id="OtherData">
        <link:definition>0000 - Disclosure - Fee Table</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>8
<FILENAME>ck0000895531-20250912_def.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<link:linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>ck0000895531-20250912_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <loc xlink:type="locator" xlink:href="ck0000895531-20250912.xsd#ck0000895531_CommonSharesMember" xlink:label="loc_ck0000895531_CommonSharesMember_2"/>
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<TYPE>EX-101.PRE
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<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<link:linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>N-2 - USD ($)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="10">3 Months Ended</th>
<th class="th" colspan="5">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 12, 2025</div></th>
<th class="th"><div>Sep. 08, 2025</div></th>
<th class="th"><div>Aug. 31, 2025</div></th>
<th class="th"><div>May 31, 2025</div></th>
<th class="th"><div>Feb. 28, 2025</div></th>
<th class="th"><div>Nov. 30, 2024</div></th>
<th class="th"><div>Aug. 31, 2024</div></th>
<th class="th"><div>May 31, 2024</div></th>
<th class="th"><div>Feb. 29, 2024</div></th>
<th class="th"><div>Nov. 30, 2023</div></th>
<th class="th"><div>Aug. 31, 2023</div></th>
<th class="th"><div>May 31, 2023</div></th>
<th class="th"><div>Feb. 29, 2020</div></th>
<th class="th"><div>Feb. 28, 2019</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Feb. 28, 2017</div></th>
<th class="th"><div>Feb. 29, 2016</div></th>
<th class="th"><div>Feb. 28, 2015</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">N-2<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyActRegistration', window );">Investment Company Act Registration</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendment', window );">Investment Company Registration Amendment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_InvestmentCompanyRegistrationAmendmentNumber', window );">Investment Company Registration Amendment Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">INVESCO CALIFORNIA VALUE MUNICIPAL INCOME TRUST<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">1331 Spring Street N.W.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Suite 2500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Atlanta<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">GA<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">30309<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">892-0896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic', window );">Approximate Date of Commencement of Proposed Sale to Public</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From time to time after the effective date of this Registration Statement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DividendOrInterestReinvestmentPlanOnly', window );">Dividend or Interest Reinvestment Plan Only</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DelayedOrContinuousOffering', window );">Delayed or Continuous Offering</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfFlag', window );">Primary Shelf [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveUponFiling462e', window );">Effective Upon Filing, 462(e)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecuritiesEffective413b', window );">Additional Securities Effective, 413(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EffectiveWhenDeclaredSection8c', window );">Effective when Declared, Section 8(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NewEffectiveDateForPreviousFiling', window );">New Effective Date for Previous Filing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AdditionalSecurities462b', window );">Additional Securities. 462(b)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoSubstantiveChanges462c', window );">No Substantive Changes, 462(c)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ExhibitsOnly462d', window );">Exhibits Only, 462(d)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RegisteredClosedEndFundFlag', window );">Registered Closed-End Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BusinessDevelopmentCompanyFlag', window );">Business Development Company [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_IntervalFundFlag', window );">Interval Fund [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PrimaryShelfQualifiedFlag', window );">Primary Shelf Qualified [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">true<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">No<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_NewCefOrBdcRegistrantFlag', window );">New CEF or BDC Registrant [Flag]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FeeTableAbstract', window );"><strong>Fee Table [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ShareholderTransactionExpensesTableTextBlock', window );">Shareholder Transaction Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
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                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"><sup>(1)</sup></td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">[--]</span></td>
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              </tr>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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              </tr>

          </table>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.</span></td>
                </tr>

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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(2)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Common Shareholders will pay service fee of $2.50&#160;and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</span></td>
                </tr>

            </table>
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        <span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SalesLoadPercent', window );">Sales Load [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_DividendReinvestmentAndCashPurchaseFees', window );">Dividend Reinvestment and Cash Purchase Fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 0<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesAbstract', window );"><strong>Other Transaction Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherTransactionExpensesPercent', window );">Other Transaction Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">0.00%<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualExpensesTableTextBlock', window );">Annual Expenses [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                <tr style="vertical-align:bottom">
                  <td style="white-space:nowrap;font-size:10pt">&#160;</td>
                  <td style="white-space:nowrap;font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                  <td style="white-space:nowrap;padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Annual Expenses</td>
                  <td style="font-size:10pt">&#160;</td>
                  <td style="font-size:10pt;text-align:left">&#160;</td>
                  <td style="font-size:10pt;text-align:right">&#160;</td>
                  <td style="font-size:10pt;text-align:left">&#160;</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="width:83%;font:10pt Times New Roman, Times, Serif;padding-left:9.25pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Management fees<sup>(4)</sup></span></td>
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                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-left:9.25pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Interest payments on borrowed funds<sup>(5)</sup></span></td>
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                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;padding-left:9.25pt"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Other expenses</span></td>
                  <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                  <td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:2.5pt;padding-left:9.25pt">Total annual expenses</td>
                  <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt">&#160;</td>
                  <td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="padding-bottom:2.5pt;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>

            </table>
          </div>

            <div>&#160;</div>

          <div>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(3)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Based upon average net assets applicable to Common Shares for the annual&#160;period ended February&#160;28, 2025.</span></td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(4)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average daily Managed Assets. The fee shown above is based upon outstanding leverage of 37.81% of the Fund&#8217;s total assets. If leverage of more than 37.81% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</span></td>
                </tr>

            </table>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td style="width:0.25in"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(5)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Based upon the Fund&#8217;s outstanding borrowings as of February&#160;28, 2025 of approximately $146,225,000, and outstanding preferred shares as of February&#160;28, 2025 of approximately &#160;177,000,000, and the average daily weighted interest rate for the period ended February&#160;28, 2025 of 4.03%, and dividends on preferred shares at an annual rate of 4.40%. </span></td>
                </tr>

            </table>
          </div>
        <span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ManagementFeesPercent', window );">Management Fees [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[4]</sup></td>
<td class="nump">0.88%<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InterestExpensesOnBorrowingsPercent', window );">Interest Expenses on Borrowings [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3],[5]</sup></td>
<td class="nump">2.55%<span></span>
</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesAbstract', window );"><strong>Other Annual Expenses [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OtherAnnualExpensesPercent', window );">Other Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">0.11%<span></span>
</td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_TotalAnnualExpensesPercent', window );">Total Annual Expenses [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">3.54%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleTableTextBlock', window );">Expense Example [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Example</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1)&#160;&#8220;Total annual expenses&#8221; of 3.54% of net assets attributable to Common Shares and (2)&#160;a 5% annual return*:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse;border-spacing:0px">

                <tr style="vertical-align:bottom">
                  <td style="text-align:center">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">1 Year</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">3 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">5 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td style="padding-bottom:1pt">&#160;</td>
                  <td colspan="2" style="border-bottom:black 1pt solid;text-align:center"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">10 Years</span></td>
                  <td style="padding-bottom:1pt">&#160;</td>
                </tr>
                <tr style="vertical-align:bottom;background-color:#CCEEFF">
                  <td style="width:57%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">Total Expenses paid by Common Shareholders<sup>(1)</sup>&#160;</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:7%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:3%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">36&#160;</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:2%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
                  <td style="text-align:right;width:6%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">109</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:2%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
                  <td style="text-align:right;width:6%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">184</span></td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:1%">&#160;</td>
                  <td style="width:2%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">$</span></td>
                  <td style="text-align:right;width:7%"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">384</span></td>
                  <td style="width:1%">&#160;</td>
                </tr>

            </table>
          </div>

            <div>&#160;</div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><strong>* The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#8217;s actual rate of return may be higher or lower than the hypothetical 5% return shown in the example</strong>. The example assumes that all dividends and distributions are reinvested at net asset value.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px">

                <tr style="vertical-align:top">
                  <td><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><sup>(1)&#160;</sup>&#160;</span></td>
                  <td style="text-align:justify"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt">The example above does not include sales charges or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales charge and estimated offering costs.</span></td>
                </tr>

            </table>
          </div>
        <span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
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</td>
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</td>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYear01', window );">Expense Example, Year 01</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">$ 36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to3', window );">Expense Example, Years 1 to 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">109<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to5', window );">Expense Example, Years 1 to 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ExpenseExampleYears1to10', window );">Expense Example, Years 1 to 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">$ 384<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_PurposeOfFeeTableNoteTextBlock', window );">Purpose of Fee Table , Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_BasisOfTransactionFeesNoteTextBlock', window );">Basis of Transaction Fees, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">as a percentage of offering price</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_FinancialHighlightsAbstract', window );"><strong>Financial Highlights [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesAmt', window );">Senior Securities Amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 208,300,000<span></span>
</td>
<td class="nump">$ 208,300,000<span></span>
</td>
<td class="nump">$ 208,300,000<span></span>
</td>
<td class="nump">$ 188,300,000<span></span>
</td>
<td class="nump">$ 188,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesCvgPerUnit', window );">Senior Securities Coverage per Unit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 419,298<span></span>
</td>
<td class="nump">$ 394,353<span></span>
</td>
<td class="nump">$ 398,830<span></span>
</td>
<td class="nump">$ 437,454<span></span>
</td>
<td class="nump">$ 454,427<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreference', window );">Preferred Stock Liquidating Preference</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SeniorSecuritiesNoteTextBlock', window );">Senior Securities, Note [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
        <div>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_004"><strong>SENIOR SECURITIES</strong></span></p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The information regarding the Fund&#8217;s outstanding senior securities at the end of each of the Fund&#8217;s last five fiscal years are included in the Fund&#8217;s financial highlights, which are incorporated by reference from the Fund&#8217;s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm#fact-identifier-5">Annual Report</a> for the fiscal year ended February&#160;28, 2025 (File No.&#160;811-07404), as filed with the SEC on Form&#160;N-CSR on May&#160;2, 2025. The information regarding the Fund's outstanding senior securities for the fiscal years ended February&#160;29, 2020, February&#160;28, 2019, February&#160;28, 2018, February&#160;28, 2017, and February&#160;29, 2016 is set forth in the table above. See &#8220;Financial Highlights&#8221; above.</p>
        </div>
      <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_GeneralDescriptionOfRegistrantAbstract', window );"><strong>General Description of Registrant [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_InvestmentObjectivesAndPracticesTextBlock', window );">Investment Objectives and Practices [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_008"><strong>INVESTMENT OBJECTIVE AND POLICIES</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Objective and Policies</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm">annual report</a> on Form&#160;N-CSR, entitled &#8220;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Investment Objective&#8221; and &#8220;-Investment Policies of the Trust,&#8221; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#8217;s investment objective and policies.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Portfolio Turnover</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Fund&#8217;s portfolio turnover rate may vary greatly from year to year. For the past two fiscal years, the Fund&#8217;s portfolio turnover rate was as follows.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

            <tr style="vertical-align:bottom">
              <td style="font:10pt Times New Roman, Times, Serif;border-bottom:Black 1pt solid">Fiscal Year Ended</td>
              <td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
              <td colspan="2" style="white-space:nowrap;border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center">Portfolio Turnover Rate</td>
              <td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif">&#160;</td>
            </tr>
            <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
              <td style="width:79%;font:10pt Times New Roman, Times, Serif">February&#160;28, 2025</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="width:18%;font:10pt Times New Roman, Times, Serif;text-align:right">12</td>
              <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
            </tr>
            <tr style="vertical-align:bottom">
              <td style="font:10pt Times New Roman, Times, Serif">February&#160;29, 2024</td>
              <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10</td>
              <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
            </tr>

        </table>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Investment Restrictions</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#8217;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#8217;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#8217;s outstanding voting securities. See &#8220;Investment Restrictions&#8221; in the SAI for a complete list of the fundamental investment policies of the Fund.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RiskFactorsTableTextBlock', window );">Risk Factors [Table Text Block]</a></td>
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      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_010"><strong>RISKS</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#8217;s most recent <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm">annual report</a> on Form&#160;N-CSR entitled &#8220;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Principal Risks of Investing in the Trust,&#8221; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTextBlock', window );">Effects of Leverage [Text Block]</a></td>
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      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_009"><strong>USE OF LEVERAGE</strong></span></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#8217;s holdings.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Currently, the Fund employs leverage through its outstanding series of variable rate muni term preferred shares (&#8220;Preferred Shares&#8221;), which have seniority over the Common Shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#8217;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#8217;s issuance of floating rate certificates.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#8217;s leveraging strategy will be successful.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may use derivative instruments including, but not limited to, futures, options, swaps (including municipal market data rate locks (&#8220;MMD Rate Locks&#8221;)) and forwards (including municipal forward contracts) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">So long as the net rate of income received from the Fund&#8217;s investments purchased with leverage proceeds exceeds the then current interest rate on such leverage, the investment of the proceeds of leverage will generate more net income than if the Fund had not leveraged itself. However, if the rate of net income received from the Fund&#8217;s portfolio investments purchased with the proceeds of leverage is less than the then current interest rate on that leverage, the Fund may be required to utilize other Fund assets to make interest payments on its leveraging instruments.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund pays a management fee to the Adviser (which in turn may pay a portion of such fee to any Sub-Adviser utilized) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#8217;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#8217;s net assets as well as assets that are attributable to the Fund&#8217;s investment of the proceeds of its leverage, it is anticipated that the Fund&#8217;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#8217;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#8217;s and any Sub-Adviser&#8217;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#8217;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#8217;s performance and the impact of the use of leverage on that performance.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Under the 1940 Act, the Fund is not permitted to issue &#8220;senior securities&#8221; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.</p>
      </div>

        <div>&#160;</div>

      <div>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Preferred Shares</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. Under the 1940 Act, the Fund may not issue preferred shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets).</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><i>Preferred Shares.</i> On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Series&#160;2015/6-VCV VMTP Shares (the &#8220;Preferred Shares&#8221;), respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the Securities Act of 1933, as amended (the &#8220;1933 Act&#8221;). The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">As of February&#160;28, 2025, the Fund had outstanding preferred shares with an aggregate liquidation preference of $184,803,562, representing approximately 4.40% of the Fund&#8217;s total assets as of such date.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"><strong>Effects of Leverage</strong></p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Assuming (i)&#160;the use by the Fund of leverage representing approximately 37.81% of the Fund&#8217;s total assets (including the proceeds of such leverage), 17.10% of the Fund&#8217;s total assets being attributable to borrowings and 20.70% of the Fund&#8217;s total assets being attributable to preferred shares, and (ii)&#160;interest costs to the Fund at an average annual rate of 4.03% with respect to borrowings and dividends on preferred shares at an annual rate of 4.40%, then the incremental income generated by the Fund&#8217;s portfolio (net of estimated expenses related to the leverage) must exceed approximately 7.20% to cover such interest expense. Of course, these numbers are merely estimates used for illustration. The amount of leverage used by the Fund as well as actual interest expenses and dividend payments on such leverage may vary frequently and may be significantly higher or lower than the rate estimated above.</p>
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The following table is furnished pursuant to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&#8217;s investment portfolio returns will be. The table further reflects the issuance of leverage representing approximately 7.02% of the Fund&#8217;s total assets (including the proceeds of such leverage), and the Fund&#8217;s currently projected annual interest rate of 4.03% with respect to borrowings and projected annual dividends on preferred shares of 4.40%. The table does not reflect any offering costs of Common Shares or leverage.</p>

        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

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            <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="width:45%;font:bold 10pt Times New Roman, Times, Serif;text-align:left">Assumed portfolio total return (net of expenses)</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">(10.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">(5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">0.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">10.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Common Share total return</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(14.07</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(8.05</td>
                  <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(2.03</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">3.99</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.01</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>

            </table>
          </div>

      </div>

        <div>&#160;</div>

      <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">Common Share total return is composed of two elements&#8212;the Common Share dividends paid by the Fund (the amount of which is largely determined by the Fund&#8217;s net investment income after paying the carrying cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital loss than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the net investment income it receives on its investments is entirely offset by losses on the value of those investments. This table reflects the hypothetical performance of the Fund&#8217;s portfolio and not the performance of the Fund&#8217;s Common Shares, the value of which will be determined by market and other factors.</p>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualDividendPayment', window );">Annual Dividend Payment</a></td>
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<td class="num">(0.64)<span></span>
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<td class="num">(0.69)<span></span>
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<td class="num">(0.79)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_AnnualInterestRatePercent', window );">Annual Interest Rate [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4.03%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeverageTableTextBlock', window );">Effects of Leverage [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

                <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                  <td style="width:45%;font:bold 10pt Times New Roman, Times, Serif;text-align:left">Assumed portfolio total return (net of expenses)</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">(5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">0.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">5.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right">10.00</td>
                  <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>
                <tr style="vertical-align:bottom">
                  <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left">Common Share total return</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.01</td>
                  <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                </tr>

            </table>
          </div>
        <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusTenPercent', window );">Return at Minus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(14.07%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtMinusFivePercent', window );">Return at Minus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8.05%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtZeroPercent', window );">Return at Zero [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2.03%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusFivePercent', window );">Return at Plus Five [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_ReturnAtPlusTenPercent', window );">Return at Plus Ten [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.01%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_EffectsOfLeveragePurposeTextBlock', window );">Effects of Leverage, Purpose [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The following table is furnished pursuant to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&#8217;s investment portfolio returns will be. The table further reflects the issuance of leverage representing approximately 7.02% of the Fund&#8217;s total assets (including the proceeds of such leverage), and the Fund&#8217;s currently projected annual interest rate of 4.03% with respect to borrowings and projected annual dividends on preferred shares of 4.40%. The table does not reflect any offering costs of Common Shares or leverage.</p>
        <span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SharePriceTableTextBlock', window );">Share Price [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
        <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The following table sets forth, for each of the periods indicated: (i)&#160;the high and low closing market prices for the Common Shares reported as of the end of the day on the NYSE, (ii)&#160;the high and low net asset value (NAV) of the Common Shares, and (iii)&#160;the high and low of the premium or discount to NAV (expressed as a percentage) of shares of the Common Shares. Net asset value is generally determined on each day that the NYSE is open for business. See &#8220;Net Asset Value&#8221; for information as to the determination of the Fund&#8217;s NAV.</p>

        <div>
          <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

              <tr style="vertical-align:bottom">
                <td style="font-size:10pt">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="6" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">Market Price</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">During Quarter Ended</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">High</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">Low</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">High</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">Low</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">High</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
                <td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid">Low</td>
                <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="width:22%;font:10pt Times New Roman, Times, Serif">August&#160;2025</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">10.72</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">9.99</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">10.09</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">9.62</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">8.21</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right">1.19</td>
                <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
              </tr>
              <tr style="vertical-align:bottom">
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                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
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                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.16</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.66</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.04</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.76</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">5.07</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(5.94</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif">February&#160;2025</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.28</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.48</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.40</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.77</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">2.65</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(7.91</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">November&#160;2024</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.37</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.06</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.51</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.98</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(0.87</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(8.84</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif">August&#160;2024</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.84</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.07</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.54</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.05</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(4.66</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(10.26</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">May&#160;2024</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.07</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.56</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.47</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.02</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(8.87</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(14.49</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif">February&#160;2024</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.90</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.46</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.50</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.09</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(13.46</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(15.19</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">November&#160;2023</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.37</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">8.08</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.06</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.64</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(13.83</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(17.07</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom;background-color:rgb(204,238,255)">
                <td style="font:10pt Times New Roman, Times, Serif">August&#160;2023</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.84</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.18</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.23</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.64</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(11.13</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(14.95</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>
              <tr style="vertical-align:bottom">
                <td style="font:10pt Times New Roman, Times, Serif">May&#160;2023</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.24</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">9.20</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">11.46</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">$</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">10.76</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(9.44</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
                <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:right">(14.86</td>
                <td style="font:10pt Times New Roman, Times, Serif;text-align:left">)%</td>
              </tr>

          </table>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><sup>(1)</sup>&#160;Based on the Fund&#8217;s computations.</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
          <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><sup>(2)</sup>&#160;Calculated based on the information presented. Percentages are rounded.</p>
        </div>
      <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBid', window );">Lowest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9.99<span></span>
</td>
<td class="nump">$ 9.66<span></span>
</td>
<td class="nump">$ 10.48<span></span>
</td>
<td class="nump">$ 10.06<span></span>
</td>
<td class="nump">$ 10.07<span></span>
</td>
<td class="nump">$ 9.56<span></span>
</td>
<td class="nump">$ 9.46<span></span>
</td>
<td class="nump">$ 8.08<span></span>
</td>
<td class="nump">$ 9.18<span></span>
</td>
<td class="nump">$ 9.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBid', window );">Highest Price or Bid</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.72<span></span>
</td>
<td class="nump">11.16<span></span>
</td>
<td class="nump">11.28<span></span>
</td>
<td class="nump">11.37<span></span>
</td>
<td class="nump">10.84<span></span>
</td>
<td class="nump">10.07<span></span>
</td>
<td class="nump">9.9<span></span>
</td>
<td class="nump">9.37<span></span>
</td>
<td class="nump">9.84<span></span>
</td>
<td class="nump">10.24<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidNav', window );">Lowest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9.62<span></span>
</td>
<td class="nump">9.76<span></span>
</td>
<td class="nump">10.77<span></span>
</td>
<td class="nump">10.98<span></span>
</td>
<td class="nump">11.05<span></span>
</td>
<td class="nump">11.02<span></span>
</td>
<td class="nump">11.09<span></span>
</td>
<td class="nump">9.64<span></span>
</td>
<td class="nump">10.64<span></span>
</td>
<td class="nump">10.76<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidNav', window );">Highest Price or Bid, NAV</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.09<span></span>
</td>
<td class="nump">$ 11.04<span></span>
</td>
<td class="nump">$ 11.4<span></span>
</td>
<td class="nump">$ 11.51<span></span>
</td>
<td class="nump">$ 11.54<span></span>
</td>
<td class="nump">$ 11.47<span></span>
</td>
<td class="nump">$ 11.5<span></span>
</td>
<td class="nump">$ 11.06<span></span>
</td>
<td class="nump">$ 11.23<span></span>
</td>
<td class="nump">$ 11.46<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent', window );">Highest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.21%<span></span>
</td>
<td class="nump">5.07%<span></span>
</td>
<td class="nump">2.65%<span></span>
</td>
<td class="num">(0.87%)<span></span>
</td>
<td class="num">(4.66%)<span></span>
</td>
<td class="num">(8.87%)<span></span>
</td>
<td class="num">(13.46%)<span></span>
</td>
<td class="num">(13.83%)<span></span>
</td>
<td class="num">(11.13%)<span></span>
</td>
<td class="num">(9.44%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent', window );">Lowest Price or Bid, Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[8]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.19%<span></span>
</td>
<td class="num">(5.94%)<span></span>
</td>
<td class="num">(7.91%)<span></span>
</td>
<td class="num">(8.84%)<span></span>
</td>
<td class="num">(10.26%)<span></span>
</td>
<td class="num">(14.49%)<span></span>
</td>
<td class="num">(15.19%)<span></span>
</td>
<td class="num">(17.07%)<span></span>
</td>
<td class="num">(14.95%)<span></span>
</td>
<td class="num">(14.86%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Share Price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.44<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12.6<span></span>
</td>
<td class="nump">12.02<span></span>
</td>
<td class="nump">11.86<span></span>
</td>
<td class="nump">12.4<span></span>
</td>
<td class="nump">13.49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetAssetValuePerShare', window );">NAV Per Share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10.13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13.9<span></span>
</td>
<td class="nump">$ 12.81<span></span>
</td>
<td class="nump">$ 13<span></span>
</td>
<td class="nump">$ 13.28<span></span>
</td>
<td class="nump">$ 13.95<span></span>
</td>
<td class="nump">$ 13.83<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_LatestPremiumDiscountToNavPercent', window );">Latest Premium (Discount) to NAV [Percent]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.06%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockTableTextBlock', window );">Capital Stock [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"><span id="a_015"><strong>DESCRIPTION OF CAPITAL STRUCTURE</strong></span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of April&#160;2, 2012. The following is a brief description of the terms of the Common Shares, Borrowings and preferred shares which may be issued by the Fund. This description does not purport to be complete and is qualified by reference to the Fund&#8217;s Governing Documents.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font-size:10pt;font-family:Times New Roman">Common Shares</span></strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value. Each Common Share represents an equal proportionate interest in the assets of the Fund with each other Common Share in the Fund. <span style="font-size:10pt;font-family:Times New Roman">Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.</span> <span style="font-size:10pt;font-family:Times New Roman">Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.</span>&#160;<span style="font-size:10pt;font-family:Times New Roman">Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a <i>pro rata </i>basis</span>.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">While there are any borrowings or preferred shares outstanding, the Fund may not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#160;all accrued distributions on preferred shares or accrued interest on borrowings have been paid and (ii)&#160;the value of the Fund&#8217;s total assets (determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares from a rating agency. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#8217;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation as a RIC for federal income tax purposes. The Fund intends, however, to the extent possible to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment of the Fund&#8217;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.</p>
          </div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt;font-family:Times New Roman">The Common Shares have no preemptive rights or subscription rights.</span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund will not issue certificates for the Common Shares.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Issuance of Additional Common Shares</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Any additional offering of Common Shares will be subject to the requirements of the 1940 Act. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#8217;s common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its Common Shareholders.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Rights Offerings</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#8217;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the period of time the offering would remain open;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the title of such rights;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the exercise price for such rights (or method of calculation thereof);</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
                    </tr>

                </table>
              </div>

            <div style="display:none">

                <div>&#160;</div>

            </div>
          </div>

            <div>&#160;</div>

          <div>

              <div>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">termination rights we may have in connection with such rights offering.</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify">A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</p>
              </div>

            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Because shares of closed-end funds frequently trade at a discount to their net asset values, the Board has determined that from time to time it may be in the interest of holders of Common Shares for the Fund to take corrective actions. The Board, in consultation with the Adviser, will review at least annually the possibility of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#8217;s expenses, whether such transactions would impair the Fund&#8217;s status as a RIC or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund&#8217;s ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or if undertaken, that such actions will result in the Fund&#8217;s Common Shares trading at a price which is equal to or approximates their net asset value. In recognition of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in the interest of holders of Common Shares, the Board, in consultation with the Adviser, from time to time may review possible actions to reduce any such discount.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares</span></strong></p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, no par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares.</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an &#8220;asset coverage&#8221; of at least 200%. Asset coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#8217;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#8217;s preferred shares may exceed the Fund&#8217;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.</p>
            </div>
          </div>

          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt;font-family:Times New Roman">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</span></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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              <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><span style="font-size:10pt;font-family:Times New Roman">Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#8217;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#8217; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.</span></p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#8217;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"><i>Preferred Shares.</i> On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Preferred Shares, respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">Dividends paid on the Preferred Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The rate for dividends will be determined in accordance with the procedures included in the Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares, as supplemented, for the Preferred Shares. The Fund is subject to certain restrictions relating to the Preferred Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to Common Shareholders or purchasing Common Shares and/or could trigger the mandatory redemption of Preferred Shares at liquidation preference.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Borrowings</strong></p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#8217;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#8217;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#8217;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may negotiate with commercial banks to arrange a borrowing facility pursuant to which the Fund may borrow an amount equal to approximately one-third of the Fund&#8217;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute leverage. Such a borrowing facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be prepayable by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the borrowing facility or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund would be expected to indemnify the lenders against liabilities they may incur in connection with the borrowing facility.</p>
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          <div>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">In addition, the Fund expects that a borrowing facility would contain covenants that, among other things, likely will limit the Fund&#8217;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Fund expects that any borrowing facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a borrowing facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such borrowing facility may in the future be replaced or refinanced by one or more borrowing facilities having substantially different terms or by the issuance of preferred shares or debt securities.</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in">The following table provides information about the outstanding securities of the Fund as of September 8, 2025:</p>
            <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>

              <table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px">

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                    <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                    <td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt">&#160;</td>
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                    <td style="font:10pt Times New Roman, Times, Serif;width:24%;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span style="font-size:10pt;font-family:Times New Roman">Common Shares of Beneficial Interest, no par value</span></span></td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="width:22%;font:10pt Times New Roman, Times, Serif;text-align:right">--</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                    <td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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                  <tr style="vertical-align:bottom">
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left"><span style="font-family:Times New Roman, Times, Serif;font-size:10pt"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares of Beneficial Interest, no par value</span></span></td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:center">1,770</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:right">--</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:right">1,770</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                  </tr>

              </table>

          </div>
        <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_RightsLimitedByOtherSecuritiesTextBlock', window );">Rights Limited by Other Securities [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">
              <div>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"><strong>Rights Offerings</strong></p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#8217;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#8217;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#8217; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in">The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</p>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the period of time the offering would remain open;</td>
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                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the title of such rights;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the exercise price for such rights (or method of calculation thereof);</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the number of such rights issued in respect of each Share;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px">

                    <tr style="vertical-align:top;text-align:justify">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in;text-align:left">&#9679;</td>
                      <td style="text-align:justify">the number of rights required to purchase a single Share;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">the extent to which such rights are transferable and the market on which they may be traded if they are transferable;</td>
                    </tr>

                </table>
                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;</td>
                    </tr>

                </table>
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                <div>&#160;</div>

              <div>
                <table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%">

                    <tr style="vertical-align:top">
                      <td style="width:0.5in"></td>
                      <td style="width:0.5in">&#9679;</td>
                      <td style="text-align:justify">the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);</td>
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                <p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0">&#160;</p>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecuritiesTableTextBlock', window );">Outstanding Securities [Table Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">
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                    <td style="font:10pt Times New Roman, Times, Serif">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:right">1,770</td>
                    <td style="font:10pt Times New Roman, Times, Serif;text-align:left">&#160;</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">11 Greenway Plaza<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Houston<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">TX<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">77046<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Melanie Ringold, Esq.<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ck0000895531_CommonSharesMember', window );">Common Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Common Shares</span><span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityDividendsTextBlock', window );">Security Dividends [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.</span><span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a <i>pro rata </i>basis</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityPreemptiveAndOtherRightsTextBlock', window );">Security Preemptive and Other Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">The Common Shares have no preemptive rights or subscription rights.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Common Shares of Beneficial Interest, no par value</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48,020,486<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=ck0000895531_PreferredSharesMember', window );">Preferred Shares [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract', window );"><strong>Capital Stock, Long-Term Debt, and Other Securities [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityTitleTextBlock', window );">Security Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityVotingRightsTextBlock', window );">Security Voting Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#8217;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#8217; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#8217;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_SecurityLiquidationRightsTextBlock', window );">Security Liquidation Rights [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityTitleTextBlock', window );">Outstanding Security, Title [Text Block]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><span style="font-size:10pt;font-family:Times New Roman">Preferred Shares of Beneficial Interest, no par value</span><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityHeldShares', window );">Outstanding Security, Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_cef_OutstandingSecurityNotHeldShares', window );">Outstanding Security, Not Held [Shares]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="19"></td></tr>
<tr><td colspan="19"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Common Shareholders will pay service fee of $2.50 and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#8220;Dividend Reinvestment Plan.&#8221;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Based upon average net assets applicable to Common Shares for the annual period ended February 28, 2025.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#8217;s average daily Managed Assets. The fee shown above is based upon outstanding leverage of 37.81% of the Fund&#8217;s total assets. If leverage of more than 37.81% of the Fund&#8217;s total assets is used, the management fees shown would be higher.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Based upon the Fund&#8217;s outstanding borrowings as of February 28, 2025 of approximately $146,225,000, and outstanding preferred shares as of February 28, 2025 of approximately  177,000,000, and the average daily weighted interest rate for the period ended February 28, 2025 of 4.03%, and dividends on preferred shares at an annual rate of 4.40% .</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">The example above does not include sales charges or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales charge and estimated offering costs.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">Based on the Fund&#8217;s computations.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[8]</td>
<td style="vertical-align: top;" valign="top">Calculated based on the information presented. Percentages are rounded.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualDividendPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualDividendPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_AnnualInterestRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_AnnualInterestRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_BasisOfTransactionFeesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_BasisOfTransactionFeesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_BusinessDevelopmentCompanyFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_BusinessDevelopmentCompanyFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockLongTermDebtAndOtherSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_CapitalStockTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_CapitalStockTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_DividendReinvestmentAndCashPurchaseFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_DividendReinvestmentAndCashPurchaseFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeveragePurposeTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeveragePurposeTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeverageTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_EffectsOfLeverageTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_EffectsOfLeverageTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYear01">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYear01</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to10">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to10</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ExpenseExampleYears1to5">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ExpenseExampleYears1to5</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FeeTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FeeTableAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_FinancialHighlightsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_FinancialHighlightsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_GeneralDescriptionOfRegistrantAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_GeneralDescriptionOfRegistrantAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_HighestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_HighestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InterestExpensesOnBorrowingsPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InterestExpensesOnBorrowingsPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_IntervalFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_IntervalFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_InvestmentObjectivesAndPracticesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 2<br> -Paragraph b, d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_InvestmentObjectivesAndPracticesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LatestPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LatestPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidNav">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instruction 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidNav</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_LowestPriceOrBidPremiumDiscountToNavPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph Instructions 4, 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_LowestPriceOrBidPremiumDiscountToNavPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ManagementFeesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 7<br> -Subparagraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ManagementFeesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_NewCefOrBdcRegistrantFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_NewCefOrBdcRegistrantFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OtherTransactionExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OtherTransactionExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecuritiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecuritiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityNotHeldShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityNotHeldShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_OutstandingSecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 5<br> -Paragraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_OutstandingSecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PrimaryShelfQualifiedFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PrimaryShelfQualifiedFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_PurposeOfFeeTableNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_PurposeOfFeeTableNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RegisteredClosedEndFundFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RegisteredClosedEndFundFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtMinusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtMinusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusFivePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusFivePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtPlusTenPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtPlusTenPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ReturnAtZeroPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph b<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ReturnAtZeroPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RightsLimitedByOtherSecuritiesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RightsLimitedByOtherSecuritiesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_RiskFactorsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 3<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_RiskFactorsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SalesLoadPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SalesLoadPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityDividendsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityDividendsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityLiquidationRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityLiquidationRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityPreemptiveAndOtherRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityPreemptiveAndOtherRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityTitleTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityTitleTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SecurityVotingRightsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 10<br> -Subsection 1<br> -Paragraph a<br> -Subparagraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SecurityVotingRightsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesCvgPerUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph 3<br> -Subparagraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesCvgPerUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SeniorSecuritiesNoteTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 3<br> -Paragraph Instruction 1<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 4<br> -Subsection 1<br> -Paragraph Instruction 2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SeniorSecuritiesNoteTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_SharePriceTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 8<br> -Subsection 5<br> -Paragraph b<br> -Subparagraph 4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_SharePriceTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_ShareholderTransactionExpensesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_ShareholderTransactionExpensesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_cef_TotalAnnualExpensesPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br> -Section Item 3<br> -Subsection 1<br> -Paragraph Instruction 8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">cef_TotalAnnualExpensesPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>cef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecurities462b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecurities462b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AdditionalSecuritiesEffective413b">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 413<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AdditionalSecuritiesEffective413b</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ApproximateDateOfCommencementOfProposedSaleToThePublic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The approximate date of a commencement of a proposed sale of securities to the public. This element is disclosed in S-1, S-3, S-4, S-11, F-1, F-3 and F-10 filings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ApproximateDateOfCommencementOfProposedSaleToThePublic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:dateOrAsapItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DelayedOrContinuousOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DelayedOrContinuousOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DividendOrInterestReinvestmentPlanOnly">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form S-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form F-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DividendOrInterestReinvestmentPlanOnly</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveUponFiling462e">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection e<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveUponFiling462e</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EffectiveWhenDeclaredSection8c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Section 8<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EffectiveWhenDeclaredSection8c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInvCompanyType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>One of: N-1A (Mutual Fund), N-1 (Open-End Separate Account with No Variable Annuities), N-2 (Closed-End Investment Company), N-3 (Separate Account Registered as Open-End Management Investment Company), N-4 (Variable Annuity UIT Separate Account), N-5 (Small Business Investment Company), N-6 (Variable Life UIT Separate Account), S-1 or S-3 (Face Amount Certificate Company), S-6 (UIT, Non-Insurance Product).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 313<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInvCompanyType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:invCompanyType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection d<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ExhibitsOnly462d</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_InvestmentCompanyActRegistration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_InvestmentCompanyRegistrationAmendmentNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Investment Company Act<br> -Number 270<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_InvestmentCompanyRegistrationAmendmentNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:sequenceNumberItemType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NewEffectiveDateForPreviousFiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-2<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-3<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-4<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form N-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NewEffectiveDateForPreviousFiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoSubstantiveChanges462c">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 462<br> -Subsection c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoSubstantiveChanges462c</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetAssetValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net asset value per share or per unit of investments in certain entities that calculate net asset value per share. Includes, but is not limited to, by unit, membership interest, or other ownership interest. Investment includes, but is not limited to, investment in certain hedge funds, venture capital funds, private equity funds, real estate partnerships or funds. Excludes fair value disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477796/946-210-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478494/946-205-50-7<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetAssetValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
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<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(d))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-4<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockLiquidationPreference</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharePrice</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<SEQUENCE>16
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Sep. 10, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000895531<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Invesco California Value Municipal Income Trust<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">N-2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">N-2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Sep. 10, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457aFlg', window );">Rule 457(a)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Shares, $0.01 par value per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">1,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">10.36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 10,360,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 1,586.12<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">The Registrant is relying upon Rule 457(c) under the Securities Act of 1933 ("Securities Act") to calculate the registration fee. The maximum aggregate offering price is estimated solely for purposes of determining the registration fee based on the average of the high and low sales prices of the shares of Common Shares, as reported by the New York Stock Exchange on September 8, 2025, in accordance with Rule 457(c) under the Securities Act. The proposed maximum offering price per security will be determined from time to time by the Registrant in connection with the sale by the Registrant of the securities registered under this Registration Statement.


<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457aFlg', window );">Rule 457(a)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Rights to purchase Common Shares<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase Common Shares, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement.
<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457aFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using Rule 457(a) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457aFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Sep. 10, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 10,360,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">1,586.12<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 1,586.12<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
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      id="Fxbrl_20240319104820263">false</cef:IntervalFundFlag>
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          &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Common Shareholder Transaction Expenses&lt;/td&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="padding-left:0.125in;width:86%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;Maximum Sales Charge (&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;as a percentage of offering price&lt;/span&gt;)&lt;/td&gt;
                &lt;td style="width:2%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;None&lt;/span&gt;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;Offering expenses borne by Common Shareholders (as a percentage of offering price)&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;[--]&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="padding-left:0.125in;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Dividend Reinvestment Plan fees&lt;sup&gt;(2)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;None&lt;/span&gt;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(1)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;If Common Shares to which this Prospectus relates are sold to or through underwriters, the Prospectus Supplement will set forth any applicable sales charge and the estimated offering expenses borne by the Fund.&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(2)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Common Shareholders will pay service fee of $2.50&#160;and brokerage charges if they direct the Plan Agent to sell Common Shares held in a dividend reinvestment account. See &#x201c;Dividend Reinvestment Plan.&#x201d;&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;
        </cef:ShareholderTransactionExpensesTableTextBlock>
    <cef:BasisOfTransactionFeesNoteTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911101456935">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;as a percentage of offering price&lt;/span&gt;</cef:BasisOfTransactionFeesNoteTextBlock>
    <cef:SalesLoadPercent
      contextRef="C_20250912to20250912"
      decimals="2"
      id="Fxbrl_20250911101706440"
      unitRef="Pure">0</cef:SalesLoadPercent>
    <cef:OtherTransactionExpensesPercent
      contextRef="C_20250912to20250912"
      decimals="2"
      id="Fxbrl_20250911101757511"
      unitRef="Pure">0</cef:OtherTransactionExpensesPercent>
    <cef:DividendReinvestmentAndCashPurchaseFees
      contextRef="C_20250912to20250912"
      decimals="0"
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    <cef:AnnualExpensesTableTextBlock
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          &lt;div&gt;
            &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="white-space:nowrap;font-size:10pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="white-space:nowrap;font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="white-space:nowrap;font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;As a Percentage of Net Assets&lt;br/&gt;Attributable to Common Shares&lt;sup&gt;(3)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="white-space:nowrap;padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Annual Expenses&lt;/td&gt;
                  &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font-size:10pt;text-align:right"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font-size:10pt;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="width:83%;font:10pt Times New Roman, Times, Serif;padding-left:9.25pt"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Management fees&lt;sup&gt;(4)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:14%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.88&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-left:9.25pt"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Interest payments on borrowed funds&lt;sup&gt;(5)&lt;/sup&gt;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;2.55&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt;padding-left:9.25pt"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Other expenses&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.11&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left;padding-bottom:2.5pt;padding-left:9.25pt"&gt;Total annual expenses&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:2.5pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="border-bottom:Black 2.5pt double;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;3.54&lt;/td&gt;
                  &lt;td style="padding-bottom:2.5pt;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(3)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Based upon average net assets applicable to Common Shares for the annual&#160;period ended February&#160;28, 2025.&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(4)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;The Fund pays the Adviser an annual fee, payable monthly, in an amount equal to 0.55% of the Fund&#x2019;s average daily Managed Assets. The fee shown above is based upon outstanding leverage of 37.81% of the Fund&#x2019;s total assets. If leverage of more than 37.81% of the Fund&#x2019;s total assets is used, the management fees shown would be higher.&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td style="width:0.25in"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(5)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Based upon the Fund&#x2019;s outstanding borrowings as of February&#160;28, 2025 of approximately $146,225,000, and outstanding preferred shares as of February&#160;28, 2025 of approximately &#160;177,000,000, and the average daily weighted interest rate for the period ended February&#160;28, 2025 of 4.03%, and dividends on preferred shares at an annual rate of 4.40%. &lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;
        </cef:AnnualExpensesTableTextBlock>
    <cef:ManagementFeesPercent
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      decimals="4"
      id="Fxbrl_20250911102016265"
      unitRef="Pure">0.0088</cef:ManagementFeesPercent>
    <cef:InterestExpensesOnBorrowingsPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911102110609"
      unitRef="Pure">0.0255</cef:InterestExpensesOnBorrowingsPercent>
    <cef:OtherAnnualExpensesPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911102201673"
      unitRef="Pure">0.0011</cef:OtherAnnualExpensesPercent>
    <cef:TotalAnnualExpensesPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911102338481"
      unitRef="Pure">0.0354</cef:TotalAnnualExpensesPercent>
    <cef:AnnualInterestRatePercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911154336066"
      unitRef="Pure">0.0403</cef:AnnualInterestRatePercent>
    <cef:PurposeOfFeeTableNoteTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911102459347">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;The purpose of the table and the example below is to help you understand the fees and expenses that you, as a holder of Common Shares, would bear directly or indirectly.&lt;/span&gt;</cef:PurposeOfFeeTableNoteTextBlock>
    <cef:ExpenseExampleTableTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911102531411">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Example&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming (1)&#160;&#x201c;Total annual expenses&#x201d; of 3.54% of net assets attributable to Common Shares and (2)&#160;a 5% annual return*:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-collapse:collapse;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="text-align:center"&gt;&#160;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:black 1pt solid;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;1 Year&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:black 1pt solid;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;3 Years&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:black 1pt solid;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;5 Years&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                  &lt;td colspan="2" style="border-bottom:black 1pt solid;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;10 Years&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom;background-color:#CCEEFF"&gt;
                  &lt;td style="width:57%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Total Expenses paid by Common Shareholders&lt;sup&gt;(1)&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:7%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;$&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:3%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;36&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:2%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;$&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:right;width:6%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;109&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:2%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;$&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:right;width:6%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;184&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:2%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;$&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:right;width:7%"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;384&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="width:1%"&gt;&#160;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;&lt;strong&gt;* The Example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Fund&#x2019;s actual rate of return may be higher or lower than the hypothetical 5% return shown in the example&lt;/strong&gt;. The example assumes that all dividends and distributions are reinvested at net asset value.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;width:100%;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:top"&gt;
                  &lt;td&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;sup&gt;(1)&#160;&lt;/sup&gt;&#160;&lt;/span&gt;&lt;/td&gt;
                  &lt;td style="text-align:justify"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;The example above does not include sales charges or estimated offering costs. In connection with an offering of Common Shares, the Prospectus Supplement will set forth an Example including sales charge and estimated offering costs.&lt;/span&gt;&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;
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        &lt;div&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="a_004"&gt;&lt;strong&gt;SENIOR SECURITIES&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The information regarding the Fund&#x2019;s outstanding senior securities at the end of each of the Fund&#x2019;s last five fiscal years are included in the Fund&#x2019;s financial highlights, which are incorporated by reference from the Fund&#x2019;s &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000895531/000119312525111538/d629198dncsr.htm#fact-identifier-5"&gt;Annual Report&lt;/a&gt; for the fiscal year ended February&#160;28, 2025 (File No.&#160;811-07404), as filed with the SEC on Form&#160;N-CSR on May&#160;2, 2025. The information regarding the Fund's outstanding senior securities for the fiscal years ended February&#160;29, 2020, February&#160;28, 2019, February&#160;28, 2018, February&#160;28, 2017, and February&#160;29, 2016 is set forth in the table above. See &#x201c;Financial Highlights&#x201d; above.&lt;/p&gt;
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        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The following table sets forth, for each of the periods indicated: (i)&#160;the high and low closing market prices for the Common Shares reported as of the end of the day on the NYSE, (ii)&#160;the high and low net asset value (NAV) of the Common Shares, and (iii)&#160;the high and low of the premium or discount to NAV (expressed as a percentage) of shares of the Common Shares. Net asset value is generally determined on each day that the NYSE is open for business. See &#x201c;Net Asset Value&#x201d; for information as to the determination of the Fund&#x2019;s NAV.&lt;/p&gt;

        &lt;div&gt;
          &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font-size:10pt"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="6" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Market Price&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="6" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;NAV&lt;sup&gt;(1)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="6" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;strong&gt;Premium/(Discount) to NAV&lt;sup&gt;(2)&lt;/sup&gt;&lt;/strong&gt;&lt;/span&gt;&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;During Quarter Ended&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;High&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Low&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;High&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Low&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;High&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Low&lt;/td&gt;
                &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="width:22%;font:10pt Times New Roman, Times, Serif"&gt;August&#160;2025&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.72&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.99&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.09&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.62&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.21&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="width:10%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1.19&lt;/td&gt;
                &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2025&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.16&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.66&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.04&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.76&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.07&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(5.94&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;2025&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.28&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.48&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.40&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.77&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;2.65&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(7.91&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;November&#160;2024&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.37&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.06&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.51&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.98&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(0.87&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(8.84&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;August&#160;2024&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.84&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.07&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.54&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.05&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(4.66&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(10.26&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2024&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.07&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.56&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.47&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.02&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(8.87&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(14.49&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;2024&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.90&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.46&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.50&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.09&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(13.46&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(15.19&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;November&#160;2023&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.37&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;8.08&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.06&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.64&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(13.83&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(17.07&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;August&#160;2023&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.84&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.18&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.23&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.64&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(11.13&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(14.95&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;
              &lt;tr style="vertical-align:bottom"&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;May&#160;2023&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.24&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;9.20&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;11.46&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;$&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.76&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(9.44&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(14.86&lt;/td&gt;
                &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
              &lt;/tr&gt;

          &lt;/table&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&#160;Based on the Fund&#x2019;s computations.&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&#160;Calculated based on the information presented. Percentages are rounded.&lt;/p&gt;
        &lt;/div&gt;
      </cef:SharePriceTableTextBlock>
    <cef:HighestPriceOrBid
      contextRef="C_20250601to20250831"
      decimals="2"
      id="Fxbrl_20250911110332499"
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      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="a_008"&gt;&lt;strong&gt;INVESTMENT OBJECTIVE AND POLICIES&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Objective and Policies&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Please refer to the section of the Fund&#x2019;s most recent &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm"&gt;annual report&lt;/a&gt; on Form&#160;N-CSR, entitled &#x201c;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Investment Objective&#x201d; and &#x201c;-Investment Policies of the Trust,&#x201d; as such investment objective and policies may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the Fund&#x2019;s investment objective and policies.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Portfolio Turnover&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund will buy and sell securities to seek to accomplish its investment objective. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Fund&#x2019;s portfolio turnover rate may vary greatly from year to year. For the past two fiscal years, the Fund&#x2019;s portfolio turnover rate was as follows.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif;border-bottom:Black 1pt solid"&gt;Fiscal Year Ended&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
              &lt;td colspan="2" style="white-space:nowrap;border-bottom:Black 1pt solid;font:10pt Times New Roman, Times, Serif;text-align:center"&gt;Portfolio Turnover Rate&lt;/td&gt;
              &lt;td style="padding-bottom:1pt;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
              &lt;td style="width:79%;font:10pt Times New Roman, Times, Serif"&gt;February&#160;28, 2025&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;td style="width:18%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;12&lt;/td&gt;
              &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
            &lt;/tr&gt;
            &lt;tr style="vertical-align:bottom"&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;February&#160;29, 2024&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10&lt;/td&gt;
              &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
            &lt;/tr&gt;

        &lt;/table&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Investment Restrictions&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund has adopted certain other investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding Common Shares, as defined in the 1940 Act (and preferred shares, if any, voting together as a single class), which is defined by the 1940 Act as the lesser of (i)&#160;67% or more of the Fund&#x2019;s voting securities present at a meeting, if the holders of more than 50% of the Fund&#x2019;s outstanding voting securities are present or represented by proxy; or (ii)&#160;more than 50% of the Fund&#x2019;s outstanding voting securities. See &#x201c;Investment Restrictions&#x201d; in the SAI for a complete list of the fundamental investment policies of the Fund.&lt;/p&gt;
      &lt;/div&gt;
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      id="Fxbrl_20250911103606961">
      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="a_009"&gt;&lt;strong&gt;USE OF LEVERAGE&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund uses leverage to pursue its investment objective. The Fund may use leverage to the extent permitted by the 1940 Act. The Fund may source leverage through a number of methods, including through issuing preferred shares. In addition, the Fund may also use other forms of leverage including, but not limited to certain derivatives that have the economic effect of leverage. In addition, the Fund may also use other forms of leverage including, but not limited to, portfolio investments that have the economic effect of leverage, such as by investing in residual interest certificates of tender option bond trusts, also called inverse floating rate securities. The Fund may reduce or increase leverage based upon changes in market conditions and anticipates that its leverage ratio will vary from time to time based upon variations in the value of the Fund&#x2019;s holdings.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Currently, the Fund employs leverage through its outstanding series of variable rate muni term preferred shares (&#x201c;Preferred Shares&#x201d;), which have seniority over the Common Shares. The Fund currently also invests in residual interest certificates of tender option bond trusts, also called inverse floating rate securities, that have the economic effect of leverage because the Fund&#x2019;s investment exposure to the underlying bonds held by the trust have been effectively financed by the trust&#x2019;s issuance of floating rate certificates.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The amounts and forms of leverage used by the Fund may vary with prevailing market or economic conditions. The timing and terms of any leverage transactions are determined by the Board of Trustees. There is no assurance that the Fund&#x2019;s leveraging strategy will be successful.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may use derivative instruments including, but not limited to, futures, options, swaps (including municipal market data rate locks (&#x201c;MMD Rate Locks&#x201d;)) and forwards (including municipal forward contracts) for a variety of purposes, including hedging, risk management, portfolio management or to earn income.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;So long as the net rate of income received from the Fund&#x2019;s investments purchased with leverage proceeds exceeds the then current interest rate on such leverage, the investment of the proceeds of leverage will generate more net income than if the Fund had not leveraged itself. However, if the rate of net income received from the Fund&#x2019;s portfolio investments purchased with the proceeds of leverage is less than the then current interest rate on that leverage, the Fund may be required to utilize other Fund assets to make interest payments on its leveraging instruments.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund pays a management fee to the Adviser (which in turn may pay a portion of such fee to any Sub-Adviser utilized) based on a percentage of Managed Assets. Managed Assets include the proceeds realized and managed from the Fund&#x2019;s use of leverage (excluding the leverage exposure attributable to the use of futures, options and similar derivatives). Because Managed Assets includes the Fund&#x2019;s net assets as well as assets that are attributable to the Fund&#x2019;s investment of the proceeds of its leverage, it is anticipated that the Fund&#x2019;s Managed Assets will be greater than its net assets. The Adviser will be responsible for using leverage to pursue the Fund&#x2019;s investment objective. The Adviser will base its decision regarding whether and how much leverage to use for the Fund, and the terms of that leverage, on its assessment of whether such use of leverage is in the best interests of the Fund. However, a decision to employ or increase leverage will have the effect, all other things being equal, of increasing Managed Assets and in turn the Adviser&#x2019;s and any Sub-Adviser&#x2019;s management fees. Thus, the Adviser may have a conflict of interest in determining whether to use or increase leverage. The Adviser will seek to manage that potential conflict by recommending to the Fund&#x2019;s Board of Trustees to leverage the Fund (or increase such leverage) only when it determines that such action would be in the best interests of the Fund and its Shareholders, and by periodically reviewing with the Board of Trustees the Fund&#x2019;s performance and the impact of the use of leverage on that performance.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Under the 1940 Act, the Fund is not permitted to issue &#x201c;senior securities&#x201d; that are preferred shares if, immediately after the issuance of preferred shares, the asset coverage ratio with respect to such preferred shares would be less than 200%. With respect to any such preferred shares, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund plus the aggregate liquidation preference of such preferred shares.&lt;/p&gt;
      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Preferred Shares&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may authorize and issue preferred shares with rights as determined by the Board of Trustees, by action of the Board of Trustees without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. Under the 1940 Act, the Fund may not issue preferred shares if, immediately after issuance, the Fund would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of preferred shares outstanding, the Fund is required to have at least two dollars of assets).&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#x2019;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#x2019;s preferred shares may exceed the Fund&#x2019;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;i&gt;Preferred Shares.&lt;/i&gt; On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Series&#160;2015/6-VCV VMTP Shares (the &#x201c;Preferred Shares&#x201d;), respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the Securities Act of 1933, as amended (the &#x201c;1933 Act&#x201d;). The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;As of February&#160;28, 2025, the Fund had outstanding preferred shares with an aggregate liquidation preference of $184,803,562, representing approximately 4.40% of the Fund&#x2019;s total assets as of such date.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;&lt;strong&gt;Effects of Leverage&lt;/strong&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Assuming (i)&#160;the use by the Fund of leverage representing approximately 37.81% of the Fund&#x2019;s total assets (including the proceeds of such leverage), 17.10% of the Fund&#x2019;s total assets being attributable to borrowings and 20.70% of the Fund&#x2019;s total assets being attributable to preferred shares, and (ii)&#160;interest costs to the Fund at an average annual rate of 4.03% with respect to borrowings and dividends on preferred shares at an annual rate of 4.40%, then the incremental income generated by the Fund&#x2019;s portfolio (net of estimated expenses related to the leverage) must exceed approximately 7.20% to cover such interest expense. Of course, these numbers are merely estimates used for illustration. The amount of leverage used by the Fund as well as actual interest expenses and dividend payments on such leverage may vary frequently and may be significantly higher or lower than the rate estimated above.&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The following table is furnished pursuant to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#x2019;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&#x2019;s investment portfolio returns will be. The table further reflects the issuance of leverage representing approximately 7.02% of the Fund&#x2019;s total assets (including the proceeds of such leverage), and the Fund&#x2019;s currently projected annual interest rate of 4.03% with respect to borrowings and projected annual dividends on preferred shares of 4.40%. The table does not reflect any offering costs of Common Shares or leverage.&lt;/p&gt;

        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

          &lt;div&gt;
            &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="width:45%;font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Assumed portfolio total return (net of expenses)&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(10.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(5.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Common Share total return&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(14.07&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(8.05&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(2.03&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;3.99&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.01&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;

      &lt;/div&gt;

        &lt;div&gt;&#160;&lt;/div&gt;

      &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;Common Share total return is composed of two elements&#x2014;the Common Share dividends paid by the Fund (the amount of which is largely determined by the Fund&#x2019;s net investment income after paying the carrying cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As required by SEC rules, the table assumes that the Fund is more likely to suffer capital loss than to enjoy capital appreciation. For example, to assume a total return of 0%, the Fund must assume that the net investment income it receives on its investments is entirely offset by losses on the value of those investments. This table reflects the hypothetical performance of the Fund&#x2019;s portfolio and not the performance of the Fund&#x2019;s Common Shares, the value of which will be determined by market and other factors.&lt;/p&gt;
    </cef:EffectsOfLeverageTextBlock>
    <cef:AnnualInterestRatePercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911154256003"
      unitRef="Pure">0.0403</cef:AnnualInterestRatePercent>
    <cef:EffectsOfLeveragePurposeTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911103745196">
          &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The following table is furnished pursuant to requirements of the SEC. It is designed to illustrate the effect of leverage on Common Share total return, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund&#x2019;s portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund&#x2019;s investment portfolio returns will be. The table further reflects the issuance of leverage representing approximately 7.02% of the Fund&#x2019;s total assets (including the proceeds of such leverage), and the Fund&#x2019;s currently projected annual interest rate of 4.03% with respect to borrowings and projected annual dividends on preferred shares of 4.40%. The table does not reflect any offering costs of Common Shares or leverage.&lt;/p&gt;
        </cef:EffectsOfLeveragePurposeTextBlock>
    <cef:EffectsOfLeverageTableTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911103845704">
          &lt;div&gt;
            &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                  &lt;td style="width:45%;font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Assumed portfolio total return (net of expenses)&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(10.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(5.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;0.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;5.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="width:8%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.00&lt;/td&gt;
                  &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;
                &lt;tr style="vertical-align:bottom"&gt;
                  &lt;td style="font:bold 10pt Times New Roman, Times, Serif;text-align:left"&gt;Common Share total return&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(14.07&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(8.05&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;white-space:nowrap;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;(2.03&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;)%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;3.99&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;10.01&lt;/td&gt;
                  &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;%&lt;/td&gt;
                &lt;/tr&gt;

            &lt;/table&gt;
          &lt;/div&gt;
        </cef:EffectsOfLeverageTableTextBlock>
    <cef:ReturnAtMinusTenPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911103914440"
      unitRef="Pure">-0.1407</cef:ReturnAtMinusTenPercent>
    <cef:ReturnAtMinusFivePercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911103944783"
      unitRef="Pure">-0.0805</cef:ReturnAtMinusFivePercent>
    <cef:ReturnAtZeroPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911104033593"
      unitRef="Pure">-0.0203</cef:ReturnAtZeroPercent>
    <cef:ReturnAtPlusFivePercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911104051780"
      unitRef="Pure">0.0399</cef:ReturnAtPlusFivePercent>
    <cef:ReturnAtPlusTenPercent
      contextRef="C_20250912to20250912"
      decimals="4"
      id="Fxbrl_20250911104110421"
      unitRef="Pure">0.1001</cef:ReturnAtPlusTenPercent>
    <cef:RiskFactorsTableTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911112021270">
      &lt;div&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="a_010"&gt;&lt;strong&gt;RISKS&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
        &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Please refer to the section of the Fund&#x2019;s most recent &lt;a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/895531/000119312525111538/d629198dncsr.htm"&gt;annual report&lt;/a&gt; on Form&#160;N-CSR entitled &#x201c;Additional Information-Investment Objective, Policies and Principal Risks of the Trust-Principal Risks of Investing in the Trust,&#x201d; as such principal risks may be supplemented from time to time, which is incorporated by reference herein, for a discussion of the principal risks you should consider before making an investment in the Fund. Any additional risks applicable to a particular offering of Securities will be set forth in the related Prospectus Supplement.&lt;/p&gt;
      &lt;/div&gt;
    </cef:RiskFactorsTableTextBlock>
    <cef:CapitalStockTableTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911103142089">
          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:center"&gt;&lt;span id="a_015"&gt;&lt;strong&gt;DESCRIPTION OF CAPITAL STRUCTURE&lt;/strong&gt;&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund is a statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated as of April&#160;2, 2012. The following is a brief description of the terms of the Common Shares, Borrowings and preferred shares which may be issued by the Fund. This description does not purport to be complete and is qualified by reference to the Fund&#x2019;s Governing Documents.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Declaration of Trust permits the Fund to issue an unlimited number of full and fractional common shares of beneficial interest, no par value. Each Common Share represents an equal proportionate interest in the assets of the Fund with each other Common Share in the Fund. &lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.&lt;/span&gt; &lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.&lt;/span&gt;&#160;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a &lt;i&gt;pro rata &lt;/i&gt;basis&lt;/span&gt;.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;While there are any borrowings or preferred shares outstanding, the Fund may not be permitted to declare any cash distribution on its Common Shares, unless at the time of such declaration, (i)&#160;all accrued distributions on preferred shares or accrued interest on borrowings have been paid and (ii)&#160;the value of the Fund&#x2019;s total assets (determined after deducting the amount of such distribution), less all liabilities and indebtedness of the Fund not represented by senior securities, is at least 300% of the aggregate amount of such securities representing indebtedness and at least 200% of the aggregate amount of securities representing indebtedness plus the aggregate liquidation value of the outstanding preferred shares (expected to equal the aggregate original purchase price of the outstanding preferred shares plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon, whether or not earned or declared and on a cumulative basis). In addition to the requirements of the 1940 Act, the Fund may be required to comply with other asset coverage requirements as a condition of the Fund obtaining a rating of the preferred shares from a rating agency. These requirements may include an asset coverage test more stringent than under the 1940 Act. This limitation on the Fund&#x2019;s ability to make distributions on its Common Shares could in certain circumstances impair the ability of the Fund to maintain its qualification for taxation as a RIC for federal income tax purposes. The Fund intends, however, to the extent possible to purchase or redeem preferred shares or reduce borrowings from time to time to maintain compliance with such asset coverage requirements and may pay special distributions to the holders of the preferred shares in certain circumstances in connection with any such impairment of the Fund&#x2019;s status as a RIC. Depending on the timing of any such redemption or repayment, the Fund may be required to pay a premium in addition to the liquidation preference of the preferred shares to the holders thereof.&lt;/p&gt;
          &lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;The Common Shares have no preemptive rights or subscription rights.&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund will not issue certificates for the Common Shares.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Issuance of Additional Common Shares&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Any additional offering of Common Shares will be subject to the requirements of the 1940 Act. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company&#x2019;s common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its Common Shareholders.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Rights Offerings&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#x2019;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#x2019;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#x2019; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the period of time the offering would remain open;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the title of such rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the exercise price for such rights (or method of calculation thereof);&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the number of such rights issued in respect of each Share;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the number of rights required to purchase a single Share;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the extent to which such rights are transferable and the market on which they may be traded if they are transferable;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
              &lt;/div&gt;

            &lt;div style="display:none"&gt;

                &lt;div&gt;&#160;&lt;/div&gt;

            &lt;/div&gt;
          &lt;/div&gt;

            &lt;div&gt;&#160;&lt;/div&gt;

          &lt;div&gt;

              &lt;div&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;termination rights we may have in connection with such rights offering.&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify"&gt;A certain number of rights would entitle the holder of the right(s)&#160;to purchase for cash such number of Common Shares at such exercise price as in each case is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be exercisable at any time up to the close of business on the expiration date for such rights set forth in the Prospectus Supplement. After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed at the corporate trust office of the rights agent, or any other office indicated in the Prospectus Supplement, the Common Shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.&lt;/p&gt;
              &lt;/div&gt;

            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Repurchase of Common Shares&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Because shares of closed-end funds frequently trade at a discount to their net asset values, the Board has determined that from time to time it may be in the interest of holders of Common Shares for the Fund to take corrective actions. The Board, in consultation with the Adviser, will review at least annually the possibility of open market repurchases and/or tender offers for the Common Shares and will consider such factors as the market price of the Common Shares, the net asset value of the Common Shares, the liquidity of the assets of the Fund, effect on the Fund&#x2019;s expenses, whether such transactions would impair the Fund&#x2019;s status as a RIC or result in a failure to comply with applicable asset coverage requirements, general economic conditions and such other events or conditions which may have a material effect on the Fund&#x2019;s ability to consummate such transactions. There are no assurances that the Board will, in fact, decide to undertake either of these actions or if undertaken, that such actions will result in the Fund&#x2019;s Common Shares trading at a price which is equal to or approximates their net asset value. In recognition of the possibility that the Common Shares might trade at a discount to net asset value and that any such discount may not be in the interest of holders of Common Shares, the Board, in consultation with the Adviser, from time to time may review possible actions to reduce any such discount.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Preferred Shares&lt;/span&gt;&lt;/strong&gt;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest with preference rights, including preferred shares, no par value, in one or more series, with rights as determined by the Board, by action of the Board without the approval of the holders of Common Shares.&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Under the requirements of the 1940 Act, the Fund must, immediately after the issuance of any preferred shares, have an &#x201c;asset coverage&#x201d; of at least 200%. Asset coverage means the ratio which the value of the total assets of the Fund, less all liability and indebtedness not represented by senior securities (as defined in the 1940 Act), bears to the aggregate amount of senior securities representing indebtedness of the Fund, if any, plus the aggregate liquidation preference of the preferred shares. The liquidation value of the preferred shares is expected to equal their aggregate original purchase price plus the applicable redemption premium, if any, together with any accrued and unpaid distributions thereon (on a cumulative basis), whether or not earned or declared. The terms of the preferred shares, including their distribution rate, voting rights, liquidation preference and redemption provisions, will be determined by the Board (subject to applicable law and the Fund&#x2019;s Declaration of Trust) if and when it authorizes the preferred shares. The Fund may issue preferred shares that provide for the periodic redetermination of the distribution rate at relatively short intervals through an auction or remarketing procedure, although the terms of the preferred shares may also enable the Fund to lengthen such intervals. At times, the distribution rate on the Fund&#x2019;s preferred shares may exceed the Fund&#x2019;s return after expenses on the investment of proceeds from the preferred shares, resulting in a lower rate of return to Common Shareholders than if the preferred shares were not outstanding.&lt;/p&gt;
            &lt;/div&gt;
          &lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, the terms of any preferred shares may entitle the holders of preferred shares to receive a preferential liquidating distribution (expected to equal the original purchase price per share plus the applicable redemption premium, if any, together with accrued and unpaid distributions, whether or not earned or declared and on a cumulative basis) before any distribution of assets is made to holders of Common Shares. After payment of the full amount of the liquidating distribution to which they are entitled, the preferred shareholders would not be entitled to any further participation in any distribution of assets by the Fund.&lt;/span&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;div&gt;
              &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Holders of preferred shares, voting as a class, shall be entitled to elect two of the Fund&#x2019;s Trustees. Under the 1940 Act, if at any time distributions on the preferred shares are unpaid in an amount equal to two full years&#x2019; distributions thereon, the holders of all outstanding preferred shares, voting as a class, will be allowed to elect a majority of the Fund&#x2019;s Trustees until all distributions in arrears have been paid or declared and set apart for payment.&lt;/span&gt;&lt;/p&gt;
            &lt;/div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In addition, if the Board determines it to be in the best interests of the Common Shareholders, issuance of the preferred shares may result in more restrictive provisions than required by the 1940 Act being imposed. In this regard, holders of the preferred shares may be entitled to elect a majority of the Fund&#x2019;s Board in other circumstances, for example, if one payment on the preferred shares is in arrears.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;&lt;i&gt;Preferred Shares.&lt;/i&gt; On May&#160;15, 2012 and June&#160;1, 2017, the Fund issued 1,570 and 200 Preferred Shares, respectively, with a liquidation preference of $100,000 per share, pursuant to an offering exempt from registration under the 1933 Act. The Preferred Shares are a variable rate form of preferred shares with a mandatory redemption date and are considered debt for financial reporting purposes. On May&#160;31, 2024, the Fund redeemed 313 Preferred Shares. Effective June&#160;1, 2024, the Fund extended the term of the Preferred Shares and is required to redeem all outstanding Preferred Shares on December&#160;2, 2027, unless earlier redeemed, repurchased or extended. The Preferred Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends and a redemption premium, if any. Starting six months prior to the term redemption date, the Fund will be required to earmark assets having a value equal to 110% of the redemption amount.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;Dividends paid on the Preferred Shares (which are treated as interest expense for financial reporting purposes) are declared daily and paid monthly. The rate for dividends will be determined in accordance with the procedures included in the Amended and Restated Statement of Preferences of Variable Rate Muni Term Preferred Shares, as supplemented, for the Preferred Shares. The Fund is subject to certain restrictions relating to the Preferred Shares, such as maintaining certain asset coverage and leverage ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to Common Shareholders or purchasing Common Shares and/or could trigger the mandatory redemption of Preferred Shares at liquidation preference.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Borrowings&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may utilize leverage through borrowings, including through a credit facility, commercial paper program or other borrowing program. Under the 1940 Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the total asset value of the Fund&#x2019;s portfolio is at least 300% of the liquidation value of the outstanding indebtedness (i.e., such liquidation value may not exceed 33 1/3% of the Fund&#x2019;s total assets). In addition, the Fund is not permitted to declare any cash distribution on its Common Shares unless, at the time of such declaration, the net asset value of the Fund&#x2019;s portfolio (determined after deducting the amount of such distribution) is at least 300% of such liquidation value. If the Fund borrows money, the Fund intends, to the extent possible, to retire outstanding debt, from time to time, to maintain coverage of any outstanding indebtedness of at least 300%.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may negotiate with commercial banks to arrange a borrowing facility pursuant to which the Fund may borrow an amount equal to approximately one-third of the Fund&#x2019;s total assets (inclusive of the amount borrowed). Any such borrowings would constitute leverage. Such a borrowing facility is not expected to be convertible into any other securities of the Fund, outstanding amounts are expected to be prepayable by the Fund prior to final maturity without significant penalty and there are not expected to be any sinking fund or mandatory retirement provisions. Outstanding amounts would be payable at maturity or such earlier times as required by the agreement. The Fund may be required to prepay outstanding amounts under the borrowing facility or incur a penalty rate of interest upon the occurrence of certain events of default. The Fund would be expected to indemnify the lenders against liabilities they may incur in connection with the borrowing facility.&lt;/p&gt;
          &lt;/div&gt;

          &lt;div&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;In addition, the Fund expects that a borrowing facility would contain covenants that, among other things, likely will limit the Fund&#x2019;s ability to pay distributions in certain circumstances, incur additional debt, change its fundamental investment policies and engage in certain transactions, including mergers and consolidations, and may require asset coverage ratios in addition to those required by the 1940 Act. The Fund may be required to pledge its assets and to maintain a portion of its assets in cash or high-grade securities as a reserve against interest or principal payments and expenses. The Fund expects that any borrowing facility would have customary covenant, negative covenant and default provisions. There can be no assurance that the Fund will enter into an agreement for a borrowing facility on terms and conditions representative of the foregoing, or that additional material terms will not apply. In addition, if entered into, any such borrowing facility may in the future be replaced or refinanced by one or more borrowing facilities having substantially different terms or by the issuance of preferred shares or debt securities.&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Capitalization&lt;/strong&gt;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-indent:0.5in"&gt;The following table provides information about the outstanding securities of the Fund as of September 8, 2025:&lt;/p&gt;
            &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;

              &lt;table cellpadding="0" style="border-collapse:collapse;width:100%;font:10pt Times New Roman, Times, Serif;border-spacing:0px"&gt;

                  &lt;tr style="vertical-align:bottom"&gt;
                    &lt;td style="border-bottom:Black 1pt solid;font:bold 10pt Times New Roman, Times, Serif"&gt;Title of Class&lt;/td&gt;
                    &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                    &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Amount&lt;br/&gt;Authorized&lt;/td&gt;
                    &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                    &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Amount Held by the&lt;br/&gt;Fund or for its&lt;br/&gt;Account&lt;/td&gt;
                    &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
                    &lt;td colspan="2" style="font:bold 10pt Times New Roman, Times, Serif;text-align:center;border-bottom:Black 1pt solid"&gt;Amount&lt;br/&gt;Outstanding&lt;/td&gt;
                    &lt;td style="padding-bottom:1pt;font:bold 10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                  &lt;/tr&gt;
                  &lt;tr style="vertical-align:bottom;background-color:rgb(204,238,255)"&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:24%;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:22%;text-align:center"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;Unlimited&lt;/span&gt;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:22%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;--&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:22%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;48,020,486&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;/tr&gt;
                  &lt;tr style="vertical-align:bottom"&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Preferred Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;1,770&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;--&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1,770&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                  &lt;/tr&gt;

              &lt;/table&gt;

          &lt;/div&gt;
        </cef:CapitalStockTableTextBlock>
    <cef:SecurityTitleTextBlock
      contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531CommonSharesMember"
      id="Fxbrl_20250911102438922">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares&lt;/span&gt;</cef:SecurityTitleTextBlock>
    <cef:SecurityDividendsTextBlock
      contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531CommonSharesMember"
      id="Fxbrl_20250911102533338">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Holders of Common Shares will be entitled to the payment of distributions when, as and if declared by the Board. The 1940 Act or the terms of any borrowings or preferred shares may limit the payment of distributions to the holders of Common Shares.&lt;/span&gt;</cef:SecurityDividendsTextBlock>
    <cef:SecurityVotingRightsTextBlock
      contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531CommonSharesMember"
      id="Fxbrl_20250911102607874">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Each whole Common Share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC.&lt;/span&gt;</cef:SecurityVotingRightsTextBlock>
    <cef:SecurityLiquidationRightsTextBlock
      contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531CommonSharesMember"
      id="Fxbrl_20250911102647066">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund and the liquidation preference with respect to any outstanding preferred shares, the Trustees may distribute the remaining assets of the Fund among the holders of the Common Shares on a &lt;i&gt;pro rata &lt;/i&gt;basis&lt;/span&gt;</cef:SecurityLiquidationRightsTextBlock>
    <cef:SecurityPreemptiveAndOtherRightsTextBlock
      contextRef="C_20250912to20250912_usgaapStatementClassOfStockAxis_ck0000895531CommonSharesMember"
      id="Fxbrl_20250911103107530">&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;The Common Shares have no preemptive rights or subscription rights.&lt;/span&gt;</cef:SecurityPreemptiveAndOtherRightsTextBlock>
    <cef:RightsLimitedByOtherSecuritiesTextBlock
      contextRef="C_20250912to20250912"
      id="Fxbrl_20250911103624593">
              &lt;div&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&lt;strong&gt;Rights Offerings&lt;/strong&gt;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The Fund may in the future, and at its discretion, choose to make offerings of rights to its shareholders to purchase Common Shares. Rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection with a rights offering to shareholders, the Fund would distribute certificates or other documentation (i.e., rights cards distributed in lieu of certificates) evidencing the rights and a Prospectus Supplement to the Fund&#x2019;s shareholders as of the record date that the Fund sets for determining the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with the 1940 Act. Under the laws of Delaware, the Board is authorized to approve rights offerings without obtaining shareholder approval.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The staff of the SEC has interpreted the 1940 Act as not requiring shareholder approval of a transferable rights offering to purchase Common Shares at a price below the then current net asset value so long as certain conditions are met, including: (i)&#160;a good faith determination by a fund&#x2019;s board that such offering would result in a net benefit to existing shareholders; (ii)&#160;the offering fully protects shareholders&#x2019; preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&#160;management uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&#160;the ratio of a transferable rights offering does not exceed one new share for each three rights held.&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0;text-align:justify;text-indent:0.5in"&gt;The applicable Prospectus Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:&lt;/p&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the period of time the offering would remain open;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the underwriter or distributor, if any, of the rights and any associated underwriting fees or discounts applicable to purchases of the rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the title of such rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the exercise price for such rights (or method of calculation thereof);&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the number of such rights issued in respect of each Share;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the number of rights required to purchase a single Share;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the extent to which such rights are transferable and the market on which they may be traded if they are transferable;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such rights;&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
              &lt;/div&gt;

                &lt;div&gt;&#160;&lt;/div&gt;

              &lt;div&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the date on which the right to exercise such rights will commence, and the date on which such right will expire (subject to any extension);&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px" width="100%"&gt;

                    &lt;tr style="vertical-align:top"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;the extent to which such rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege; and&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
                &lt;table cellpadding="0" style="width:100%;font:10pt Times New Roman, Times, Serif;margin-top:0pt;margin-bottom:0pt;border-spacing:0px"&gt;

                    &lt;tr style="vertical-align:top;text-align:justify"&gt;
                      &lt;td style="width:0.5in"&gt;&lt;/td&gt;
                      &lt;td style="width:0.5in;text-align:left"&gt;&#x25cf;&lt;/td&gt;
                      &lt;td style="text-align:justify"&gt;termination rights we may have in connection with such rights offering.&lt;/td&gt;
                    &lt;/tr&gt;

                &lt;/table&gt;
                &lt;p style="font:10pt Times New Roman, Times, Serif;margin:0pt 0"&gt;&#160;&lt;/p&gt;
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                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="font:bold 10pt Times New Roman, Times, Serif;padding-bottom:1pt"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="font:10pt Times New Roman, Times, Serif;width:24%;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Common Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
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                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:1%;font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="width:22%;font:10pt Times New Roman, Times, Serif;text-align:right"&gt;48,020,486&lt;/td&gt;
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                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&lt;span style="font-family:Times New Roman, Times, Serif;font-size:10pt"&gt;&lt;span style="font-size:10pt;font-family:Times New Roman"&gt;Preferred Shares of Beneficial Interest, no par value&lt;/span&gt;&lt;/span&gt;&lt;/td&gt;
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                    &lt;td style="font:10pt Times New Roman, Times, Serif"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:left"&gt;&#160;&lt;/td&gt;
                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:center"&gt;1,770&lt;/td&gt;
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                    &lt;td style="font:10pt Times New Roman, Times, Serif;text-align:right"&gt;1,770&lt;/td&gt;
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    <ffd:TtlOffsetAmt contextRef="rc" decimals="INF" id="ixv-421" unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt contextRef="rc" decimals="INF" id="ixv-422" unitRef="USD">1586.12</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="offrl_1" id="ixv-423">The Registrant is relying upon Rule 457(c) under the Securities Act of 1933 ("Securities Act") to calculate the registration fee. The maximum aggregate offering price is estimated solely for purposes of determining the registration fee based on the average of the high and low sales prices of the shares of Common Shares, as reported by the New York Stock Exchange on September 8, 2025, in accordance with Rule 457(c) under the Securities Act. The proposed maximum offering price per security will be determined from time to time by the Registrant in connection with the sale by the Registrant of the securities registered under this Registration Statement.


</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="offrl_2" id="ixv-424">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase Common Shares, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement.
</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
