<SEC-DOCUMENT>0000950123-10-004578.txt : 20120202
<SEC-HEADER>0000950123-10-004578.hdr.sgml : 20120202

<ACCEPTANCE-DATETIME>20100122174610

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0000950123-10-004578

CONFORMED SUBMISSION TYPE:	PRE 14A

PUBLIC DOCUMENT COUNT:		3

CONFORMED PERIOD OF REPORT:	20100122

FILED AS OF DATE:		20100125

DATE AS OF CHANGE:		20111103


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST

		CENTRAL INDEX KEY:			0000835333

		IRS NUMBER:				133473972

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0530



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05597

		FILM NUMBER:		10542988



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST/MA

		DATE OF NAME CHANGE:	19930721




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST

		CENTRAL INDEX KEY:			0000842891

		IRS NUMBER:				133498050

		STATE OF INCORPORATION:			NY

		FISCAL YEAR END:			0531



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05688

		FILM NUMBER:		10542985



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MUNICIPAL PREMIUM INCOME TRUST

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MUNICIPAL PREMIUM INCOME TRUST/MA

		DATE OF NAME CHANGE:	19930721




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST II

		CENTRAL INDEX KEY:			0000847593

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0228



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05793

		FILM NUMBER:		10542987



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST II

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST II

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST II

		DATE OF NAME CHANGE:	19930510




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY PRIME INCOME TRUST

		CENTRAL INDEX KEY:			0000854904

		IRS NUMBER:				133548050

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0930



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-05898

		FILM NUMBER:		10542983



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	INVESCO PRIME INCOME TRUST

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY PRIME INCOME TRUST

		DATE OF NAME CHANGE:	20010618



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER PRIME INCOME TRUST

		DATE OF NAME CHANGE:	19980622




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST III

		CENTRAL INDEX KEY:			0000861069

		IRS NUMBER:				136946092

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0331



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06052

		FILM NUMBER:		10542986



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST III

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MUNICIPAL INCOME OPPORTUNITIES TR

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST III/MA

		DATE OF NAME CHANGE:	19930721




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL BOND TRUST

		CENTRAL INDEX KEY:			0000861185

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06053

		FILM NUMBER:		10542992



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco Insured Municipal Bond Trust

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL BOND TRUST

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST

		DATE OF NAME CHANGE:	19981221




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST

		CENTRAL INDEX KEY:			0000876982

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			0331



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06346

		FILM NUMBER:		10542981



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST

		DATE OF NAME CHANGE:	20091002



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUS

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST

		DATE OF NAME CHANGE:	20011220




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL TRUST

		CENTRAL INDEX KEY:			0000880161

		IRS NUMBER:				136993836

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06434

		FILM NUMBER:		10542989



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco Insured Municipal Trust

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL TRUST

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST

		DATE OF NAME CHANGE:	19981221




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST

		CENTRAL INDEX KEY:			0000885125

		IRS NUMBER:				136993836

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06591

		FILM NUMBER:		10542982



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	19920929




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST

		CENTRAL INDEX KEY:			0000885601

		IRS NUMBER:				133647663

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-06590

		FILM NUMBER:		10542991



	BUSINESS ADDRESS:	

		STREET 1:		C/O MORGAN STANLEY TRUST

		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO

		CITY:			JERSEY CITY

		STATE:			NJ

		ZIP:			07311

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco Insured Municipal Income Trust

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20090722



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20011220




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST

		CENTRAL INDEX KEY:			0000894146

		IRS NUMBER:				133701273

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07344

		FILM NUMBER:		10542979



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco California Insured Municipal Income Trust

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20090827



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY CA INSURED MUNICIPAL INCOME TRUST

		DATE OF NAME CHANGE:	20090827




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY QUALITY MUNICIPAL SECURITIES

		CENTRAL INDEX KEY:			0000898496

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07560

		FILM NUMBER:		10542980



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	19981221



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	19950728




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECURITIES

		CENTRAL INDEX KEY:			0000898618

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07564

		FILM NUMBER:		10542994



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20090827



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECU

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIFORNIA QUALITY MUNICIPAL SECU

		DATE OF NAME CHANGE:	19981221




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURITIES

		CENTRAL INDEX KEY:			0000898659

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1031



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07562

		FILM NUMBER:		10542984



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20090827



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURI

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER NEW YORK QUALITY MUNICIPAL SECURI

		DATE OF NAME CHANGE:	19981221




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SECURITIES

		CENTRAL INDEX KEY:			0000913342

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07111

		FILM NUMBER:		10542993



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco Insured California Municipal Securities

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20090827



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SEC

		DATE OF NAME CHANGE:	20080411




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL SECURITIES

		CENTRAL INDEX KEY:			0000913345

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRE 14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-07109

		FILM NUMBER:		10542990



	BUSINESS ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309

		BUSINESS PHONE:		404-439-3217



	MAIL ADDRESS:	

		STREET 1:		1555 PEACHTREE STREET, N.E.

		STREET 2:		SUITE 1800

		CITY:			ATLANTA

		STATE:			2Q

		ZIP:			30309



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Invesco Insured Municipal Securities

		DATE OF NAME CHANGE:	20100601



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20011220



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL SECURITIES

		DATE OF NAME CHANGE:	20011220



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRE 14A
<SEQUENCE>1
<FILENAME>y02914pre14a.htm
<DESCRIPTION>PRE 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>pre14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>UNITED STATES</B><BR>
<B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>SCHEDULE 14A</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><b>Proxy Statement Pursuant to Section&nbsp;14(a) of<BR>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</b>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 7pt">Filed by the Registrant <FONT face="Wingdings">&#120;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 3pt">Filed by a Party other than the Registrant <FONT face="Wingdings">&#111;</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 5pt">Check the appropriate box:

</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &#167;240.14a-12</TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 5pt"><B>Morgan Stanley California Insured Municipal Income Trust<BR>
Morgan Stanley California Quality Municipal Securities<BR>
Morgan Stanley Insured California Municipal Securities<BR>
Morgan Stanley Insured Municipal Bond Trust<BR>
Morgan Stanley Insured Municipal Income Trust<BR>
Morgan Stanley Insured Municipal Securities<BR>
Morgan Stanley Insured Municipal Trust<BR>
Morgan Stanley Municipal Income Opportunities Trust<BR>
Morgan Stanley Municipal Income Opportunities Trust II<BR>
Morgan Stanley Municipal Income Opportunities Trust III<BR>
Morgan Stanley Municipal Premium Income Trust<BR>
Morgan Stanley New York Quality Municipal Securities<BR>
Morgan Stanley Prime Income Trust<BR>
Morgan Stanley Quality Municipal Income Trust<BR>
Morgan Stanley Quality Municipal Investment Trust<BR>
Morgan Stanley Quality Municipal Securities</B>
</DIV>
<DIV align="center" style="font-size: 10pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


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



<DIV align="Center" style="font-size: 10pt; margin-top: 3pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 7px">&nbsp;</DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 3pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#120;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

    <TD>Title of each class of securities to which transaction applies:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Aggregate number of securities to which transaction applies:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule&nbsp;0-11 (set forth the
amount on which the filing fee is calculated and state how it
was determined):</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Proposed maximum aggregate value of transaction:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>

    <TD>Total fee paid:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 3pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT> </TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and
the date of its filing.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

    <TD>Amount Previously Paid:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Form, Schedule or Registration Statement No.:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Filing Party:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

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

    <TD>Date Filed:</TD>
</TR>

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

    <TD><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 8px">&nbsp;</DIV></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc.<BR>
    522&#160;Fifth Avenue<BR>
    New York, New York 10036</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTICE OF SPECIAL MEETINGS OF SHAREHOLDERS<BR>
    TO BE HELD [&#160;&#149;&#160;], 2010</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Special Meetings of Shareholders (&#147;Meeting(s)&#148;) of
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley California
    Insured Municipal Income Trust, Morgan Stanley California
    Quality Municipal Securities, Morgan Stanley Insured California
    Municipal Securities, Morgan Stanley Insured Municipal Bond
    Trust, Morgan Stanley Insured Municipal Income Trust, Morgan
    Stanley Insured Municipal Securities, Morgan Stanley Insured
    Municipal Trust, Morgan Stanley Municipal Income Opportunities
    Trust, Morgan Stanley Municipal Income Opportunities
    Trust&#160;II, Morgan Stanley Municipal Income Opportunities
    Trust&#160;III, Morgan Stanley Municipal Premium Income Trust,
    Morgan Stanley New York Quality Municipal Securities, Morgan
    Stanley Prime Income Trust, Morgan Stanley Quality Municipal
    Income Trust, Morgan Stanley Quality Municipal Investment Trust
    and Morgan Stanley Quality Municipal Securities</FONT>, each an
    unincorporated business trust organized under the laws of the
    Commonwealth of Massachusetts (individually, a &#147;Fund&#148;
    and, collectively, the &#147;Funds&#148;), will be held jointly
    in Conference Room&#160;[&#160;&#149;&#160;],
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">3rd&#160;Floor, 522&#160;Fifth
    Avenue, New York, New York 10036, on [&#160;&#149;&#160;], 2010
    at [&#160;&#149;&#160;]&#160;a.m., New York City time, for the
    following purposes:
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



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

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Except for Shareholders of Morgan Stanley Prime Income
    Trust, to elect five Trustees to serve until the year 2010
    Annual Meeting, six Trustees to serve until the year 2011 Annual
    Meeting and six Trustees to serve until the year 2012 Annual
    Meeting or, in each case, until their successors shall have been
    duly elected and qualified. For Shareholders of Morgan Stanley
    Prime Income Trust, to elect 17 Trustees to serve until
    (i)&#160;his or her successor has been elected and qualified,
    (ii)&#160;his or her death, (iii)&#160;his or her resignation or
    (iv)&#160;his or her removal as provided by statute or the
    charter.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;To approve a new investment advisory agreement between
    each Fund and Invesco Advisers, Inc. (including a master
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between Invesco Advisers, Inc. and certain of its
    affiliates).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 5%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To transact such other business as may properly come
    before the Meetings or any adjournments thereof.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Fund as of the close of business
    on [&#160;&#149;&#160;], 2010 are entitled to notice of and to
    vote at a Meeting. If you cannot be present in person, your
    management would greatly appreciate your filling in, signing and
    returning the enclosed Proxy promptly in the envelope provided
    for that purpose. Alternatively, if you are eligible to vote
    telephonically by touchtone telephone or electronically on the
    Internet (as discussed in the enclosed Joint Proxy Statement)
    you may do so in lieu of attending the Meetings in person.
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that holders of a majority of each Fund&#146;s
    shares issued and outstanding and entitled to vote (a
    &#147;Quorum&#148;) are not present at a Meeting of any Fund in
    person or by Proxy, or the vote required to approve or reject
    any Proposal is not obtained at a Meeting of any Fund, the
    persons named as proxies may propose one or more adjournments of
    a Meeting to permit further solicitation of proxies. Any such
    adjournment will require the affirmative vote of the holders of
    a majority of the applicable Fund&#146;s shares present in
    person or by Proxy at a Meeting. The persons named as Proxies
    will vote in favor of such adjournment those Proxies which have
    been received by the date of the Meetings.
</DIV>

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

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt; font-variant: SMALL-CAPS">Mary E.
    Mullin
    </FONT>
</DIV>

<DIV align="left" style="margin-left: 59%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt; font-variant: SMALL-CAPS">&#160;&#160;&#160;&#160;&#160;</FONT><I><FONT style="font-size: 9pt">Secretary</FONT></I>
</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 9pt">[&#160;&#149;&#160;], 2010
    </FONT>
</DIV>

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

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



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


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

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



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You can help avoid the necessity and expense of sending
    <FONT style="white-space: nowrap">follow-up</FONT>
    letters to ensure a Quorum by promptly returning the enclosed
    Proxy. If you are unable to be present in person, please fill
    in, sign and return the enclosed Proxy in order that the
    necessary Quorum may be represented at the Meetings. The
    enclosed envelope requires no postage if mailed in the United
    States. Certain Shareholders will be able to vote telephonically
    by touchtone telephone or electronically on the Internet by
    following instructions contained on their proxy cards or on the
    enclosed Voting Information Card.</B>
</DIV>
</DIV><!-- End box 1 -->

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

</DIV>

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

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY
    MATERIALS FOR THE SPECIAL MEETINGS OF SHAREHOLDERS TO BE HELD ON
    </B>[&#160;&#149;&#160;]<B>, 2010:</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Joint Proxy Statement for the Special Meetings of
    Shareholders is available on the Internet at the website address
    located on the enclosed Proxy Card.
</DIV>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>MORGAN STANLEY CALIFORNIA INSURED<BR>
    MUNICIPAL INCOME TRUST (&#147;IIC&#148;)<BR>
    MORGAN STANLEY CALIFORNIA QUALITY<BR>
    MUNICIPAL SECURITIES (&#147;IQC&#148;)<BR>
    MORGAN STANLEY INSURED CALIFORNIA<BR>
    MUNICIPAL SECURITIES (&#147;ICS&#148;)<BR>
    MORGAN STANLEY INSURED MUNICIPAL BOND TRUST (&#147;IMC&#148;)<BR>
    MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
    (&#147;IIM&#148;)<BR>
    MORGAN STANLEY INSURED MUNICIPAL SECURITIES (&#147;IMS&#148;)<BR>
    MORGAN STANLEY INSURED MUNICIPAL TRUST (&#147;IMT&#148;)<BR>
    MORGAN STANLEY MUNICIPAL INCOME<BR>
    OPPORTUNITIES TRUST (&#147;OIA&#148;)<BR>
    MORGAN STANLEY MUNICIPAL INCOME<BR>
    OPPORTUNITIES TRUST&#160;II (&#147;OIB&#148;)<BR>
    MORGAN STANLEY MUNICIPAL INCOME<BR>
    OPPORTUNITIES TRUST&#160;III (&#147;OIC&#148;)<BR>
    MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST
    (&#147;PIA&#148;)<BR>
    MORGAN STANLEY NEW YORK QUALITY <BR>
    MUNICIPAL SECURITIES (&#147;IQN&#148;)<BR>
    MORGAN STANLEY PRIME INCOME TRUST (&#147;PRIME&#148;)<BR>
    MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
    (&#147;IQI&#148;)<BR>
    MORGAN STANLEY QUALITY<BR>
    MUNICIPAL INVESTMENT TRUST (&#147;IQT&#148;)<BR>
    MORGAN STANLEY QUALITY MUNICIPAL SECURITIES (&#147;IQM&#148;)</B>
</DIV>

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

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

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc.<BR>
    522&#160;Fifth Avenue<BR>
    New York, New York 10036</B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 37%; border-bottom: 1pt solid #000000"></CENTER>

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

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

<!-- link1 "JOINT PROXY STATEMENT" -->
<B> JOINT PROXY
    STATEMENT</B>
</DIV>

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

<CENTER style="font-size: 1pt; width: 37%; border-bottom: 1pt solid #000000"></CENTER>

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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">[&#160;&#149;&#160;],
    2010</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is furnished in connection with the
    solicitation of proxies by the Boards of Trustees (the
    &#147;Board(s)&#148;) of
    <FONT style="font-variant: SMALL-CAPS">Morgan Stanley California
    Insured Municipal Income Trust (&#147;IIC&#148;), Morgan Stanley
    California Quality Municipal Securities (&#147;IQC&#148;),
    Morgan Stanley Insured California Municipal Securities
    (&#147;ICS&#148;), Morgan Stanley Insured Municipal Bond Trust
    (&#147;IMC&#148;), Morgan Stanley Insured Municipal Income Trust
    (&#147;IIM&#148;), Morgan Stanley Insured Municipal Securities
    (&#147;IMS&#148;), Morgan Stanley Insured Municipal Trust
    (&#147;IMT&#148;), Morgan Stanley Municipal Income Opportunities
    Trust (&#147;OIA&#148;), Morgan Stanley Municipal Income
    Opportunities Trust&#160;II (&#147;OIB&#148;), Morgan Stanley
    Municipal Income Opportunities Trust&#160;III (&#147;OIC&#148;),
    Morgan Stanley
    </FONT>
</DIV>
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<!-- XBRL Pagebreak Begin -->

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-variant: SMALL-CAPS">Municipal Premium Income
    Trust (&#147;PIA&#148;), Morgan Stanley New York Quality
    Municipal Securities (&#147;IQN&#148;), Morgan Stanley Prime
    Income Trust (&#147;Prime&#148;), Morgan Stanley Quality
    Municipal Income Trust (&#147;IQI&#148;), Morgan Stanley Quality
    Municipal Investment Trust (&#147;IQT&#148;) and Morgan Stanley
    Quality Municipal Securities (&#147;IQM&#148;)
    </FONT>(individually, a &#147;Fund&#148; and, collectively, the
    &#147;Funds&#148;) for use at the Special Meetings of
    Shareholders of the Funds to be held jointly on
    [&#160;&#149;&#160;], 2010 (the &#147;Meetings&#148;), and at
    any adjournments thereof. The first mailing of this Joint Proxy
    Statement is expected to be made on or about
    [&#160;&#149;&#160;], 2010.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the enclosed form of Proxy is properly executed and returned
    in time, or is submitted by telephone or Internet, to be voted
    at the Meetings, the proxies named therein will vote the shares
    of beneficial interest with respect to the Funds (collectively,
    the &#147;Shares&#148;) represented by the Proxy in accordance
    with the instructions marked thereon. Unmarked proxies submitted
    by shareholders of a Fund (&#147;Shareholders&#148;) will be
    voted for each of the Nominees for election as Trustee of that
    Fund and for the new investment advisory agreement between that
    Fund and Invesco Advisers, Inc. (&#147;Invesco Advisers&#148;),
    as set forth in the attached Notice of Special Meetings of
    Shareholders. A Proxy may be revoked at any time prior to its
    exercise by any of the following: written notice of revocation
    to the Secretary of the Funds, execution and delivery of a later
    dated Proxy to the Secretary of the Funds (whether by mail or,
    as discussed below, by touchtone telephone or the Internet) (if
    returned and received in time to be voted), or attendance and
    voting at the Meetings. Attendance at the Meetings will not in
    and of itself revoke a Proxy. In order to revoke a Proxy in
    person, Shareholders must submit a subsequent Proxy.
    Shareholders whose shares are held in street name by a broker of
    record and who wish to vote in person at the Meetings must
    obtain a legal proxy from their broker and present it at the
    Meetings to the inspector of elections.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders of record of each Fund as of the close of business
    on [&#160;&#149;&#160;], 2010, the record date for the
    determination of Shareholders entitled to notice of and to vote
    at the Meetings (the &#147;Record Date&#148;), are entitled to
    one vote for each Share held and a fractional vote for a
    fractional Share.
</DIV>
<!-- XBRL Pagebreak Begin -->

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below sets forth the total number of Common Shares and
    Preferred Shares, as applicable, outstanding for each Fund as of
    the Record Date:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Common<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Number of Preferred<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding as<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Shares Outstanding as<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of [&#160;&#149;&#160;], 2010<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>of [&#160;&#149;&#160;], 2010<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>(Record Date)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    ICS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIB
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prime
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The cost of soliciting proxies for the Meeting of each Fund,
    consisting principally of printing and mailing expenses, will be
    borne by Morgan Stanley and Invesco Ltd. (&#147;Invesco&#148;)
    and their affiliates. The solicitation of proxies will be by
    mail, telephone or otherwise through Trustees, officers of the
    Funds, or officers and employees of Morgan Stanley Investment
    Advisors Inc., each Fund&#146;s investment adviser (the
    &#147;Current Adviser&#148;), Morgan Stanley Trust, Morgan
    Stanley Services Company Inc. (&#147;Morgan Stanley
    Services&#148; or the &#147;Administrator&#148;), Morgan
    Stanley&#160;&#038; Co. Incorporated
    <FONT style="white-space: nowrap">and/or</FONT>
    Morgan Stanley Smith Barney LLC, without special compensation
    therefor. In addition, each Fund may employ Computershare
    Fund&#160;Services, Inc. (&#147;Computershare
    Fund&#160;Services&#148;) to make telephone calls to
    Shareholders to remind them to vote. Each Fund may also employ
    Computershare Fund&#160;Services as Proxy solicitor if it
    appears that the required number of votes to achieve a Quorum or
    to approve any matter at the Meetings will not be received. The
    transfer agent services for each Fund except for Prime are
    currently provided by Computershare Trust&#160;Company, N.A.,
    and by Morgan Stanley Trust with respect to Prime (together, the
    &#147;Transfer Agent&#148;).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders may be able to vote their Shares by touchtone
    telephone or by Internet by following the instructions on the
    Proxy Card accompanying this Joint Proxy Statement. The Internet
    procedures are designed to authenticate a Shareholder&#146;s
    identity to allow Shareholders to vote their Shares and confirm
    that their instructions have been properly recorded. To vote by
    Internet or by touchtone
</DIV>
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    <BR>
    4
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    telephone, Shareholders can access the website or call the
    toll-free number listed on the Proxy Card. To vote by touchtone
    telephone or by Internet, Shareholders will need the number that
    appears on the Proxy Card or Voting Information Card in the
    shaded box.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain instances, Computershare Fund&#160;Services may call
    Shareholders to ask if they would be willing to have their votes
    recorded by telephone. The telephone voting procedure is
    designed to authenticate Shareholders&#146; identities, to allow
    Shareholders to authorize the voting of their Shares in
    accordance with their instructions and to confirm that their
    instructions have been recorded properly. No recommendation will
    be made as to how a Shareholder should vote on any proposal
    other than to refer to the recommendations of the Boards. The
    Funds have been advised by counsel that these procedures are
    consistent with the requirements of applicable law. Shareholders
    voting by telephone in this manner will be asked for identifying
    information and will be given an opportunity to authorize
    proxies to vote their Shares in accordance with their
    instructions. To ensure that the Shareholders&#146; instructions
    have been recorded correctly, they will receive a confirmation
    of their instructions in the mail. A special toll-free number
    set forth in the confirmation will be available in case the
    information contained in the confirmation is incorrect. Although
    a Shareholder&#146;s vote may be taken by telephone, each
    Shareholder will receive a copy of this Joint Proxy Statement
    and may vote by mail using the enclosed Proxy Card or by
    touchtone telephone or the Internet as set forth above. The last
    Proxy vote received in time to be voted, whether by Proxy Card,
    touchtone telephone or Internet, will be the vote that is
    counted and will revoke all previous votes by the Shareholder.
    In the event that Computershare Fund&#160;Services is retained
    as Proxy solicitor, Computershare Fund&#160;Services will be
    paid a project management fee as well as telephone solicitation
    expenses incurred for reminder calls, outbound telephone voting,
    confirmation of telephone votes, inbound telephone contact,
    obtaining Shareholders&#146; telephone numbers, and providing
    additional materials upon Shareholder request. Such fees and
    expenses will be borne by Morgan Stanley and Invesco and their
    respective affiliates.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Joint Proxy Statement is being used in order to reduce the
    preparation, printing, handling and postage expenses that would
    result from the use of a separate proxy statement for each Fund
    and, because Shareholders may own Shares of more than one Fund,
    to potentially avoid burdening Shareholders with more than one
    proxy statement. Shares of a Fund are entitled to one vote each
    at the respective Fund&#146;s Meeting. To the extent information
    relating to common ownership is available to the Funds, a
    Shareholder that owns of record Shares in two or more of the
    Funds will receive a package containing a Joint Proxy Statement
    and Proxy Cards for the Funds in which such Shareholder is a
    record owner. If the information relating to common ownership is
    not available to the Funds, a Shareholder that beneficially owns
    Shares in two or more Funds may receive two or more packages
    each containing a Joint Proxy Statement and a
</DIV>
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    <BR>
    5
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Proxy Card for each Fund in which such Shareholder is a
    beneficial owner. If a Proposal is approved by Shareholders of
    one Fund and disapproved by Shareholders of other Funds, the
    Proposal will be implemented for the Fund that approved the
    Proposal and will not be implemented for any Fund that did not
    approve the Proposal. Thus, it is essential that Shareholders
    complete, date, sign and return each enclosed Proxy Card or vote
    by touchtone telephone or Internet as indicated in each
    Fund&#146;s Proxy Card.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only one copy of this Joint Proxy Statement will be delivered to
    multiple Shareholders sharing an address unless we have received
    contrary instructions from one or more of the Shareholders. Upon
    written or oral request, we will deliver a separate copy of this
    Joint Proxy Statement to a Shareholder at a shared address to
    which a single copy of this Joint Proxy Statement was delivered.
    Should any Shareholder wish to receive a separate Proxy
    Statement or should Shareholders sharing an address wish to
    receive a single Proxy Statement in the future, please contact
    <FONT style="white-space: nowrap">(888)&#160;421-4015</FONT>
    (toll-free).
</DIV>


<!-- link1 "PROPOSAL 1: ELECTION OF TRUSTEES" -->


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;1:<BR>
    ELECTION OF TRUSTEES</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;19, 2009, Morgan Stanley entered into a
    definitive agreement to sell substantially all of its retail
    asset management business to Invesco, a leading global
    investment management company, located at
    1555&#160;Peachtree&#160;Street, N.E., Suite&#160;1800, Atlanta,
    Georgia 30309, in exchange for $1.5&#160;billion in cash and a
    minority equity interest in Invesco stock (the
    &#147;Acquisition&#148;). Although there is no assurance that
    the Acquisition will be completed, if the terms and conditions
    of the Acquisition are satisfied
    <FONT style="white-space: nowrap">and/or</FONT>
    waived, the closing of the Acquisition is expected to take place
    in mid-2010. In connection with this Acquisition, the Current
    Adviser submitted to the Board of Trustees (each a
    &#147;Board&#148;) of each Fund for its approval, among other
    things, a proposal to adopt a substantially new Board for each
    Fund. Messrs.&#160;Manuel H. Johnson and Michael E. Nugent will
    continue to serve on the Boards of IIC, IQC, IMC,&#160;IIM, IMT,
    PIA, IQN, IQI, IQT and IQM until their successors are duly
    elected and qualified to represent the Preferred Shareholders
    following the consummation of the Acquisition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Fund&#146;s Board is recommending that the Shareholders of
    each Fund approve the Nominees for each Fund&#146;s Board set
    forth below. The Nominees to be elected to the Board of each
    Fund are comprised primarily of independent trustees/directors
    who serve other funds advised by affiliates of Invesco, as well
    as two interested trustees/directors who serve other funds
    advised by affiliates of Invesco, Martin L. Flanagan, the Chief
    Executive Officer of Invesco, and Philip A. Taylor, the Head of
    North American Retail and Senior Managing Director of Invesco.
    Before determining that it was appropriate to propose the
    Nominees for election to each Fund&#146;s Board, the Boards met
    with Management of the Funds,
</DIV>
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    <BR>
    6
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Senior Management at Invesco and Messrs.&#160;Flanagan and
    Taylor, and reviewed information about the proposed
    Nominees&#146; qualifications and experience as
    trustees/directors of registered investment companies. Based on
    the information received, and in light of the Acquisition, the
    Board of each Fund determined that it was appropriate to propose
    the Nominees for election to the Boards. By proposing these
    Nominees for election to each Fund&#146;s Board, the Boards hope
    to align the governance of the Funds with the governance of
    other registered investment companies advised by affiliates of
    Invesco. All current Trustees, other than Messrs.&#160;Manuel H.
    Johnson and Michael E. Nugent with respect to IIC, IQC,
    IMC,&#160;IIM, IMT, PIA, IQN, IQI, IQT and IQM only, will cease
    to serve as Trustees of a Fund in the event that the
    Shareholders of that Fund approve the election of the Nominees
    set forth below and the Acquisition is consummated.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With the exception of the Nominees for the Board of Prime, the
    Nominees have been divided into three separate classes, each
    class having a term of three years. The term of office of each
    of the three classes will expire each succeeding year. Each
    Nominee will, if elected, serve an initial term beginning
    following the date of the consummation of the Acquisition and
    terminating at the date of the applicable Annual Meeting of
    Shareholders indicated in the chart below or any adjournment
    thereof. Each Nominee for the Board of Prime is elected for an
    indefinite term. Pursuant to Prime&#146;s By-Laws, each Trustee
    holds office until (i)&#160;his or her successor has been
    elected and qualified, (ii)&#160;his or her death,
    (iii)&#160;his or her resignation or (iv)&#160;his or her
    removal as provided by statute or the charter. In addition,
    pursuant to the Declaration of Trust of each of IIC, IQC,
    IMC,&#160;IIM, IMT, PIA, IQN, IQI, IQT and IQM, as amended from
    time to time, and the Investment Company Act of 1940, as amended
    (the &#147;Investment Company Act&#148;), the Board of each such
    Fund previously determined that one of each of the Class&#160;II
    Trustees and Class&#160;III Trustees will be designated to be
    elected by the Preferred Shareholders voting separately. In this
    regard, Messrs.&#160;Manuel H. Johnson and Michael E. Nugent
    serve as Trustees of the Boards of IIC, IQC, IMC,&#160;IIM, IMT,
    PIA, IQN, IQI, IQT and IQM on behalf of the Preferred
    Shareholders, the terms of each to expire with his designated
    Class or until his successor has been duly elected and
    qualified. Mr.&#160;Johnson is a Class&#160;II Trustee and
    Mr.&#160;Nugent is a Class&#160;III Trustee of IIC, IQC,
    IMC,&#160;IIM, IMT, PIA, IQN, IQI, IQT and IQM. Each of
    Messrs.&#160;Johnson and Nugent will continue to serve in this
    capacity on the Boards of IIC, IQC, IMC,&#160;IIM, IMT, PIA,
    IQN, IQI, IQT and IQM following the consummation of the
    Acquisition until their successors are duly elected and
    qualified.
</DIV>
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    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is the intention of the persons named in the enclosed form of
    Proxy, unless instructed by Proxy to withhold authority to vote
    for the Nominees, to vote all validly executed Proxies for the
    election of the following Nominees:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="33%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Group I*</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Group II**</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Group III***</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Albert R. Dowden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    David C. Arch
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    James T. Bunch
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prema Mathai-Davis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bob R. Baker
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bruce L. Crockett
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lewis F. Pennock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Frank S. Bayley
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Rod Dammeyer
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Larry Soll
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Jack M. Fields
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Raymond Stickel, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Philip A. Taylor
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Martin L. Flanagan
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Wayne W. Whalen
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Carl Frischling
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

<TR>
    <TD width="4%"></TD>
    <TD width="1%"></TD>
    <TD width="95%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To serve until the year 2010 Annual Meeting or until their
    successors have been duly elected and qualified, except as noted
    above for Prime.</TD>
</TR>


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

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    To serve until the year 2011 Annual Meeting or until their
    successors have been duly elected and qualified, except as noted
    above for Prime.</TD>
</TR>


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

<TR>
    <TD valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    To serve until the year 2012 Annual Meeting or until their
    successors have been duly elected and qualified, except as noted
    above for Prime.</TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Should any of the Nominees become unable or unwilling to accept
    nomination or election, the persons named in the Proxy will
    exercise their voting power in favor of such person or persons
    as the Boards may recommend or, in the case of an independent
    Trustee Nominee, as the independent Trustees of each Fund may
    recommend. All of the Nominees have consented to being named in
    this Joint Proxy Statement and to serve if elected. The Funds
    know of no reason why any of the said Nominees would be unable
    or unwilling to accept nomination or election.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The table below sets forth the following information regarding
    the Nominees for election as Trustees, and each of the two
    current Trustees who will continue to serve on each Fund&#146;s
    Board, as well as the proposed new executive officers of the
    Funds: their age, address, position held or proposed to be held
    with each Fund and length of time served, as applicable, their
    principal business occupations during the past five years, the
    number of portfolios in the Fund&#160;Complex overseen by each
    Trustee or Nominee Trustee and other trusteeships/directorships,
    if any, held by the Trustees. The Fund&#160;Complex includes all
    open-end and closed-end funds (including all of their
    portfolios) advised by the Current Adviser and its affiliates.
    All Nominees, if elected by Shareholders, will oversee 17
    closed-end funds (including the Funds) that are currently in the
    Fund&#160;Complex. Upon consummation of the Acquisition, these
    17 funds will become part of the AIM Family of Funds.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    8
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 5pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="18%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position Held or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with each<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund and the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trusteeship(s)/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Served for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Address</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Current Trustees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held by Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -5pt; margin-left: 5pt">
    <B>Interested Nominees</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Martin L.
    Flanagan<SUP style="font-size: 85%; vertical-align: top">1</SUP>

    (49)<BR>
    Two Peachtree Pointe<BR>
    1555 Peachtree Street N.E.<BR>
    Atlanta, Georgia 30309
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Executive Director, Chief Executive Officer and President,
    Invesco (a global investment management firm); Trustee, The AIM
    Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Board of Governors, Investment Company Institute; and Member of
    Executive Board, SMU Cox School of Business and Adviser to the
    Board of Directors, Invesco Advisers.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Chairman, Invesco Aim Advisors, Inc. (registered
    investment adviser); Director, Chairman, Chief Executive Officer
    and President, IVZ Inc. (holding company), INVESCO Group
    Services, Inc. (service provider) and Invesco North American
    Holdings, Inc. (holding company); Director, Chief Executive
    Officer and President, Invesco Holding Company Limited (parent
    of Invesco Aim and a global investment management firm);
    Director, Invesco; Chairman and Vice Chairman, Investment
    Company Institute.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">1
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Flanagan will be
    considered an interested person of the Funds because he is an
    advisor to the board of directors of Invesco Advisers, and an
    officer and a director of Invesco, the ultimate parent of
    Invesco Advisers.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">2
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Taylor will be considered
    an interested person of the Funds because he is an officer and a
    director of Invesco Advisers.
    </FONT></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 5pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position Held or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with each<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund and the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trusteeship(s)/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Served for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Address</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Current Trustees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held by Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Philip A.
    Taylor<SUP style="font-size: 85%; vertical-align: top">2</SUP>

    (55)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Head of North American Retail and Senior Managing Director,
    Invesco; Director, Chief Executive Officer and President, 1371
    Preferred Inc. (holding company); Director, Chairman, Chief
    Executive Officer and President, Invesco Aim Management Group,
    Inc. (financial services holding company); Director and
    President, INVESCO Funds Group, Inc. (registered investment
    adviser and registered transfer agent) and AIM GP Canada Inc.
    (general partner for limited partnerships); Director, Invesco
    Aim Distributors, Inc. (registered broker dealer); Director and
    Chairman, Invesco Aim Investment Services, Inc. (registered
    transfer agent) and INVESCO Distributors, Inc. (registered
    broker dealer); Director, Co-Chairman, Co-President &#038;
    Co-Chief Executive, Invesco Advisers (Formerly Invesco
    Institutional, (N.A.), Inc.&#160;&#150; registered investment
    adviser), Director, President and Chairman, INVESCO Inc.
    (holding company) and Invesco Canada Holdings Inc. (holding
    company); Chief Executive Officer, AIM Trimark Corporate Class
    Inc. (corporate mutual fund company) and AIM Trimark Canada Fund
    Inc. (corporate mutual fund company); Director and Chief
    Executive Officer, Invesco Trimark Dealer Inc. and Invesco
    Trimark Ltd./Invesco Trimark Ltee; Trustee, President and
    Principal Executive Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (other than AIM Treasurer&#146;s Series Trust and Short-Term
    Investments Trust); Trustee and Executive Vice President, The
    AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust and Short-Term Investments
    Trust only); and Manager, Invesco PowerShares Capital Management
    LLC.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">1
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Flanagan will be
    considered an interested person of the Funds because he is an
    advisor to the board of directors of Invesco Advisers, and an
    officer and a director of Invesco, the ultimate parent of
    Invesco Advisers.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">2
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Taylor will be considered
    an interested person of the Funds because he is an officer and a
    director of Invesco Advisers.
    </FONT></TD>
</TR>

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

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">1
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Flanagan will be
    considered an interested person of the Funds because he is an
    advisor to the board of directors of Invesco Advisers, and an
    officer and a director of Invesco, the ultimate parent of
    Invesco Advisers.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">2
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Taylor will be considered
    an interested person of the Funds because he is an officer and a
    director of Invesco Advisers.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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</TR>
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<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position Held or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with each<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund and the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trusteeship(s)/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Served for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Address</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Current Trustees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held by Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Director, Chief Executive Officer and President,
    Invesco Aim Advisors, Inc.; Director, Chairman, Chief Executive
    Officer and President Invesco Aim Capital Management, Inc.
    (registered investment adviser); and Invesco Aim Private Asset
    Management, Inc.; President, Invesco Trimark Dealer Inc. and
    Invesco Trimark Ltd./Invesco Trimark Lt&#232;e; Director and
    President, AIM Trimark Corporate Class Inc. and AIM Trimark
    Canada Fund Inc.; Senior Managing Director, Invesco Holding
    Company Limited; Trustee and Executive Vice President, Tax-Free
    Investments Trust; Director and Chairman, Fund Management
    Company (former registered broker dealer); President and
    Principal Executive Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust, Short-Term Investments Trust
    and Tax-Free Investments Trust only); President, AIM Trimark
    Global Fund Inc. and AIM Trimark Canada Fund Inc.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
    <B>Independent Nominees</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    David C. Arch (64)<BR>
    Blistex Inc. <BR>
    1800 Swift Drive <BR>
    Oak Brook, IL 60523
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Proposed Class&#160;II Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman and Chief Executive<BR>
    Officer of Blistex Inc., a consumer<BR>
    health care products manufacturer.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 88 funds/portfolios in the Van Kampen Family
    of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Member of the Heartland Alliance Advisory Board, a nonprofit
    organization serving human needs based in Chicago. Board member
    of the Illinois Manufacturers&#146; Association. Member of the
    Board of Visitors, Institute for the Humanities, University of
    Michigan.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Bob R. Baker (73)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Retired.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Frank S. Bayley (70)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired.<BR>
    Formerly: Director,<BR>
    Badgley Funds, Inc. (registered<BR>
    investment company) (2 portfolios).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    James T. Bunch (67)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Founder, Green, Manning &#038; Bunch<BR>
    Ltd. (investment banking firm).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Board of Governors, Western Golf Association/Evans Scholars
    Foundation and Executive Committee, United States Golf
    Association.
</TD>
</TR>
</TABLE>
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">1
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Flanagan will be
    considered an interested person of the Funds because he is an
    advisor to the board of directors of Invesco Advisers, and an
    officer and a director of Invesco, the ultimate parent of
    Invesco Advisers.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">2
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Mr.&#160;Taylor will be considered
    an interested person of the Funds because he is an officer and a
    director of Invesco Advisers.
    </FONT></TD>
</TR>

</TABLE>

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

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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 5pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
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    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
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    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position Held or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with each<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund and the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trusteeship(s)/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Served for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Address</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Current Trustees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held by Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Bruce L. Crockett (65)<BR>
    11 Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman, Crockett Technology <BR>
    Associates (technology consulting<BR>
    company).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Boards of Trustees of 149 funds/portfolios in
    the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    ACE Limited (insurance company); Captaris, Inc. (unified
    messaging provider); and Investment Company Institute.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Rod Dammeyer (69)<BR>
    CAC, LLC <BR>
    4370 La&#160;Jolla Village Drive <BR>
    Suite&#160;685 <BR>
    San&#160;Diego, CA
    <FONT style="white-space: nowrap">92122-1249</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President of CAC, LLC, a private<BR>
    company offering capital<BR>
    investment and management<BR>
    advisory services.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 88 funds/portfolios in the Van Kampen Family
    of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Director of Quidel Corporation and Stericycle, Inc. Prior to May
    2008, Trustee of The Scripps Research Institute. Prior to
    February 2008, Director of Ventana Medical Systems, Inc. Prior
    to April 2007, Director of GATX Corporation. Prior to April
    2004, Director of TheraSense, Inc. Prior to January 2004,
    Director of TeleTech Holdings Inc. and Arris Group, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Albert R. Dowden (68)<BR>
    11 Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of a number of public and private business
    corporations, including the Boss Group, Ltd. (private investment
    and management); Reich &#038; Tang Funds (registered investment
    company); and Homeowners of America Holding
    Corporation/Homeowners of America Insurance Company (property
    casualty company).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Board of Nature&#146;s Sunshine Products, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Director, Continental Energy Services, LLC (oil and
    gas pipeline service); Director, CompuDyne Corporation (provider
    of product and services to the public security market);
    Director, President and Chief Executive Officer, Volvo Group
    North America, Inc.; Director, Annuity and Life Re (Holdings),
    Ltd. (reinsurance company); Senior Vice President, AB Volvo;
    Director of various public and private corporations.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Jack M. Fields (57)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chief Executive Officer, Twenty First Century Group, Inc.
    (government affairs company); and Owner and Chief Executive
    Officer, Dos Angelos Ranch, L.P. (cattle, hunting, corporate
    entertainment),  Discovery Global Education Fund (non-profit)
    and Cross Timbers Quail Research Ranch (non-profit). Formerly:
    Chief Executive Officer, Texana Timber LP (sustainable forestry
    company).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Administaff
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Carl Frischling (72)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner, law firm of Kramer Levin Naftalis and Frankel LLP.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Reich &#038; Tang Funds (16 portfolios)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Prema Mathai-Davis (59)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Retired.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Lewis F. Pennock (67)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner, law firm of Pennock &#038; Cooper.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

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

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 5pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="28%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="9%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="18%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Position Held or<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Proposed to be<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Held with each<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fund and the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in Fund<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Other<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Length of Time<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Complex<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Trusteeship(s)/<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age and<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Served for<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Occupation(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Overseen by<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Directorships(s)<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 5pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Address</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Current Trustees</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>During Past 5 Years</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Held by Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Larry Soll (67)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Retired.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Hugo F. Sonnenschein (69)<BR>
    1126&#160;E.&#160;59th&#160;Street <BR>
    Chicago, IL 60637
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President Emeritus and Honorary Trustee of the University of
    Chicago and the Adam Smith Distinguished Service Professor in
    the Department of Economics at the University of Chicago. Prior
    to July 2000, President of the University of Chicago.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee/Director of 88 funds/portfolios in the Van Kampen Family
    of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Trustee of the University of Rochester and a member of its
    investment committee. Member of the National Academy of
    Sciences, the American Philosophical Society and a fellow of the
    American Academy of Arts and Sciences.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Raymond Stickel, Jr. (65)<BR>
    11&#160;Greenway Plaza <BR>
    Suite&#160;100 <BR>
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Retired.<BR>
    Formerly: Director, Mainstay VP Series Funds, Inc. (25
    portfolios)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Trustee of 149 funds/portfolios in the AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom" style="line-height: 3pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Wayne W. Whalen (70)<BR>
    155 North Wacker Drive <BR>
    Chicago, IL 60606
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Proposed Trustee
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partner in the law firm of Skadden, Arps, Slate, Meagher &#038;
    Flom LLP.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairman of the Boards, Trustee/Director of 88 funds/portfolios
    in the Van Kampen Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

    Director of the Abraham Lincoln Presidential Library Foundation.
</TD>
</TR>
<TR valign="bottom">
<TD colspan="9" valign="top">
    <B>Current Independent Trustees</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Dr.&#160;Manuel H. Johnson (60)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Johnson</FONT>
    Smick Group, Inc.<BR>
    888 16th&#160;Street, N.W. <BR>
    Suite&#160;740 <BR>
    Washington,&#160;D.C. 20006
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Class&#160;II Trustee<BR>
    since July 1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Partner, Johnson Smick International, Inc. (consulting
    firm); Chairperson of the Investment Committee (since October
    2006) and Director or Trustee of the Morgan Stanley Retail Funds
    (since July 1991) and Morgan Stanley Institutional Funds (since
    July 2003); Co-Chairman and a founder of the Group of Seven
    Council (G7C) (international economic commission); formerly,
    Chairperson of the Morgan Stanley Retail Funds&#146; and
    Institutional Funds&#146; Audit Committee (July 1991-September
    2006); Vice Chairman of the Board of Governors of the Federal
    Reserve System and Assistant Secretary of the U.S. Treasury.
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    164
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director of NVR, Inc. (home construction); Director of Evergreen
    Energy.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Michael E. Nugent (73)<BR>
    <FONT style="white-space: nowrap">c/o&#160;Triumph</FONT>
    Capital, L.P. <BR>
    445 Park Avenue <BR>
    New York, NY 10022
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Chairperson of the Boards since July 2006 and Class&#160;III
    Trustee<BR>
    since July 1991
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    General Partner, Triumph Capital, L.P. (private investment
    partnership); Chairperson of the Boards of the Morgan Stanley
    Retail Funds and Morgan Stanley Institutional Funds (since July
    2006); Director or Trustee of the Retail Funds (since July 1991)
    and Morgan Stanley Institutional Funds (since July 2001);
    formerly, Chairperson of the Insurance Committee (until July
    2006).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    164
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    None
</TD>
</TR>
</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">EQUITY
    SECURITIES OWNED BY TRUSTEES</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For each Nominee and the two current Trustees who will continue
    to serve on each Fund&#146;s Board, the dollar range of equity
    securities beneficially owned by the Trustees in the Funds and
    in the family of investment companies as of December&#160;31,
    2009 is shown in Appendix&#160;A. No information is shown for
    those current Trustees whose term of office will not continue if
    the Shareholders approve the Nominees for election as Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As to each independent Trustee and Nominee and his or her
    immediate family members, no person owned beneficially or of
    record securities in the Current Adviser or any principal
    underwriter of the Funds, or a person (other than a registered
    investment company) directly or indirectly controlling,
    controlled by or under common control with the Current Adviser
    or any principal underwriter of the Funds as of
    December&#160;31, 2009.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, the aggregate number of Shares of
    each Fund owned by the Funds&#146; officers, current Trustees
    and Nominees as a group was less than one percent of each
    Fund&#146;s outstanding Shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Below is information on the proposed officers of the Funds who
    will take office with respect to each Fund in the event that
    (i)&#160;the Shareholders of that Fund approve Proposal&#160;2
    and (ii)&#160;the Acquisition is consummated. The Shareholders
    are not being asked to vote on the proposed officers of the
    Funds. The Board of each Fund appoints the officers of the Funds.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age, Address and Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to be Held with the Funds*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
    Philip A. Taylor (55)<BR>
    President and Principal Executive Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Head of North American Retail and Senior Managing Director,
    Invesco; Director, Chief Executive Officer and President, 1371
    Preferred Inc. (holding company); Director, Chairman, Chief
    Executive Officer and President, Invesco Aim Management Group,
    Inc. (financial services holding company) Director and
    President, INVESCO Funds Group, Inc. (registered investment
    adviser and registered transfer agent) and AIM GP Canada Inc.
    (general partner for limited partnerships); Director, Invesco
    Aim Distributors, Inc. (registered broker dealer); Director and
    Chairman, Invesco Aim Investment Services, Inc. (registered
    transfer agent) and INVESCO Distributors, Inc. (registered
    broker dealer); Director, Co-Chairman, Co-President &#038;
    Co-Chief Executive, Invesco Advisers (Formerly Invesco
    Institutional, (N.A.), Inc.&#160;&#150; registered investment
    adviser); Director, President and Chairman, INVESCO Inc.
    (holding company) and Invesco Canada Holdings Inc. (holding
    company); Chief Executive Officer, AIM Trimark Corporate Class
    Inc. (corporate mutual fund company) and AIM Trimark Canada Fund
    Inc. (corporate mutual fund company); Director and Chief
    Executive Officer, Invesco Trimark Dealer Inc./Courtage Invesco
    Trimark Inc. and Invesco Trimark Ltd./ Invesco Trimark
    Lte&#233;. Trustee, President and Principal Executive Officer,
    The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (other than AIM Treasurer&#146;s Series Trust and Short-Term
    Investments Trust); Trustee and Executive Vice President, The
    AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust and Short-Term Investments
    Trust only); and Manager, Invesco PowerShares Capital Management
    LLC.
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The address of the proposed
    Officers of each Fund is 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each Officer will serve for a
    one-year term or until their successors are elected and
    qualified.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age, Address and Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to be Held with the Funds*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Director, Chief Executive Officer and President,
    Invesco Aim Advisors, Inc.; Director, Chairman, Chief Executive
    Officer and President, Invesco Aim Capital Management, Inc.
    (registered investment adviser) and Invesco Aim Private Asset
    Management Inc.; President, Invesco Trimark Dealer Inc. and
    Invesco Trimark Ltd./Invesco Trimark Lt&#232;e; Director and
    President, AIM Trimark Corporate Class Inc. and AIM Trimark
    Canada Fund Inc.; Senior Managing Director, Invesco Holding
    Company Limited; Trustee and Executive Vice President, Tax-Free
    Investments Trust; Director and Chairman, Fund Management
    Company (former registered broker dealer); President and
    Principal Executive Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust, Short-Term Investments Trust
    and Tax-Free Investments Trust only); President, AIM Trimark
    Global Fund Inc. and AIM Trimark Canada Fund Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    John M. Zerr (47)<BR>
    Senior Vice President, Chief Legal Officer and Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director, Senior Vice President, Secretary and General Counsel,
    Invesco Aim Management Group, Inc.,; Director, Senior Vice
    President and Secretary, Invesco Aim Distributors, Inc.;
    Director, Vice President and Secretary, Invesco Aim Investment
    Services, Inc. and INVESCO Distributors, Inc.; Director and Vice
    President, INVESCO Funds Group, Inc.; Senior Vice President,
    Chief Legal Officer and Secretary, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    and Manager, Invesco PowerShares Capital Management LLC.; Senior
    Vice President, Invesco Advisers (Formerly Invesco
    Institutional, (N.A.), Inc.&#160;&#150;  registered investment
    adviser)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The address of the proposed
    Officers of each Fund is 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each Officer will serve for a
    one-year term or until their successors are elected and
    qualified.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age, Address and Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to be Held with the Funds*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Director, Senior Vice President, Secretary and General
    Counsel, Invesco Aim Advisors, Inc. Director, Vice President and
    Secretary, Fund Management Company; Director, Senior Vice
    President, Secretary and General Counsel, Vice President,
    Invesco Aim Capital Management, Inc.; Chief Operating Officer
    and General Counsel, Liberty Ridge Capital, Inc. (an investment
    adviser); Vice President and Secretary, PBHG Funds (an
    investment company) and PBHG Insurance Series Fund (an
    investment company); Chief Operating Officer, General Counsel
    and Secretary, Old Mutual Investment Partners (a broker dealer);
    General Counsel and Secretary, Old Mutual Fund Services (an
    administrator) and Old Mutual Shareholder Services (a
    shareholder servicing center); Executive Vice President, General
    Counsel and Secretary, Old Mutual Capital, Inc. (an investment
    adviser); and Vice President and Secretary, Old Mutual Advisors
    Funds (an investment company).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Lisa O. Brinkley (50)<BR>
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Global Compliance Director, Invesco; Chief Compliance Officer,
    Invesco Aim Distributors, Inc. and Invesco Aim Investment
    Services, Inc.; and Vice President, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Senior Vice President, Invesco Aim Management Group,
    Inc.; Senior Vice President and Chief Compliance Officer,
    Invesco Aim Advisors, Inc. and The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Vice President and Chief Compliance Officer, Invesco Aim Capital
    Management, Inc. and Invesco Aim Distributors, Inc.; Vice
    President, Invesco Aim Investment Services, Inc. and Fund
    Management Company
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Kevin M. Carome (53)<BR>
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    General Counsel, Secretary and Senior Managing Director,
    Invesco; Director, Invesco Holding Company Limited and INVESCO
    Funds Group, Inc.; Director and Executive Vice President, IVZ,
    Inc., Invesco Group Services, Inc., Invesco North American
    Holdings, Inc. and Invesco Investments (Bermuda) Ltd.; and Vice
    President, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Secretary, Invesco Advisers (Formerly Invesco Institutional,
    (N.A.), Inc.&#160;&#150;  registered investment adviser)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The address of the proposed
    Officers of each Fund is 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each Officer will serve for a
    one-year term or until their successors are elected and
    qualified.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age, Address and Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to be Held with the Funds*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Senior Managing Director and Secretary, Invesco North
    American Holdings, Inc.; Vice President and Secretary, IVZ, Inc.
    and Invesco Group Services, Inc.; Senior Managing Director and
    Secretary, Invesco Holding Company Limited; Director, Senior
    Vice President, Secretary and General Counsel, Invesco Aim
    Management Group, Inc. and Invesco Aim Advisors, Inc.; Senior
    Vice President, Invesco Aim Distributors, Inc.; Director,
    General Counsel and Vice President, Fund Management Company;
    Vice President, Invesco Aim Capital Management, Inc. and Invesco
    Aim Investment Services, Inc.; Senior Vice President, Chief
    Legal Officer and Secretary, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>;

    Director and Vice President, INVESCO Distributors, Inc.; and
    Chief Executive Officer and President, INVESCO Funds Group, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Sheri Morris (45)<BR>
    Vice President, Treasurer and Principal Financial Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Vice President, Invesco Advisers (Formerly Invesco
    Institutional, (N.A.), Inc.&#160;&#150;  registered investment
    adviser); Vice President, Treasurer and Principal Financial
    Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly Assistant Vice President and Assistant Treasurer, The
    AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>:

    Vice President, Assistant Vice President, Invesco Aim Advisors,
    Inc., Invesco Aim Capital Management, Inc. and Invesco Aim
    Private Asset Management, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Karen Dunn Kelley (49)<BR>
    Vice President
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Head of Invesco&#146;s World Wide Fixed Income and Cash
    Management Group; Senior Vice President, Invesco Advisers
    (Formerly Invesco Institutional (N.A.), Inc. - registered
    investment adviser); Executive Vice President, Invesco Aim
    Distributors, Inc.; Senior Vice President, Invesco Aim
    Management Group, Inc.; and Director, Invesco Mortgage Capital
    Inc.; Vice President, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (other than AIM Treasurer&#146;s Series Trust and Short-Term
    Investments Trust); and President and Principal Executive
    Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust and Short-Term Investments
    Trust only).
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Vice President, Invesco Advisers (Formerly Invesco
    Institutional, (N.A.), Inc.&#151;registered investment adviser);
    Director of Cash Management and Senior Vice
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The address of the proposed
    Officers of each Fund is 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each Officer will serve for a
    one-year term or until their successors are elected and
    qualified.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="43%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name, Age, Address and Position(s)<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Length of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to be Held with the Funds*</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Time Served**</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Principal Occupation(s) During Past 5&#160;Years</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    President, Invesco Aim Advisors, Inc. and Invesco Aim Capital
    Management, Inc.; President and Principal Executive Officer,
    Tax-Free Investments Trust; Director and President, Fund
    Management Company; Chief Cash Management Officer and Managing
    Director, Invesco Aim Capital Management, Inc.; and Vice
    President, Invesco Aim Advisors, Inc. and The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>

    (AIM Treasurer&#146;s Series Trust, Short-Term Investments Trust
    and Tax-Free Investments Trust only).
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Lance A. Rejsek (42)<BR>
    Anti-Money Laundering Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Anti-Money Laundering Compliance Officer, Invesco Advisers,
    Invesco Aim Distributors, Inc., Invesco Aim Investment Services,
    Inc.,. and The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>.

</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Anti-Money Laundering Compliance Officer, Invesco Aim
    Advisors, Inc., Invesco Aim Capital Management, Inc. and
    Invesco Aim Private Asset Management, Inc;  and  Fund Management
    Company
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    Todd L. Spillane (51)<BR>
    Chief Compliance Officer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    N/A
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Senior Vice President, Invesco Aim Management Group, Inc.; Chief
    Compliance Officer, The AIM Family of
    Funds<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>,

    INVESCO Private Capital Investments, Inc. (holding company),
    Invesco Private Capital, Inc. (registered investment adviser)
    and Invesco Senior Secured Management, Inc. (registered
    investment adviser); Chief Compliance Officer and Senior Vice
    President, Invesco Advisers (Formerly Invesco Institutional,
    (N.A.), Inc.&#160;&#150; registered investment adviser) and Vice
    President, Invesco Advisers Distributors, Inc. and Invesco
    Advisers Investment Services, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Formerly: Chief Compliance Officer, Invesco Global Asset
    Management (N.A.), Inc. (registered investment adviser), Invesco
    Institutional (N.A.), Inc. (registered investment adviser);
    Senior Vice President and Chief Compliance Officer, Invesco Aim
    Advisors, Inc.  and Invesco Aim Capital Management, Inc.; Vice
    President, Invesco Aim Capital Management, Inc. and Fund
    Management Company
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The address of the proposed
    Officers of each Fund is 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173</FONT>
    unless otherwise noted.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">**
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">Each Officer will serve for a
    one-year term or until their successors are elected and
    qualified.
    </FONT></TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Fund currently has an Audit Committee, a Compliance and
    Insurance Committee, a Governance Committee and an Investment
    Committee. During its most recent fiscal year end
    (October&#160;31, 2009 with respect to IIC, IQC, ICS,
    IMC,&#160;IIM, IMS, IMT, IQN, IQI, IQT and IQM; May&#160;31,
    2009 with respect to OIA and PIA; February&#160;28, 2009 with
    respect to OIB; March&#160;31, 2009 with respect to OIC; and
    September&#160;30, 2009 with respect to Prime), the Board and
    Committees of each Fund held the following meetings:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="19%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number of Meetings</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Board of Trustees
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
    <U>Committee</U>:
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 10pt; margin-left: 0pt">
    Audit Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 10pt; margin-left: 0pt">
    Governance Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: 10pt; margin-left: 0pt">
    Compliance and Insurance Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: 10pt; margin-left: 0pt">
    Investment Committee
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During each Fund&#146;s most recent fiscal year end, each
    Trustee attended at least 75% of the aggregate number of
    meetings of the Boards and any Committee on which he or she
    served during the time such Trustee was a member of the Boards.
    For annual or special Shareholder meetings, Trustees may, but
    are not required to, attend the meetings; and for the last
    annual Shareholder meeting for each Fund (except for Prime which
    does not hold annual meetings), no Trustees attended the
    meetings.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If elected, the newly comprised Board of each Fund will have an
    Audit Committee, a Compliance Committee, a Governance Committee,
    an Investments Committee and a Valuation, Distribution and Proxy
    Oversight Committee. A description of each Committee is set
    forth in Appendix&#160;B.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Shareholders may send communications to each Fund&#146;s current
    Board and each of the Nominees in the event that they are
    elected by Shareholders and take office. Shareholders should
    send communications intended for each Fund&#146;s Board by
    addressing the communications directly to that Board (or
    individual Board members or Nominees)
    <FONT style="white-space: nowrap">and/or</FONT>
    otherwise clearly indicating in the salutation that the
    communication is for the Board (or individual Board members or
    Nominees) and by sending the communication to either the
    Fund&#146;s office (or individual Board members or Nominees) at
    the respective addresses specified above. Other Shareholder
    communications received by each Fund not directly addressed and
    sent to that Fund&#146;s Board will be reviewed and generally
    responded to by management, and will be forwarded to the Board
    only at management&#146;s discretion based on the matters
    contained therein.
</DIV>
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    <BR>
    19
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each current Trustee (except for the Chairperson of the Boards)
    receives an annual retainer fee of $200,000 for serving certain
    of the funds advised by the Current Adviser and its affiliates,
    including the Funds. The current Chairperson of the Audit
    Committee receives an additional annual retainer fee for serving
    those funds of $75,000 and the current Investment Committee
    Chairperson receives an additional annual retainer fee for
    serving those funds of $60,000. Other current Committee
    Chairpersons receive an additional annual retainer fee for
    serving those funds of $30,000 and the current Investment
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    Chairpersons receive an additional annual retainer fee for
    serving those funds of $15,000. The aggregate compensation paid
    to each current Trustee is paid by the Funds and certain other
    funds advised by the Current Adviser and their affiliates, and
    is allocated on a <I>pro rata </I>basis among such Funds and the
    other funds based on the relative net assets of each of the
    funds. The current Chairman of the funds receives a total annual
    retainer fee of $400,000 for his services as Chairperson of the
    Boards of those funds and for administrative services provided
    to each Board. Aggregate compensation payable to each of the two
    current Trustees, who will continue to serve on each Fund&#146;s
    Board, from each Fund as of December&#160;31, 2009 is shown in
    Appendix&#160;C.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Funds also reimburse the current Trustees for travel and
    other
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses incurred by them in connection with attending such
    meetings. Current Trustees of the Funds who are employed by the
    Current Adviser receive no compensation or expense reimbursement
    from the Funds for their services as Trustee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Effective April&#160;1, 2004, the Funds began a Deferred
    Compensation Plan (the &#147;DC Plan&#148;), which allows each
    current Trustee to defer payment of all, or a portion, of the
    fees he or she receives for serving on the Board throughout the
    year. Each eligible Trustee generally may elect to have the
    deferred amounts credited with a return equal to the total
    return on one or more of the Funds (or portfolios thereof) that
    are offered as investment options under the DC Plan. At the
    Trustee&#146;s election, distributions are either in one lump
    sum payment, or in the form of equal annual installments over a
    period of five years. The rights of an eligible Trustee and the
    beneficiaries to the amounts held under the DC Plan are
    unsecured and such amounts are subject to the claims of the
    creditors of the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to December&#160;31, 2003, 49 of the funds in the
    Fund&#160;Complex with the Funds (the &#147;Adopting
    Funds&#148;), including the Funds, had adopted a retirement
    program under which an independent Trustee who retired after
    serving for at least five years as an independent Trustee of any
    such fund (an &#147;Eligible Trustee&#148;) would have been
    entitled to retirement payments, based on factors such as length
    of service, upon reaching the eligible retirement age. On
    December&#160;31, 2003, the amount of accrued retirement
    benefits for each Eligible Trustee was frozen, and
</DIV>
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    <BR>
    20
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    will be payable, together with a return of 8% per annum, at or
    following each such Eligible Trustee&#146;s retirement as shown
    in the table below.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following tables illustrate the retirement benefits accrued
    to the Funds&#146; independent Trustees by the Funds and the
    estimated retirement benefits for the independent Trustees from
    the Funds following retirement. Each Fund, as appropriate, will
    discharge its obligation under the DC Plan and the retirement
    program upon the approval by the Shareholders of such Fund of
    Proposals&#160;1 and 2 and the consummation of the Acquisition.
    Only the Trustees listed below participated in the retirement
    program and the table does not include retirement benefits
    accrued by Trustees who will not continue as Trustees of the
    Funds after the Meetings.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="31" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement Benefits Accrued as Fund Expenses</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>ICS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIA</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    477
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (206
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (62
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

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

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="31" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Retirement Benefits Accrued as Fund Expenses</B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Independent Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIB</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PIA</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQN</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prime</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQM</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    410
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    396
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    434
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (62
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    N/A
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (192
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (219
</TD>
<TD nowrap align="left" valign="bottom">
    )<SUP style="font-size: 85%; vertical-align: top">(1)</SUP>

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

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD align="right" valign="top">
    <FONT style="font-size: 8pt">(1)
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">The retirement expense is negative
    due to the fact that the expense had been overaccrued in
    previous years, so no additional expense was accrued during the
    last completed fiscal year.
    </FONT></TD>
</TR>

</TABLE>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The compensation of the new Board of each Fund will be
    determined by that Board and may be different from the current
    compensation.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assuming a Quorum is present, approval of Proposal&#160;1 with
    respect to each Fund will require the affirmative vote of a
    majority of each Fund&#146;s Shares represented in person or by
    proxy at the Meetings and entitled to vote at the Meetings. The
    holders of Common Shares and Preferred Shares of a Fund will
    have equal voting rights (<I>i.e</I>., one vote per Share) and
    will vote together as a single class with respect to the
    approval of the Nominees for election as Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board, including the independent Trustees, unanimously
    recommends that you vote &#147;FOR&#148; the election for each
    of the Nominee Trustees.</B>
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<!-- link1 "PROPOSAL 2: APPROVAL OF NEW ADVISORY AGREEMENT (INCLUDING A MASTER SUB-ADVISORY AGREEMENT)" -->


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

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

    <B><FONT style="font-family: 'Times New Roman', Times">PROPOSAL&#160;2:<BR>
    APPROVAL OF NEW ADVISORY AGREEMENT (INCLUDING A MASTER
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    AGREEMENT)</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

    <B><FONT style="font-family: 'Times New Roman', Times">Background
    on the Acquisition</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;19, 2009, Morgan Stanley entered into a
    definitive agreement to sell substantially all of its retail
    asset management business to Invesco, a leading global
    investment management company, in exchange for $1.5&#160;billion
    in cash and a minority interest in Invesco stock. Consummation
    of the Acquisition is subject to certain terms and conditions,
    including that, prior to closing of the Acquisition, the
    shareholders of the funds included in the Acquisition, including
    the Funds, must approve certain proposals. Another condition to
    the closing of the Acquisition is that clients
    <FONT style="white-space: nowrap">and/or</FONT> fund
    shareholders representing a minimum amount of assets transferred
    to Invesco approve by a certain date the proposals related to
    their participation in the Acquisition. The Acquisition, if
    consummated, will combine certain Morgan Stanley Funds and the
    AIM Family of Funds onto a single operating platform and will
    create a larger fund family that will offer a broader range of
    equity, fixed-income, alternative and other investment options.
    The Acquisition also presents the opportunity to achieve asset
    growth through combined distribution networks, to achieve
    economies of scale, and to operate with greater efficiency and
    lower overall costs.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Acquisition, the Shareholders of each
    Fund are being asked to approve a new investment advisory
    agreement with Invesco Advisers, an affiliate of Invesco (the
    &#147;New Advisory Agreement&#148;) and a proposed master
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement (the
    <FONT style="white-space: nowrap">&#147;Sub-Advisory</FONT>
    Agreement&#148; and, together with the New&#160;Advisory
    Agreement, the &#147;New Advisory Agreements&#148;) between
    Invesco Advisers and Invesco Asset Management Deutschland, GmbH,
    Invesco Asset Management Ltd., Invesco Asset Management (Japan)
    Limited, Invesco Australia Limited, Invesco Hong Kong Limited,
    Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd.
    (collectively, the &#147;Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers&#148;).</FONT>
    Approval of the New Advisory Agreement shall be deemed to also
    be approval of the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement. If approved by Shareholders of a Fund, the New
    Advisory Agreements will be effective with respect to that Fund
    upon consummation of the Acquisition. Although there is no
    assurance that the Acquisition will be completed, if the terms
    and conditions of the Acquisition are satisfied
    <FONT style="white-space: nowrap">and/or</FONT>
    waived, the closing of the Acquisition is expected to take place
    in mid-2010.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the Acquisition, the Current Adviser
    submitted to the Board of each Fund for its approval, among
    other things, the New Advisory Agreements. The Board of each
    Fund approved the New Advisory Agreements for each Fund and is
    hereby recommending that the Shareholders of each Fund approve
    the New Advisory Agreements with respect to that Fund.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">Approval
    of the New Advisory Agreements</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The New Advisory Agreement is similar to each Fund&#146;s
    Current Advisory Agreement. The differences between the New
    Advisory Agreement and the Current Advisory Agreement are
    discussed below in the section entitled &#147;New Advisory
    Agreement.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of each Fund, including the independent Trustees, at
    several meetings held during the third and fourth quarters of
    2009 and early 2010, carefully considered the matter on behalf
    of each Fund. Each Fund&#146;s Board, for the reasons discussed
    below in the section entitled &#147;Board Considerations,&#148;
    unanimously approved the New Advisory Agreements, and the Board
    unanimously recommends that the Shareholders approve the New
    Advisory Agreements for each Fund to be effective following the
    consummation of the Acquisition.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The number of shares of each Fund that you hold will not change
    as a result of the Acquisition. You will still own the same
    number of Shares in each Fund, and the net asset value of your
    investment will not change as a result of the Acquisition.
    Furthermore, the Acquisition will not result in any change in
    any Fund&#146;s investment objectives or principal investment
    strategies. The Acquisition is also not expected to result in a
    change in the investment operations of any Fund or in any
    changes in the investment approach with respect to the
    management of the Fund. With respect to IIC, IQC, ICS,
    IMC,&#160;IIM, IMS, IMT, PIA, IQN, IQI, IQT and IQM, the persons
    responsible for the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of each Fund are expected to remain the same except
    that Neil Stone will not continue as portfolio manager of these
    Funds. For all other Funds, the persons responsible for the
    portfolio management of each Fund are expected to remain the
    same.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

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

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

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Current Adviser currently serves as the investment adviser
    for each Fund pursuant to its Current Advisory Agreement. Each
    Fund&#146;s Current Advisory Agreement was most recently
    approved by Shareholders on May&#160;20, 1997 and each
    Fund&#146;s Board, including a majority of the independent
    Trustees, most recently approved the continuation of each
    Current Advisory Agreement on June&#160;19, 2009.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under each Fund&#146;s Current Advisory Agreement, each Fund
    pays to the Current Adviser as compensation for services
    rendered by the Current Adviser the fees set forth in the chart
    below. The chart below also shows the advisory fees paid by each
    Fund under its Current Advisory Agreement during the Fund&#146;s
    most recent fiscal year end.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="67%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="21%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Advisory Fees Paid<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>During Most Recent<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Advisory Fee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    563,370
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    439,192
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    ICS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    129,475
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    219,526
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,185,054
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IMS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    241,317
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    978,117
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    OIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    609,305
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    OIB
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    599,272
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    336,190
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    PIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.40% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    917,039
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    210,608
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Prime
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.90% of the portion of the daily net assets not exceeding $500
    million;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    5,631,481
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.85% of the portion of the daily net assets exceeding $500
    million but not exceeding $1.5 billion; 0.825% of the portion of
    the daily net assets exceeding $1.5 billion but not exceeding
    $2.5 billion; 0.80% of the portion of the daily net assets
    exceeding $2.5 billion, but not exceeding $3 billion; and 0.775%
    of the portion of the daily net assets in excess of $3 billion
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    1,292,771
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    737,734
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    $
</TD>
<TD nowrap align="right" valign="top">
    730,183
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Fund further pays to the Current Adviser an administration
    fee of 0.08% of the Fund&#146;s weekly net assets, except for
    Prime, which pays the Current Adviser an administration fee of
    0.25% of the Fund&#146;s daily net assets. For the purpose of
    calculating the advisory fee and administration fee for each of
    IIC, IQC, IMC, IIM, IMT, PIA, IQN, IQI, IQT and IQM, the
    liquidation preference of any Preferred Shares issued by each
    such Fund will not be deducted from the Fund&#146;s total
    assets. In addition, an amount up to the aggregate amount of any
    other borrowings may be included in such Fund&#146;s advisory
    fee and administration fee calculations. The chart below shows
    the administration fees paid by each Fund under its
    administration agreement with the Current Adviser during the
    Fund&#146;s most recent fiscal year end.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
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    24
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="62%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="33%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Administration Fees Paid During<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Most Recent Fiscal Year</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    166,924
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    130,131
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    ICS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    38,363
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    65,045
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IIM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    351,127
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    71,502
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IMT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    289,813
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    97,489
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIB
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    95,884
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    OIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    53,791
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    PIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    183,408
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    62,402
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prime
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,582,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQI
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    383,043
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    218,588
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    IQM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    216,351
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Invesco
    Advisers, Inc.</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Advisers is registered as an investment adviser under
    the Investment Advisers Act of 1940. Invesco Advisers is a
    wholly owned subsidiary of Invesco and serves as the investment
    adviser for the AIM Family of Funds and manages the investment
    operations and performs, or arranges for the performance of, the
    <FONT style="white-space: nowrap">day-to-day</FONT>
    management of the AIM Family of Funds. Invesco Advisers is
    located at Two Peachtree Pointe, 1555 Peachtree Street N.E.,
    Atlanta, Georgia 30309 and has acted as an investment adviser
    since its organization in 1976. Invesco Advisers currently
    advises or manages over 225 investment portfolios, encompassing
    a broad range of investment objectives and, as of
    December&#160;31, 2009, had assets under management totaling
    $144.7&#160;billion.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco, the ultimate parent of Invesco Advisers, is a leading
    independent global investment management company, dedicated to
    helping people worldwide build their financial security. Invesco
    provides a comprehensive array of enduring solutions for retail,
    institutional and
    <FONT style="white-space: nowrap">high-net-worth</FONT>
    clients around the world. Operating in 20 countries, Invesco had
    $418.8&#160;billion in assets under management as of
    December&#160;31, 2009. Invesco is organized under the laws of
    Bermuda, and its common shares are listed and traded on the New
    York Stock Exchange under the
</DIV>
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    25
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    symbol &#147;IVZ.&#148; Invesco is located at Two Peachtree
    Pointe, 1555 Peachtree Street N.E., Atlanta, Georgia 30309.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is proposed that each Fund enter into a New Advisory
    Agreement with Invesco Advisers, to become effective upon the
    later of (i)&#160;the date of Shareholder approval of the New
    Advisory Agreement or (ii)&#160;the consummation of the
    Acquisition. Under Section&#160;15(a) of the Investment Company
    Act, the New Advisory Agreement for each Fund requires the
    approval of (i)&#160;the Board, including a majority of the
    independent Trustees, and (ii)&#160;the Shareholders of the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The New Advisory Agreement contains substantially the same terms
    as the Current Advisory Agreement, except that (i)&#160;the
    effective date of the New Advisory Agreement will change and the
    term of the New Advisory Agreement will be from the later of the
    date of the consummation of the Acquisition or the date that
    Shareholders of the Fund approve this Proposal&#160;2 and will
    be in effect until June&#160;30, 2011, with respect to each
    Fund, (ii)&#160;the New Advisory Agreement provides that Invesco
    Advisers may delegate any or all of its rights, duties or
    obligations under such New Advisory Agreement to one or more
    affiliated investment
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    (the &#147;Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers&#148;),</FONT>
    (iii)&#160;the termination provision provides for
    60&#160;days&#146; notice of termination of the New Advisory
    Agreement by the Fund or Invesco Advisers rather than
    30&#160;days as in the Current Advisory Agreement, (iv)&#160;the
    New Advisory Agreement contains a provision that specifically
    discusses the terms of each Fund&#146;s securities lending
    activities and (v)&#160;the New Advisory Agreement will be
    governed by the laws of the State of Texas rather than New York.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As compensation for its services to each Fund under the New
    Advisory Agreement, Invesco Advisers will be entitled to receive
    from each Fund fees calculated at the same rate as those charged
    under each Fund&#146;s Current Advisory Agreement. A form of
    each Fund&#146;s New Advisory Agreement is attached to this
    Joint Proxy Statement as Appendix&#160;D and the description of
    each Fund&#146;s New Advisory Agreement is qualified in its
    entirety by reference to Appendix&#160;D.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is anticipated that each Fund will enter into a Master
    Administrative Services Agreement (&#147;Administrative Services
    Agreement&#148;) pursuant to which Invesco Advisers may perform
    or arrange for the provision of certain accounting and other
    administrative services to each Fund which are not required to
    be performed by Invesco Advisers under the New Advisory
    Agreement. The Administrative Services Agreement provides that
    it will remain in effect and continue from year to year, with
    respect to each Fund, only if such continuance is specifically
    approved at least annually by the Fund&#146;s Board, including
    the independent Trustees, by votes cast in person at a meeting
    called for such purpose. Under the Administrative Services
    Agreement, Invesco Advisers will be entitled
</DIV>
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    <BR>
    26
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    to receive from the Funds reimbursement of its costs or such
    reasonable compensation as may be approved by the Boards.
    Invesco Advisers will be reimbursed for the services of its
    principal financial officer and her staff and any expenses
    related to fund accounting services.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based upon the considerations described below under &#147;Board
    Considerations,&#148; each Fund&#146;s Board, including the
    independent Trustees, unanimously approved the New Advisory
    Agreements for each Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Duties and Obligations.</I>&#160;&#160;The New Advisory
    Agreement for each Fund provides that, subject to the direction
    and control of the Board, Invesco Advisers shall (i)&#160;act as
    investment adviser for and supervise and manage the investment
    and reinvestment of each Fund&#146;s assets, (ii)&#160;supervise
    the investment program of each Fund and the composition of its
    investment portfolio and (iii)&#160;decide on and arrange for
    the purchase and sale of securities and other assets held in the
    investment portfolio of each Fund. In addition, the New Advisory
    Agreement provides that Invesco Advisers shall take, on behalf
    of the Funds, all actions that appear to Invesco Advisers to be
    necessary to carry into effect such purchase and sale programs
    and supervisory functions as aforesaid. The duties and
    obligations of Invesco Advisers in managing the assets of the
    Funds under each Fund&#146;s New Advisory Agreement are
    substantially the same as the duties and obligations of the
    Current Adviser under each Fund&#146;s Current Advisory
    Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Delegation to
    <FONT style="white-space: nowrap">Sub-Advisers.</FONT></I>&#160;&#160;Under
    the terms of the proposed New Advisory Agreement for each Fund,
    Invesco Advisers may delegate any or all of its rights, duties
    or obligations under such New Advisory Agreement to the
    Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers,</FONT>
    in accordance with the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement and applicable law. A form of the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement is attached hereto as Appendix&#160;E and the
    description of each Fund&#146;s
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement is qualified in its entirety by reference to
    Appendix&#160;E.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Terms of
    the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Duties of the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers.</FONT></I>&#160;&#160;The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement provides that Invesco Advisers may, in its discretion,
    appoint one or more of the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    to provide: (i)&#160;investment advice to one or more of the
    Funds for all or a portion of its investments;
    (ii)&#160;placement orders for the purchase and sale of
    portfolio securities or other investments for one or more of the
    Funds; or (iii)&#160;discretionary investment management of all
    or a portion of the investments of one or more of the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Compensation.</I>&#160;&#160;Invesco Advisers will pay all of
    the
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fees of the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers.</FONT>
    The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement for each Fund provides that, to the extent an
    Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    manages a portion of a Fund&#146;s investments, the fee that
    Invesco Advisers will pay such Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    computed daily and paid monthly, will equal (i)&#160;40% of the
    monthly compensation
</DIV>
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    <BR>
    27
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    that Invesco Advisers receives from the applicable Fund pursuant
    to its advisory agreement with such Fund, multiplied by
    (ii)&#160;a fraction equal to the net assets of such Fund as to
    which the Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall have provided discretionary investment management services
    for that month divided by the net assets of such Fund for that
    month. In no event shall the aggregate monthly fees paid to the
    Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    under the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement for each Fund exceed 40% of the monthly compensation
    Invesco Advisers receives from the applicable Fund pursuant to
    its advisory agreement with the Fund, as reduced to reflect
    contractual or voluntary fee waivers or expense limitations by
    Invesco Advisers, if any. The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement for each Fund further provides that if, for any fiscal
    year of a Fund, the amount of the advisory fee that a Fund would
    otherwise be obligated to pay to Invesco Advisers is reduced
    because of contractual or voluntary fee waivers or expense
    limitations by Invesco Advisers, the fee payable to each
    Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will be reduced proportionately; and to the extent that Invesco
    Advisers reimburses a Fund as a result of such expense
    limitations, such Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will reimburse Invesco Advisers for such reimbursement payments
    in the same proportion that the fee payable to such Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    bears to the advisory fee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Liability.</I>&#160;&#160;The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement for each Fund provides that the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    will not be liable for any error of judgment or mistake of law
    or for any loss suffered by a Fund in connection with the
    performance of the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, except a loss resulting from willful misfeasance, bad
    faith or gross negligence on the part of an Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    in the performance of its duties or from reckless disregard of
    its duties and obligations thereunder.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Term and Termination.</I>&#160;&#160;Assuming approval by
    each Fund&#146;s shareholders, the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement for each Fund shall continue for an initial term of
    two years from the effective date of the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, and shall continue thereafter if approved annually
    (i)&#160;by the Board or the holders of a majority of the
    outstanding voting securities of each Fund and (ii)&#160;by a
    majority of the Trustees who are not &#147;interested
    persons&#148; of any party to the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement. The
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement may be terminated with respect to an Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    by the Board, a majority of the outstanding voting securities of
    a Fund, or any party on sixty days&#146; written notice should
    the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement be terminated for an Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    Invesco Advisers will assume the duties and responsibilities of
    the Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    unless and until Invesco Advisers appoints another Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    to perform such duties and responsibilities. In addition, the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement will terminate automatically if assigned, as defined
    in the 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Compensation.</I>&#160;&#160;The New Advisory Agreement for
    each Fund does not result in any change in the advisory fee rate
    payable by the Fund. The Funds will
</DIV>
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    28
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    continue to bear all of the ordinary business expenses incurred
    in the operations of the Funds and the offering of their shares.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Securities lending.</I>&#160;&#160;The New Advisory Agreement
    stipulates that Invesco will provide certain services to the
    Funds in connection with any securities lending practices such
    Funds may adopt.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Term and Termination.</I>&#160;&#160;Assuming approval by
    each Fund&#146;s Shareholders, the New Advisory Agreement for
    each Fund shall continue in force and effect for an initial term
    from the effective date of the New Advisory Agreement, which
    shall be the later of the date of the consummation of the
    Acquisition or the date that the Shareholders of the Fund
    approve this Proposal&#160;2 and will be in effect until
    June&#160;30, 2011; provided, however, that the Boards intend to
    consider the continuation of the New Advisory Agreement from
    year to year after the initial term if approved annually
    (i)&#160;by the Board or the holders of a majority of the
    outstanding voting securities of each Fund and (ii)&#160;by a
    majority of the Trustees who are not &#147;interested
    persons&#148; of any party to the New Advisory Agreement, by
    vote cast in person at a meeting called for the purpose of
    voting on such approval. The New Advisory Agreement for each
    Fund may be terminated (i)&#160;at any time by vote of a
    Fund&#146;s Board of Trustees or by vote of a majority of the
    outstanding voting securities of the applicable Fund upon giving
    60&#160;days&#146; notice to Invesco Advisers (which notice may
    be waived by Invesco Advisers), or (ii)&#160;by Invesco Advisers
    on 60&#160;days&#146; written notice to the Fund (which notice
    may be waived by the Fund). The New Advisory Agreement for each
    Fund will also immediately terminate in the event of its
    assignment, as defined in the Investment Company Act. Except
    with respect to the initial term of the New Advisory Agreement
    for each Fund, these provisions of the New Advisory Agreement
    are substantially similar to the provisions of the Current
    Advisory Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Limitation of Liability.</I>&#160;&#160;The New Advisory
    Agreement for each Fund provides that Invesco Advisers will not
    be liable for any error of judgment or mistake of law or for any
    loss suffered by Invesco Advisers or by a Fund in connection
    with the performance of the New Advisory Agreement, except a
    loss resulting from a breach of fiduciary duty with respect to
    the receipt of compensation for services or a loss resulting
    from willful misfeasance, bad faith, gross negligence or
    reckless disregard of obligations or duties under the New
    Advisory Agreement on the part of Invesco Advisers. These
    provisions of the New Advisory Agreement for each Fund are
    substantially similar to the provisions of the Current Advisory
    Agreement for each Fund.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the consummation of the Acquisition and the
    termination of a Fund&#146;s Current Advisory Agreement occurs
    before Shareholder approval of the New Advisory Agreement for a
    Fund is obtained, it is anticipated that the Fund would rely on
    <FONT style="white-space: nowrap">Rule&#160;15a-4</FONT>
    under the Investment Company Act, which permits the
</DIV>
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    <BR>
    29
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Fund&#146;s Board (including a majority of the independent
    Trustees) to approve and enter into an interim advisory
    agreement (&#147;Interim Advisory Agreement&#148;) pursuant to
    which an interim adviser may serve as investment adviser to a
    Fund for up to 150&#160;days following the termination of the
    Current Advisory Agreement.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In approving an Interim Advisory Agreement, the Board, including
    a majority of the independent Trustees, would need to determine
    that (A)&#160;the scope and quality of services to be provided
    to each Fund under the Interim Advisory Agreement would be at
    least equivalent to the scope and quality of services provided
    under the Current Advisory Agreement; (B)&#160;the compensation
    to be received by the interim adviser under the Interim Advisory
    Agreement is no greater than the compensation the Current
    Adviser would have received under the Current Advisory
    Agreement; and (C)&#160;the Interim Advisory Agreement has the
    same terms and conditions as the Current Advisory Agreement
    except differences in the terms and conditions the Board,
    including a majority of independent Trustees, finds to be
    immaterial; provided, however, such Interim Advisory Agreement
    will change the effective date, termination date and
    compensation arrangements such that:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Interim Advisory Agreement terminates upon the
    earlier of the 150th&#160;day following the consummation of the
    Acquisition or the effectiveness of the New Advisory Agreement;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Board or a majority of a Fund&#146;s outstanding
    voting securities may terminate the Interim Advisory Agreement
    at any time, without the payment of any penalty, on not more
    than 10 calendar days&#146; written notice to the interim
    adviser;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the compensation earned by the interim adviser under
    the Interim Advisory Agreement will be held in an
    interest-bearing escrow account with a Fund&#146;s custodian or
    a bank;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;if a majority of a Fund&#146;s outstanding voting
    securities approve such Fund&#146;s New Advisory Agreement by
    the end of the
    <FONT style="white-space: nowrap">150-day</FONT>
    period, the amount in the escrow account (including interest
    earned) will be paid to the interim adviser;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;if a majority of a Fund&#146;s outstanding voting
    securities do not approve such Fund&#146;s New Advisory
    Agreement, the interim adviser will be paid, out of the escrow
    account, the lesser of (a)&#160;any costs incurred in performing
    the Interim Advisory Agreement (plus interest earned on that
    amount while in escrow), or (b)&#160;the total amount in the
    escrow account (plus interest earned).
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards have not yet approved the Interim Advisory Agreements
    for the Funds and there can be no guarantee that they will do so
    in the future. In the event that the New Advisory Agreement is
    not approved by each Fund&#146;s Shareholders,
</DIV>
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    30
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the Board will take such action as it believes to be in the best
    interest of the respective Fund and its Shareholders.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Section&#160;15(f)
    of the Investment Company Act</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;15(f) of the Investment Company Act provides that,
    when a change in control of an investment adviser occurs, the
    investment adviser or any of its affiliated persons may receive
    any amount or benefit in connection with the change in control
    as long as two conditions are met. The first condition specifies
    that no &#147;unfair burden&#148; may be imposed on the
    investment company as a result of an acquisition relating to the
    change in control, or any express or implied terms, conditions
    or understandings. The term &#147;unfair burden,&#148; as
    defined in the Investment Company Act, includes any arrangement
    during the two-year period after the acquisition whereby the
    investment adviser (or predecessor or successor adviser), or any
    interested person of any such investment adviser, receives or is
    entitled to receive any compensation, directly or indirectly,
    from the investment company or its security holders (other than
    fees for bona fide investment advisory or other services) or
    from any person in connection with the purchase or sale of
    securities or other property to, from, or on behalf of the
    investment company (other than fees for bona fide principal
    underwriting services). The second condition specifies that,
    during the three-year period immediately following consummation
    of the acquisition, at least 75% of the investment
    company&#146;s board of directors or trustees must not be
    &#147;interested persons&#148; (as defined in the Investment
    Company Act) of the investment adviser or predecessor adviser.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consummation of the Acquisition will constitute a change in
    control of the Funds&#146; investment adviser because a new
    entity will influence the management and policies of the Funds.
    Therefore, Morgan Stanley and Invesco have agreed to comply with
    the conditions of Section&#160;15(f). Consistent with the first
    condition of Section&#160;15(f), Invesco has agreed that it will
    use its reasonable best efforts to ensure that there is no
    &#147;unfair burden&#148; imposed on a Fund as a result of the
    Acquisition. With respect to the second condition of
    Section&#160;15(f), Invesco Advisers has agreed that it will use
    reasonable best efforts to comply with and cause each Fund to
    conduct its business to ensure that for a period of three years
    after the closing of the Acquisition at least 75% of the
    Trustees of each Fund will not be &#147;interested persons&#148;
    (as defined in the Investment Company Act) of Invesco Advisers
    or Invesco. Each Fund currently meets this condition and will
    continue to meet this condition in the event that the Nominees
    set forth in Proposal&#160;1 are elected.
</DIV>
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    <BR>
    31
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

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

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

    <I><FONT style="font-family: 'Times New Roman', Times">Current
    Advisory Agreement</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On June&#160;19, 2009, the Boards of each Fund, including the
    independent Trustees, approved the renewal of each Fund&#146;s
    Current Advisory Agreement for another one-year term.
</DIV>

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

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

    <I><FONT style="font-family: 'Times New Roman', Times">New
    Advisory Agreements</FONT></I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At various meetings of the Boards held during the third and
    fourth quarters of 2009 and early 2010, each Board reviewed and
    considered the proposed New Advisory Agreements to determine
    whether the New Advisory Agreements should be approved with
    respect to each Fund. Pursuant to the proposed New Advisory
    Agreement, Invesco Advisers would replace each Current Adviser
    to provide or procure investment management services on behalf
    of each Fund. The Boards also considered the proposed
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement between Invesco Advisers and the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    to determine whether the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement should be approved with respect to each Fund.
    Following their review and consideration, the Boards determined
    that the proposed New Advisory Agreements will enable
    Shareholders of each Fund to obtain high quality services at a
    cost that is appropriate, reasonable and in the best interests
    of its Shareholders. The Boards, including the independent
    Trustees, approved the New Advisory Agreements for each Fund and
    the appointment of Invesco Advisers as investment adviser and
    the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    as investment
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    to each Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In reaching their decision, the Boards requested and obtained
    information from Morgan Stanley, the Current Adviser, Invesco
    Advisers and Invesco, including information obtained during
    various meetings with Senior Management at Invesco, as they
    deemed reasonably necessary to evaluate the New Advisory
    Agreements for each Fund. In considering each Fund&#146;s New
    Advisory Agreements, the Boards evaluated a number of factors
    and considerations listed below that they believed, in light of
    their own business judgment, to be relevant to their
    determination.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;The Boards considered the reputation, financial strength
    and resources of Invesco, one of the world&#146;s leading
    independent global investment management firms, the strength of
    Invesco&#146;s resources and investment capabilities and the
    client-focused shareholder services offered by Invesco.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;The Boards discussed the challenges of positioning the
    Funds on a common operating platform with Invesco, with
    particular emphasis on ensuring portfolio management operations
    properly migrate to Invesco as part of the Acquisition, to
    ensure uninterrupted services for Shareholders and the
    opportunity for the portfolio management of the Funds to
    recognize savings from economies of scale when such savings
    occur.
</DIV>
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    <BR>
    32
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;The Boards noted the continuity of key investment
    management personnel that would manage the Funds upon
    consummation of the Acquisition, specifically noting that, with
    respect to IIC, IQC, ICS, IMC,&#160;IIM, IMS, IMT, PIA, IQN,
    IQI, IQT and IQM, the persons responsible for the portfolio
    management of each Fund are expected to remain the same except
    that Neil Stone will not continue as a portfolio manager of
    these Funds. With regard to IIC, IQC, ICS, IMC,&#160;IIM, IMS,
    IMT, PIA, IQN, IQI, IQT and IQM, the Boards discussed at length
    the effect of this change on the Funds. The Boards noted that
    for all other Funds, the persons responsible for the portfolio
    management of each Fund are expected to remain the same.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;The Boards noted that entering into the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreements will provide Invesco Advisers with increased
    flexibility in assigning portfolio managers to the Funds and
    will give the Funds access to portfolio managers and investment
    personnel located in other offices, including those outside the
    United States, who may have more specialized expertise on local
    companies, markets and economies or on various types of
    investments and investment techniques.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;The Board noted that, pursuant to the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement, Invesco Advisers will pay all of the
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    fees of the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    out of its management fees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;The Boards noted the undertaking by Invesco and Morgan
    Stanley or their respective affiliates to assume all of the
    costs and expenses of preparing, printing, and mailing this
    Joint Proxy Statement and related solicitation expenses for the
    approvals discussed herein. The Boards also noted that Invesco
    Advisers will provide a two-year contractual guaranty that will
    limit the total expense ratio of each Fund to such Fund&#146;s
    total expense ratio prior to the Acquisition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the Boards&#146; extensive review process, the Boards,
    including the independent Trustees, considered, among other
    things, the following factors: the terms and conditions of the
    proposed New Advisory Agreements, including the differences from
    the Current Advisory Agreement; and the nature, scope and
    quality of services that Invesco Advisers and its affiliates is
    expected to provide to each Fund, including
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    services and compliance services. The Boards evaluated all
    information available to them on a
    <FONT style="white-space: nowrap">Fund-by-Fund</FONT>
    basis, and their determinations were made separately in respect
    of each Fund. The Boards also based their decisions on the
    following considerations, among others, although they did not
    identify any that was all important or controlling of their
    discussions, and each Trustee attributed different weights to
    the various factors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Nature, Extent and Quality of Services.</I>&#160;&#160;Each
    Board reviewed and considered the nature and extent of the
    investment advisory services to be provided by Invesco Advisers
    and the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    under the New Advisory Agreements, including portfolio
    management, investment research and fixed income securities
    trading. Each Board also reviewed and considered the nature
</DIV>
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    33
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and extent of the non-advisory, administrative services to be
    provided by Invesco Advisers under the administration agreement,
    including accounting services and the provision of supplies,
    office space and utilities at Invesco Advisers&#146; expense.
    The Boards were advised that there was no expected diminution in
    the nature, quality and extent of services provided to the
    Funds&#146; Shareholders.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards reviewed and considered the qualifications of the
    portfolio managers who are expected to continue as portfolio
    managers, noting the one portfolio manager who would not
    continue to manage certain Funds as a result of the New Advisory
    Agreements, and the senior administrative managers and other key
    personnel of Invesco Advisers or its affiliates who will provide
    the advisory and administrative services to the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Performance, Fees and Expenses of each
    Fund.</I>&#160;&#160;The Boards noted that Invesco Advisers and
    the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    had not yet begun providing services to the Funds and,
    therefore, concluded that performance was not a factor they
    needed to address with respect to the approval of the New
    Advisory Agreements. They also considered that management fees
    would not increase under the New Advisory Agreement and that
    Invesco Advisers would pay the fee under the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement out of its management fees. Furthermore, the Boards
    considered that Invesco Advisers will provide a two-year
    contractual guaranty that will limit the total expense ratio of
    each Fund to such Fund&#146;s total expense ratio prior to the
    Acquisition.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Economies of Scale.</I>&#160;&#160;The Boards considered the
    benefits that the Shareholders of the Funds would be afforded as
    a result of anticipated economies of scale.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Other Benefits of the Relationship.</I>&#160;&#160;The Boards
    considered other benefits to Invesco Advisers and its affiliates
    that may be derived from their relationship with the Funds and
    other funds advised by Invesco Advisers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Resources of the Adviser.</I>&#160;&#160;Each Board
    considered whether Invesco Advisers and the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    are financially sound and have the resources necessary to
    perform their obligations under the New Advisory Agreements,
    noting assurances that Invesco Advisers and the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    have the financial resources necessary to fulfill their
    obligations under the New Advisory Agreements and the benefits
    to each Fund of such a relationship.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>General Conclusion.</I>&#160;&#160;After considering and
    weighing all of the above factors, the Boards concluded that it
    would be in the best interest of each Fund and its Shareholders
    to approve the New Advisory Agreements with respect to each
    Fund. In reaching this conclusion, the Boards did not give
    particular weight to any single factor referenced above. The
    Boards considered these factors over the course of numerous
    meetings, some of which were in executive session with only the
    independent Trustees and their counsel present.
</DIV>
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    <BR>
    34
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information About Invesco Advisers</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Principal Executive Officer and Board of
    Directors.</I>&#160;&#160;Martin L. Flanagan serves as an
    advisor to the board of directors of Invesco Advisers. The
    current members of the board of directors of Invesco Advisers
    are:
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="39%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="58%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Title</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    G. Mark Armour
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Co-Chairman, Co-President &#038; Co-Chief Executive of Invesco
    Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Philip A. Taylor
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Co-Chairman, Co-President &#038; Co-Chief Executive of Invesco
    Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    John M. Zerr
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President, of Invesco Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Kevin M. Carome
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Secretary of Invesco Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Karen Dunn Kelley
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Senior Vice President of Invesco Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lance A. Rejsek
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Anti-Money Laundering Compliance Officer of Invesco Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Todd L. Spillane
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Chief Compliance Officer and Senior Vice President of Invesco
    Advisers
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David A. Hartley
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    Treasurer and Chief Accounting Officer
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The address of each member of the board of directors of Invesco
    Advisers is 1555 Peachtree Street, N.E., Atlanta Georgia 30309.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Relationship with the Funds.</I>&#160;&#160;It is proposed
    that Martin L. Flanagan, Chief Executive Officer of Invesco and
    an advisor to the directors of Invesco Advisers, and Philip A.
    Taylor, Director, Co-President&#160;&#038; Co-Chief Executive
    Officer of Invesco Advisers, each serve as a Trustee of the
    Funds. No other Trustee of a Fund is an officer, employee,
    director, general partner or shareholder of Invesco Advisers or
    has any material direct or indirect interest in Invesco Advisers
    or any other person controlling, controlled by or under common
    control with Invesco Advisers. As a result of
    Mr.&#160;Flanagan&#146;s and Mr.&#160;Taylor&#146;s position
    with Invesco Advisers, Messrs.&#160;Flanagan and Taylor each
    have a material interest in the Acquisition.
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Information about the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT></FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers,</FONT>
    which have offices and personnel that are located in financial
    centers around the world, have been formed in part for the
    purpose of researching and compiling information and making
    recommendations (i)&#160;on the markets and economies of various
    countries and securities of companies located in such countries
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;on various types of investments and
</DIV>
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    <BR>
    35
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    investment techniques, and providing investment advisory
    services. The name and mailing address of each Affiliated
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    is listed below:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management Deutschland GmbH (&#147;Invesco
    Deutschland&#148;) is a German corporation with limited
    liability and has its principal office at An der Welle 5,
    1st&#160;Floor, Frankfurt, Germany, 60322. Invesco Deutschland
    has been an investment adviser since 1998.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management Limited (&#147;IAML&#148;) is a United
    Kingdom corporation and has its principal office at 30 Finsbury
    Square, London, EC2A 1AG, United Kingdom. IAML has been an
    investment adviser since 2001.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management (Japan) Limited (&#147;Invesco
    Japan&#148;) is a Japanese corporation and has its principal
    office at 25th&#160;Floor, Shiroyama Trust&#160;Tower, 3-1,
    Toranomon 4-chome, Minato-ku, Tokyo
    <FONT style="white-space: nowrap">105-6025,</FONT>
    Japan. Invesco Japan has been an investment adviser since 1996.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Australia Limited (&#147;Invesco Australia&#148;) is an
    Australian public limited company and has its principal office
    at 333 Collins Street, Level&#160;26, Melbourne Vic 3000,
    Australia. Invesco Australia has been an investment adviser
    since 1997.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Hong Kong Limited (&#147;Invesco Hong Kong&#148;) is a
    Hong Kong corporation and has its principal office at
    32nd&#160;Floor, Three Pacific Place, 1 Queen&#146;s Road East,
    Hong Kong. Invesco Hong Kong has been an investment adviser
    since 1994.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Senior Secured Management, Inc. (&#147;ISSM&#148;) is a
    company incorporated in the state of Delaware and has its
    principal office at 1166 Avenue of the Americas, New York, New
    York 10036. ISSM has been as an investment adviser since 1992.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Trimark Ltd. (&#147;Invesco Trimark&#148;) is a Canadian
    corporation and has its principal office at 5140&#160;Yonge
    Street, Suite&#160;900, Toronto, Ontario, Canada, M2N 6X7.
    Invesco Trimark has been as an investment adviser since 1981.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    currently is registered with the Securities and Exchange
    Commission (&#147;SEC&#148;) as an investment adviser. Each of
    the Affiliated
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    is an indirect wholly owned subsidiary of Invesco and an
    affiliate of Invesco Advisers.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to Proposal&#160;2, the New Advisory Agreements for
    each Fund must be approved by a vote of a majority of the
    outstanding voting securities of the Fund. The &#147;vote of a
    majority of the outstanding voting securities&#148; is defined
    in the Investment Company Act as the lesser of the vote of
    (i)&#160;67% or more of the
</DIV>
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    <BR>
    36
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    voting securities of a Fund entitled to vote thereon present at
    a Meeting or represented by proxy, provided that the holders of
    more than 50% of the outstanding voting securities of the Fund
    are present or represented by proxy; or (ii)&#160;more than 50%
    of the outstanding voting securities of the Fund entitled to
    vote thereon. The holders of Common Shares and Preferred Shares
    of a Fund will have equal voting rights (<I>i.e</I>., one vote
    per Share) and will vote together as a single class with respect
    to the approval of the New Advisory Agreements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Board, including the independent Trustees, unanimously
    recommends that you vote &#147;FOR&#148; the approval of the New
    Advisory Agreement (including the
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreement) for each Fund.</B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the knowledge of the management of each Fund, the following
    persons owned beneficially more than 5% of the noted Fund&#146;s
    outstanding shares at the Record Date. This information is based
    on publicly available Schedule&#160;13D and 13G disclosures
    filed with the SEC.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent of Class</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IIC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Bank of America Corporation<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Bank of America N.A.<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Merrill Lynch, Pierce, Fenner &#038; Smith, Inc.<BR>4 World Financial Center<BR>250 Vesey Street<BR>New York, NY 10080
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
11,664 Preferred Shares with shared voting power and shared dispositive power<BR><BR><BR><BR><BR>5,943 Preferred Shares with shared voting power and shared dispositive power<BR><BR><BR>5,721 Preferred Shares with shared voting power and shared dispositive power
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    53.0%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    27.0%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    26.0%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Bank of America Corporation<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Bank of America N.A.<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Merrill Lynch, Pierce, Fenner &#038; Smith, Inc.<BR>4 World Financial Center<BR>250 Vesey Street<BR>New York, NY 10080
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    396 Preferred Shares with shared voting power and shared
    dispositive power<BR>
    <BR>
    <BR>
    <BR>
    22 Preferred Shares with shared voting power and shared
    dispositive power<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    374 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    42.1%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    2.3%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    39.7%
</TD>
</TR>
</TABLE>
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    <BR>
    37
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="17%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="31%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Name and Address of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount and Nature<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Beneficial Owner</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>of Beneficial Ownership</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percent of Class</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IMC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Bank of America Corporation<BR>100 North Tryon<BR>Street Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Merrill Lynch, Pierce Fenner &#038; Smith, Inc.<BR>4 World Financial Center<BR>250 Vesey Street <BR>New York, NY 10080
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    172 Preferred Shares with shared voting power and shared
    dispositive power<BR>
    <BR>
    <BR>
    167 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    37.0%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    35.9%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    OIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Trust Portfolios L.P.&#160;<BR>
    First Trust Advisors L.P.&#160;<BR>
    The Charger Corporation<BR>
    120 East Liberty Drive<BR>
    Suite 400 Wheaton,<BR>
    Illinois 60187
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    994,285 Common Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    5.1%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    PIA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Bank of America Corporation Merrill Lynch, Pierce, Fenner &#038; Smith, Inc.<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>UBS AG<BR>Bahnhofstrasse 45<BR>P.O.&#160;Box&#160;CH-8021 <BR>Zurich, Switzerland
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    488 Preferred Shares with shared voting power and shared
    dispositive power<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    61 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    63.8%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    <BR>
    6.01%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQN
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Bank of America Corporation Merrill Lynch, Pierce, Fenner &#038;
    Smith, Inc.<BR>
    100 North Tryon Street Floor 25 Bank of America Corporate
    Center<BR>
    Charlotte, NC 28255
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    278 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    69.9%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    IQM
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
<DIV style="text-indent: -0pt; margin-left: 0pt;">
Bank of America Corporation<BR>100 North Tryon Street<BR>Floor 25<BR>Bank of America Corporate Center<BR>Charlotte, NC 28255<BR><BR>Merrill Lynch, Pierce Fenner &#038; Smith, Inc.&#160;<BR>4 World Financial Center<BR>250 Vesey Street<BR>New York, NY 10080
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    797 Preferred Shares with shared voting power and shared
    dispositive power<BR>
    <BR>
    <BR>
    783 Preferred Shares with shared voting power and shared
    dispositive power
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    55.0%<BR>
    <BR>
    <BR>
    <BR>
    <BR>
    54.0%
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that the necessary Quorum to transact business or
    the vote required to approve or reject any Proposal for any Fund
    is not obtained at a Meeting of any Fund, the persons named as
    proxies may propose one or more adjournments of a Meeting of the
    applicable Fund to permit further solicitation of proxies. Any
    such adjournment will require the affirmative vote of the
    holders of a majority of the applicable Fund&#146;s shares
    present in person or by Proxy at a
</DIV>
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    38
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Meeting. The persons named as Proxies will vote in favor of such
    adjournment those Proxies which have been received by the date
    of the Meetings.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Abstentions and &#147;broker non-votes&#148; will not count as
    votes in favor of any proposal, but will be deemed to be present
    at a Meeting of any Fund for purposes of determining a Quorum.
    Broker non-votes are shares held in street name for which the
    broker indicates that instructions have not been received from
    the beneficial owners or other persons entitled to vote and for
    which the broker does not have discretionary voting authority.
    Abstentions and &#147;broker non-votes&#148; (<I>i.e</I>.,
    Shares held by brokers or nominees as to which
    (i)&#160;instructions have not been received from the beneficial
    owner or the persons entitled to vote and (ii)&#160;the broker
    does not have discretionary voting power on a particular matter)
    will have the same effect as votes against Proposal&#160;2.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to Proposal&#160;2, Preferred Shares held in
    &#147;street name&#148; as to which voting instructions have not
    been received from the beneficial owners or persons entitled to
    vote as of one business day before a Meeting, or, if adjourned,
    one business day before the day to which a Meeting is adjourned
    for a Fund, and that would otherwise be treated as &#147;broker
    non-votes&#148; may, pursuant to Rule&#160;452 of the New York
    Stock Exchange, be voted by the broker on Proposal&#160;2 in the
    same proportion as the votes cast by all Preferred Shareholders
    of such Fund who have voted on that item. Rule&#160;452 permits
    proportionate voting of Preferred Shares with respect to
    Proposal&#160;2 if, among other things, (i)&#160;holders of
    Common Shares approve the Proposal, (ii)&#160;a minimum of 30%
    of the Preferred Shares outstanding has been voted by the
    holders of such Preferred Shares with respect to such Proposal
    and (iii)&#160;less than 10% of the Preferred Shares outstanding
    has been voted by the holders of such Preferred Shares against
    such Proposal.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except with respect to Prime, any Shareholder who desires to
    bring a proposal at a Fund&#146;s Annual Meeting of Shareholders
    in 2010 must deliver written notice thereof to the Secretary of
    a Fund not before March&#160;19, 2010 and not later than
    April&#160;18, 2010 (for the meetings of Shareholders of IMC,
    IMT,&#160;IIM,&#160;IIC, IQI, IQT, OIC, OIA and PIA) or by
    April&#160;26, 2010 (for the meetings of Shareholders of IQC,
    ICS, IMS, OIB, IQM and IQN) in the manner and form required by a
    Fund&#146;s By-Laws. Each Fund will furnish, without charge, a
    copy of its By-Laws to any Shareholder of a Fund requesting the
    By-Laws. Requests for a Fund&#146;s By-Laws should be made in
    writing to that Fund,
    <FONT style="white-space: nowrap">c/o&#160;Morgan</FONT>
    Stanley Investment Advisors Inc., 522&#160;Fifth Avenue, Legal
    Department&#160;&#151;
    19<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor, New York, New York 10036, if made prior to consummation
    of the Acquisition. Requests made after consummation of the
    Acquisition should be addressed to 11&#160;Greenway Plaza,
    Suite&#160;100, Houston, Texas
    <FONT style="white-space: nowrap">77046-1173.</FONT>
</DIV>
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    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Each Fund&#146;s most recent Annual Report for that
    Fund&#146;s most recent fiscal year end and the most recent
    Semi-Annual Report succeeding the Annual Report have been
    previously sent to Shareholders and are available without charge
    upon request from Morgan Stanley&#146;s Client Relations
    Department, 2800 Post Oak Blvd., 44th&#160;Floor, Houston, Texas
    77056,
    <FONT style="white-space: nowrap">(888)&#160;421-4015</FONT>
    (toll-free) or by visiting www.morganstanley.com/im.</B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">INTEREST
    OF CERTAIN PERSONS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley, the Current Adviser, Morgan Stanley Trust,
    Morgan Stanley Services, Morgan Stanley&#160;&#038; Co.
    Incorporated
    <FONT style="white-space: nowrap">and/or</FONT>
    Morgan Stanley Smith Barney LLC and certain of their respective
    directors, officers, and employees, including persons who are
    Trustees or Officers of the Funds, may be deemed to have an
    interest in certain of the Proposals described in this Proxy
    Statement to the extent that certain of such companies and their
    affiliates have contractual and other arrangements, described
    elsewhere in this Joint Proxy Statement, pursuant to which they
    are paid fees by the Funds, and certain of those individuals are
    compensated for performing services relating to the Funds and
    may also own shares of Morgan Stanley. Such companies and
    persons may thus be deemed to derive benefits from the approvals
    by Shareholders of such Proposals.
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The management of the Funds knows of no other matters which may
    be presented at the Meetings. However, if any matters not now
    known properly come before the Meetings, it is the intention of
    the persons named in the enclosed form of Proxy, or their
    substitutes, to vote all shares that they are entitled to vote
    on any such matter, utilizing such Proxy in accordance with
    their best judgment on such matters.
</DIV>

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

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

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

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

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

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
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    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "APPENDIX A" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Equity Securities in the Funds</FONT></B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=09 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Nominee/Current<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Dollar Range of Equity Securities</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>ICS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIA</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Bob R. Baker
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Frank S. Bayley
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    James T. Bunch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Bruce L. Crockett
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Rod Dammeyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Albert R. Dowden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Martin L. Flanagan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Jack M. Fields
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Carl Frischling
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Prema Mathai-Davis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Lewis F. Pennock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Larry Soll
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Raymond Stickel, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Philip A. Taylor
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Wayne W. Whalen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="36%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=06 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=07 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=08 type=maindata -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=09 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Nominee/Current<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="15" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Dollar Range of Equity Securities</B>
</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIB</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PIA</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQN</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prime</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Bob R. Baker
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Frank S. Bayley
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    James T. Bunch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Bruce L. Crockett
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Rod Dammeyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Albert R. Dowden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Martin L. Flanagan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Jack M. Fields
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Carl Frischling
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Prema Mathai-Davis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Lewis F. Pennock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Larry Soll
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Raymond Stickel, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Philip A. Taylor
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Wayne W. Whalen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;A-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="24%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Dollar<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Range of Equity<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Securities in the<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>&#160;&#160;&#160;&#160;&#160;Name of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Funds in the Family<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>Nominee/Current<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of Investment<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>&#160;&#160;&#160;&#160;&#160;&#160;Trustee</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Companies</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    David C. Arch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bob R. Baker
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Frank S. Bayley
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    James T. Bunch
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Bruce L. Crockett
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Rod Dammeyer
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Albert R. Dowden
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Martin L. Flanagan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Jack M. Fields
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Carl Frischling
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Prema Mathai-Davis
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    over $100,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Lewis F. Pennock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Larry Soll
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Hugo F. Sonnenschein
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Raymond Stickel, Jr.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Philip A. Taylor
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wayne W. Whalen
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    None
</TD>
</TR>
</TABLE>

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

</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Appendix&#160;A-2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<!-- link1 "APPENDIX B" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTIONS
    OF COMMITTEES OF THE BOARDS</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If elected, the newly comprised Board of each Fund will have an
    Audit Committee, a Compliance Committee, a Governance Committee,
    an Investments Committee and a Valuation, Distribution and Proxy
    Oversight Committee. Members that will comprise each Committee
    following the consummation of the Acquisition will be determined
    by the newly comprised Board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Audit Committee&#146;s primary purposes will be to:
    (i)&#160;oversee qualifications and performance of the Board in
    oversight of the independent registered public accountant,
    independence and performance; (ii)&#160;appoint independent
    registered public accountants for the Funds;
    (iii)&#160;pre-approve all permissible audit and non-audit
    services that are provided to Funds by their independent
    registered public accountants to the extent required by
    Section&#160;10A(h) and (i)&#160;of the Securities Exchange Act
    of 1934; (iv)&#160;pre-approve, in accordance with
    <FONT style="white-space: nowrap">Rule&#160;2-01(c)(7)(ii)</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X,</FONT>
    certain non-audit services provided by the Funds&#146;
    independent registered public accountants to the Funds&#146;
    investment adviser and certain other affiliated entities;
    (v)&#160;review the audit and tax plans prepared by the
    independent registered public accountants; (vi)&#160;review the
    Funds&#146; audited financial statements; (vii)&#160;review the
    process that management uses to evaluate and certify disclosure
    controls and procedures in
    <FONT style="white-space: nowrap">Form&#160;N-CSR;</FONT>
    (viii)&#160;review the process for preparation and review of the
    Funds&#146; shareholder reports; (ix)&#160;review certain tax
    procedures maintained by the Funds; (x)&#160;review modified or
    omitted officer certifications and disclosures; (xi)&#160;review
    any internal audits of the Funds; (xii)&#160;establish
    procedures regarding questionable accounting or auditing matters
    and other alleged violations; (xiii)&#160;set hiring policies
    for employees and proposed employees of the Funds who are
    employees or former employees of the independent registered
    public accountants; and (xiv)&#160;remain informed of
    (a)&#160;the Funds&#146; accounting systems and controls,
    (b)&#160;regulatory changes and new accounting pronouncements
    that affect the Funds&#146; net asset value calculations and
    financial statement reporting requirements, and
    (c)&#160;communications with regulators regarding accounting and
    financial reporting matters that pertain to the Funds. A copy of
    the proposed Audit Committee Charter for each Fund is attached
    hereto as Appendix&#160;F. The Shareholders of the Funds are not
    being asked to approve the Audit Committee Charter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Compliance Committee will be responsible for
    (i)&#160;recommending to the Board and the Independent Trustees
    the appointment, compensation and removal of the Funds&#146;
    Chief Compliance Officer; (ii)&#160;recommending to the
    independent Trustees the appointment, compensation and removal
    of the Funds&#146; Senior Officer appointed pursuant to the
    terms of the Assurances of Discontinuance entered into by the
    New York Attorney General, Invesco Advisers and INVESCO Funds
    Group, Inc. (&#147;IFG&#148;); (iii)&#160;recommending to the
    independent Trustees the
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;B-1
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    appointment and removal of Invesco Advisers&#146; independent
    Compliance Consultant (the &#147;Compliance Consultant&#148;)
    and reviewing the report prepared by the Compliance Consultant
    upon its compliance review of Invesco Advisers (the
    &#147;Report&#148;) and any objections made by Invesco Advisers
    with respect to the Report; (iv)&#160;reviewing any report
    prepared by a third party who is not an interested person of
    Invesco Advisers, upon the conclusion by such third party of a
    compliance review of Invesco Advisers; (v)&#160;reviewing all
    reports on compliance matters from the Funds&#146; Chief
    Compliance Officer, (vi)&#160;reviewing all recommendations made
    by the Senior Officer regarding Invesco Advisers&#146;
    compliance procedures, (vii)&#160;reviewing all reports from the
    Senior Officer of any violations of state and federal securities
    laws, the Colorado Consumer Protection Act, or breaches of
    Invesco Advisers&#146; fiduciary duties to Fund shareholders and
    of Invesco Advisers&#146; Code of Ethics; (viii)&#160;overseeing
    all of the compliance policies and procedures of the Funds and
    their service providers adopted pursuant to
    <FONT style="white-space: nowrap">Rule&#160;38a-1</FONT>
    of the Investment Company Act; (ix)&#160;from time to time,
    reviewing certain matters related to redemption fee waivers and
    recommending to the Board whether or not to approve such
    matters; (x)&#160;receiving and reviewing quarterly reports on
    the activities of Invesco Advisers&#146; Internal Compliance
    Controls Committee; (xi)&#160;reviewing all reports made by
    Invesco Advisers&#146; Chief Compliance Officer;
    (xii)&#160;reviewing and recommending to the independent
    Trustees whether to approve procedures to investigate matters
    brought to the attention of Invesco Advisers&#146; ombudsman;
    (xiii)&#160;risk management oversight with respect to the Funds
    and, in connection therewith, receiving and overseeing risk
    management reports from Invesco that are applicable to the Funds
    or their service providers; and (xiv)&#160;overseeing potential
    conflicts of interest that are reported to the Compliance
    Committee by Invesco Advisers, the Chief Compliance Officer, the
    Senior Officer
    <FONT style="white-space: nowrap">and/or</FONT> the
    Compliance Consultant.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Governance Committee will be responsible for
    (i)&#160;nominating persons who will qualify as independent
    trustees for (a)&#160;election as trustees in connection with
    meetings of shareholders of the Funds that are called to vote on
    the election of trustees, (b)&#160;appointment by the Board as
    trustees in connection with filling vacancies that arise in
    between meetings of shareholders; (ii)&#160;reviewing the size
    of the Board, and recommending to the Board whether the size of
    the Board shall be increased or decreased; (iii)&#160;nominating
    the Chairperson of the Board; (iv)&#160;monitoring the
    composition of the Board and each committee of the Board, and
    monitoring the qualifications of all trustees;
    (v)&#160;recommending persons to serve as members of each
    committee of the Board (other than the Compliance Committee), as
    well as persons who shall serve as the chair and vice chair of
    each such committee; (vi)&#160;reviewing and recommending the
    amount of compensation payable to the independent trustees;
    (vii)&#160;overseeing the selection of independent legal counsel
    to the independent trustees; (viii)&#160;reviewing and approving
    the compensation paid to independent legal counsel to the
    independent trustees; (ix)&#160;reviewing and approving the
    compensation paid to counsel and other advisers,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;B-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    if any, to the Committees of the Board; and (x)&#160;reviewing
    as they deem appropriate administrative
    <FONT style="white-space: nowrap">and/or</FONT>
    logistical matters pertaining to the operations of the Board. A
    copy of the proposed Governance Committee Charter for each Fund
    is attached hereto as Appendix&#160;G. The Shareholders of the
    Funds are not being asked to approve the Governance Committee
    Charter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Investments Committee&#146;s primary purposes will be to
    (i)&#160;assist the Board in its oversight of the investment
    management services provided by Invesco Advisers and the
    <FONT style="white-space: nowrap">Sub-Advisers;</FONT>
    and (ii)&#160;review all proposed and existing advisory,
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    and distribution arrangements for the Funds, and to recommend
    what action the full Boards and the independent Trustees take
    regarding the approval of all such proposed arrangements and the
    continuance of all such existing arrangements.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected that, following the consummation of the
    Acquisition, the Investments Committee will establish three
    <FONT style="white-space: nowrap">Sub-Committees.</FONT>
    The
    <FONT style="white-space: nowrap">Sub-Committees</FONT>
    will be responsible for: (i)&#160;reviewing the performance,
    fees and expenses of the Funds that have been assigned to a
    particular
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    (for each
    <FONT style="white-space: nowrap">Sub-Committee,</FONT>
    the &#147;Designated Funds&#148;), unless 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 and limitations of
    the Designated Funds; (iii)&#160;evaluating the investment
    advisory,
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    and distribution arrangements in effect or proposed for the
    Designated Funds, unless the Investments Committee takes such
    action directly; (iv)&#160;being familiar with the registration
    statements and periodic shareholder reports applicable to their
    Designated Funds; and (v)&#160;such other investment-related
    matters as the Investments Committee may delegate to the
    <FONT style="white-space: nowrap">Sub-Committee</FONT>
    from time to time.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The primary purposes of the Valuation, Distribution and Proxy
    Oversight Committee are: (a)&#160;to address issues requiring
    action or oversight by the Board of the Funds (i)&#160;in the
    valuation of the Funds&#146; portfolio securities consistent
    with the Pricing Procedures, (ii)&#160;in oversight of the
    creation and maintenance by the principal underwriters of the
    Funds of an effective distribution and marketing system to build
    and maintain an adequate asset base and to create and maintain
    economies of scale for the Funds, (iii)&#160;in the review of
    existing distribution arrangements for the Funds under
    <FONT style="white-space: nowrap">Rule&#160;12b-1</FONT>
    and Section&#160;15 of the Investment Company Act, and
    (iv)&#160;in the oversight of proxy voting on portfolio
    securities of the Funds; and (b)&#160;to make regular reports to
    the full Boards of the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Valuation, Distribution and Proxy Oversight Committee will
    be responsible for (a)&#160;with regard to valuation,
    (i)&#160;developing an understanding of the valuation process
    and the Pricing Procedures, (ii)&#160;reviewing the Pricing
    Procedures and making recommendations to the full Board with
    respect thereto, (iii)&#160;reviewing the reports described in
    the Pricing Procedures and other information from Invesco
    Advisers regarding fair value determinations made pursuant to
    the Pricing Procedures by Invesco Advisers&#146; internal
    valuation committee and
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;B-3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    making reports and recommendations to the full Board with
    respect thereto, (iv)&#160;receiving the reports of Invesco
    Advisers&#146; internal valuation committee requesting approval
    of any changes to pricing vendors or pricing methodologies as
    required by the Pricing Procedures and the annual report of
    Invesco Advisers evaluating the pricing vendors, approving
    changes to pricing vendors and pricing methodologies as provided
    in the Pricing Procedures, and recommending annually the pricing
    vendors for approval by the full Board; (v)&#160;upon request of
    Invesco Advisers, assisting Invesco Advisers&#146; internal
    valuation committee or the full Board in resolving particular
    fair valuation issues; (vi)&#160;reviewing the reports described
    in the Procedures for Determining the Liquidity of Securities
    (the &#147;Liquidity Procedures&#148;) and other information
    from Invesco Advisers regarding liquidity determinations made
    pursuant to the Liquidity Procedures by Invesco Advisers and
    making reports and recommendations to the full Board with
    respect thereto, and (vii)&#160;overseeing actual or potential
    conflicts of interest by investment personnel or others that
    could affect their input or recommendations regarding pricing or
    liquidity issues; (b)&#160;with regard to distribution,
    (i)&#160;developing an understanding of mutual fund distribution
    and marketing channels and legal, regulatory and market
    developments regarding distribution, (ii)&#160;reviewing
    periodic distribution and marketing determinations and annual
    approval of distribution arrangements and making reports and
    recommendations to the full Board with respect thereto, and
    (iii)&#160;reviewing other information from the principal
    underwriters to the Funds regarding distribution and marketing
    of the Funds and making recommendations to the full Board with
    respect thereto; and (c)&#160;with regard to proxy voting,
    (i)&#160;overseeing the implementation of the Proxy Voting
    Guidelines (the &#147;Guidelines&#148;) and the Proxy Policies
    and Procedures (the &#147;Proxy Procedures&#148;) by Invesco
    Advisers and the
    <FONT style="white-space: nowrap">Sub-Advisors,</FONT>
    reviewing the Quarterly Proxy Voting Report and making
    recommendations to the full Board with respect thereto,
    (ii)&#160;reviewing the Guidelines and the Proxy Procedures and
    information provided by Invesco Advisers and the
    <FONT style="white-space: nowrap">Sub-Advisors</FONT>
    regarding industry developments and best practices in connection
    with proxy voting and making recommendations to the full Board
    with respect thereto, and (iii)&#160;in implementing its
    responsibilities in this area, assisting Invesco Advisers in
    resolving particular proxy voting issues.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;B-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "APPENDIX C" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">COMPENSATION
    PAYABLE TO EACH CURRENT TRUSTEE</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table shows aggregate compensation payable to each
    of the two current Trustees from each Fund who will continue to
    serve on each Fund&#146;s Board for the fiscal year ended
    October&#160;31, 2009 (IIC, IQC, ICS, IMC,&#160;IIM, IMS, IMT,
    IQN, IQI, IQT and IQM), May&#160;31, 2009 (OIA and PIA),
    February&#160;28, 2009 (OIB), March&#160;31, 2009 (OIC) and
    September&#160;30, 2009 (Prime). No information is shown for
    those current Trustees whose term of office will not continue if
    the shareholders approve the Nominees for election as Trustees.
</DIV>

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

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

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name of Current Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee/Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>ICS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IIM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMS</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IMT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIA</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    493
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    116
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    955
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    793
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    230
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    759
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    582
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    179
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    279
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,469
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    336
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,222
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    354
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

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

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="41%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=09 type=gutter -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=09 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=09 type=body -->
    <TD width="2%" align="left">&nbsp;</TD>	<!-- colindex=09 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name of Current Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee/Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIB</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>OIC</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>PIA</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQN</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQI</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQT</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>IQM</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Prime</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    203
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    122
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    400
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,037
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    607
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    312
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    187
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    615
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    278
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,596
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    935
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    2,393
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="76%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Total Compensation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Name of Current Independent<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>from the Fund Complex<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Trustee/Director</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Paid to Trustee</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Manuel H. Johnson
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $260,000
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Michael E. Nugent
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    $400,000
</TD>
</TR>
</TABLE>

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

</DIV>
<!-- XBRL Pagebreak Begin -->
<!-- XBRL Footnotes Begin -->
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV><DIV style="font-size: 1pt; margin-left: 0%; width: 13%; align: left; border-bottom: 1pt solid #000000"></DIV><DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <SUP style="font-size: 85%; vertical-align: top">1</SUP>&#160;&#160;&#160;&#160;&#160;<FONT style="font-size: 8pt">Includes

    all amounts paid for serving as trustee of the funds, as well as
    serving as Chairperson of the Boards or a Chairperson of a
    Committee or
    <FONT style="white-space: nowrap">Sub-Committee.</FONT>
    </FONT>
</DIV>
<!-- XBRL Footnotes End -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;C-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<!-- link1 "APPENDIX D" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">FORM OF
    INVESTMENT ADVISORY AGREEMENT</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    THIS AGREEMENT is made this&#160;&#160; day
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, by and between the registered investment companies as set
    forth on Appendix&#160;I (each, a &#147;Fund&#148; and
    collectively, the &#147;Funds&#148;), as the same may be amended
    from time to time, and Invesco Advisers, Inc., a Delaware
    corporation (the &#147;Adviser&#148;).
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS, each Fund is registered under the Investment Company
    Act of 1940, as amended (the &#147;1940 Act&#148;), as a
    closed-end management investment company;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS, the Adviser is registered under the Investment Advisers
    Act of 1940, as amended (the &#147;Advisers Act&#148;), as an
    investment adviser and engages in the business of acting as an
    investment adviser;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS, each Fund and the Adviser desire to enter into an
    agreement to provide for investment advisory services to the
    Funds upon the terms and conditions hereinafter set forth;
</DIV>

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

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

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;&#160;<I>Advisory Services.</I>&#160;&#160;The Adviser
    shall act as investment adviser for the Funds and shall, in such
    capacity, supervise all aspects of the Funds&#146; operations,
    including the investment and reinvestment of cash, securities or
    other properties comprising the Funds&#146; assets, subject at
    all times to the policies and control of the Board of
    Trustees/Directors of each Fund (the &#147;Board of
    Trustees/Directors&#148;). The Adviser shall give each Fund the
    benefit of its best judgment, efforts and facilities in
    rendering its services as investment adviser.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I>Investment Analysis and
    Implementation.</I>&#160;&#160;In carrying out its obligations
    under Section&#160;1 hereof, the Adviser shall:
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;supervise all aspects of the operations of the Funds;
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;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 Funds, and whether concerning the
    individual issuers whose securities are included in the assets
    of the Funds or the activities in which such issuers engage, or
    with respect to securities which the Adviser considers desirable
    for inclusion in the Funds&#146; assets;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;determine which issuers and securities shall be
    represented in the Funds&#146; investment portfolios and
    regularly report thereon to the Board of Trustees/Directors;
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;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/Directors;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;take, on behalf of each Fund, all actions which appear
    to the Funds 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 Funds.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;&#160;<I>Securities Lending Duties and
    Fees.</I>&#160;&#160;The Adviser agrees to provide the following
    services in connection with the securities lending activities of
    each Fund: (a)&#160;oversee participation in the securities
    lending program to ensure compliance with all applicable
    regulatory and investment guidelines; (b)&#160;assist the
    securities lending agent or principal (the &#147;Agent&#148;) in
    determining which specific securities are available for loan;
    (c)&#160;monitor the Agent to ensure that securities loans are
    effected in accordance with the Adviser&#146;s instructions and
    with procedures adopted by the Board of Trustees/Directors;
    (d)&#160;prepare appropriate periodic reports for, and seek
    appropriate approvals from, the Board of Trustees/Directors with
    respect to securities lending activities; (e)&#160;respond to
    Agent inquiries; and (f)&#160;perform such other duties as
    necessary.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As compensation for such services provided by the Adviser in
    connection with securities lending activities of each Fund, a
    lending Fund shall pay the Adviser a fee equal to 25% of the net
    monthly interest or fee income retained or paid to the Fund from
    such activities.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I>Delegation of
    Responsibilities.</I>&#160;&#160;The Adviser is authorized to
    delegate any or all of its rights, duties and obligations under
    this Agreement to one or more
    <FONT style="white-space: nowrap">sub-advisors,</FONT>
    and may enter into agreements with
    <FONT style="white-space: nowrap">sub-advisers,</FONT>
    and may replace any such
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    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 (&#147;SEC&#148;), and if
    applicable, exemptive orders or similar relief granted by the
    SEC and upon receipt of approval of such
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    by the Board of Trustees/Directors and by shareholders (unless
    any such approval is not required by such statutes, rules,
    regulations, interpretations, orders or similar relief).
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;&#160;<I>Independent Contractors.</I>&#160;&#160;The
    Adviser and any
    <FONT style="white-space: nowrap">sub-advisors</FONT>
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or represent each Fund in any way or otherwise be deemed to be
    an agent of each Fund.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;&#160;<I>Control by Board of
    Trustees/Directors.</I>&#160;&#160;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
    Funds, shall at all times be subject to any directives of the
    Board of Trustees/Directors.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;&#160;<I>Compliance with Applicable
    Requirements.</I>&#160;&#160;In carrying out its obligations
    under this Agreement, the Advisor shall at all times conform to:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;all applicable provisions of the 1940 Act and the
    Advisers Act and any rules and regulations adopted thereunder;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the provisions of the registration statement of each
    Fund, as the same may be amended from time to time under the
    Securities Act of 1933 and the 1940 Act;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;the provisions of each Fund&#146;s Articles of
    Incorporation or Declaration of Trust, as applicable, (together,
    the &#147;Declaration&#148;) as the same may be amended from
    time to time;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;the provisions of the by-laws of each Fund, as the same
    may be amended from time to time;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;any other applicable provisions of state, federal or
    foreign law.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;&#160;<I>Broker-Dealer Relationships.</I>&#160;&#160;The
    Adviser is responsible for decisions to buy and sell securities
    for the Funds, broker-dealer selection, and negotiation of
    brokerage commission rates.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The Adviser&#146;s primary consideration in effecting a
    security transaction will be to obtain the best execution.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;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 Funds on a continuing basis. Accordingly, the
    price to the Funds 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Subject to such policies as the Board of
    Trustees/Directors 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 Funds 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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#146;s overall responsibilities with respect to a
    particular Fund 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 Funds to such brokers and dealers who also provide
    research or statistical material, or other services to the
    Funds, to the Adviser, or to any
    <FONT style="white-space: nowrap">sub-advisor.</FONT>
    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/Directors
    indicating the brokers to whom such allocations have been made
    and the basis therefor.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;With respect to one or more Funds, to the extent the
    Adviser does not delegate trading responsibility to one or more
    <FONT style="white-space: nowrap">sub-advisors,</FONT>
    in making decisions regarding broker-dealer relationships, the
    Adviser may take into consideration the recommendations of any
    <FONT style="white-space: nowrap">sub-advisor</FONT>
    appointed to provide investment research or advisory services in
    connection with the Funds, and may take into consideration any
    research services provided to such
    <FONT style="white-space: nowrap">sub-advisor</FONT>
    by broker-dealers.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Subject to the other provisions of this Section&#160;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 Funds are
    affiliated.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;&#160;<I>Compensation.</I>&#160;&#160;The compensation
    that each Fund shall pay the Adviser is set forth in
    Appendix&#160;II attached hereto.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;&#160;<I>Expenses of the Funds.</I>&#160;&#160;All of
    the ordinary business expenses incurred in the operations of the
    Funds and the offering of their shares shall be borne by the
    Funds unless specifically provided otherwise in this Agreement.
    These expenses borne by the Funds include but are not limited to
    brokerage commissions, taxes, legal, accounting, auditing, or
    governmental fees, the cost of preparing share certificates,
    custodian, transfer and shareholder service agent costs,
    expenses of issue, sale, redemption and repurchase of shares,
    expenses of registering and qualifying shares for sale, expenses
    relating to trustees and shareholder meetings, the cost of
    preparing and distributing reports and notices to shareholders,
    the fees and other expenses incurred by the Funds in connection
    with membership in investment company organizations and the cost
    of printing copies of prospectuses and statements of additional
    information distributed to the Funds&#146; shareholders.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;&#160;<I>Services to Other Companies or
    Accounts.</I>&#160;&#160;Each Fund 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 each Fund has no objection to the Adviser so
    acting, provided that whenever a Fund 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. Each Fund recognizes that in some cases
    this procedure may adversely affect the size of the positions
    obtainable and the prices realized for the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;&#160;<I>Non-Exclusivity.</I>&#160;&#160;Each Fund
    understands that the persons employed by the Adviser to assist
    in the performance of the Adviser&#146;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.
    Each Fund further understands and agrees that officers or
    directors of the Adviser may serve as officers or trustees of a
    Fund, and that officers or trustees of the Funds 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;&#160;<I>Effective Date, Term and
    Approval.</I>&#160;&#160;This Agreement shall become effective
    with respect to a Fund, if approved by the shareholders of such
    Fund, on the Effective Date for such Fund, as set forth in
    Appendix&#160;I attached hereto. If so approved, this Agreement
    shall thereafter continue in force and effect with respect to a
    Fund for two years, and may be continued from year to year
    thereafter, provided that the continuation of the Agreement is
    specifically approved at least annually:
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;(i)&#160;by the Fund&#146;s Board of Trustees/Directors
    or (ii)&#160;by the vote of &#147;a majority of the outstanding
    voting securities&#148; of such Fund (as defined in
    Section&#160;2(a)(42) of the 1940 Act);&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 12%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;by the affirmative vote of a majority of the
    Fund&#146;s directors/trustees who are not parties to this
    Agreement or &#147;interested persons&#148; (as defined in the
    1940 Act) of a party to this Agreement (other than as
    directors/trustees of the Fund), by votes cast in person at a
    meeting specifically called for such purpose.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;&#160;<I>Termination.</I>&#160;&#160;This Agreement may
    be terminated as to a Fund at any time, without the payment of
    any penalty, by vote of the Fund&#146;s Board of
    Trustees/Directors or by vote of a majority of the outstanding
    voting securities of the applicable Fund, or by the Adviser, on
    sixty (60)&#160;days&#146; 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
    &#147;assignment&#148; for purposes of this paragraph having the
    meaning defined in Section&#160;2(a)(4) of the 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.&#160;&#160;<I>Amendment.</I>&#160;&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.&#160;&#160;<I>Liability of Adviser and
    Fund.</I>&#160;&#160;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 a Fund or to any shareholder of such
    Fund 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. Any
    liability of the Adviser to one Fund shall not automatically
    impart liability on the part of the Adviser to any other Fund.
    No Fund shall be liable for the obligations of any other Fund.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    17.&#160;&#160;<I>Liability of
    Shareholders.</I>&#160;&#160;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 a
    Fund individually but are binding only upon the assets and
    property of the Fund 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    18.&#160;&#160;<I>Limited Liability of Massachusetts Business
    Trusts.</I>&#160;&#160;The Declaration of Trust, together with
    all amendments thereto establishing each Fund identified in
    Appendix&#160;I as a Massachusetts business trust (the
    &#147;Declaration&#148;), is on file in the office of the
    Secretary of the Commonwealth of Massachusetts, provides that
    the name of such Funds refers to the Trustees under the
    Declaration collectively as Trustees, but not as individuals or
    personally; and no Trustee, shareholder, officer, employee or
    agent of such Funds shall be held to any personal liability, nor
    shall resort be had to their private property for the
    satisfaction of any obligation or claim or otherwise, in
    connection with the affairs of such Funds, but the
    Trust&#160;Estate only shall be liable.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    19.&#160;&#160;<I>Notices.</I>&#160;&#160;Any notices under this
    Agreement shall be in writing, addressed and delivered,
    telecopied or mailed postage paid, to the other party
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 each Fund
    and that of the Adviser shall be 11&#160;Greenway Plaza,
    Suite&#160;100, Houston, Texas
    <FONT style="white-space: nowrap">77046-1173.</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    20.&#160;&#160;<I>Questions of
    Interpretation.</I>&#160;&#160;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 the
    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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    21.&#160;&#160;<I>License Agreement.</I>&#160;&#160;Each Fund
    shall have the non-exclusive right to use the name
    [&#147;AIM&#148;] to designate any current or future series of
    shares only so long as Invesco Advisers, Inc. serves as
    investment manager or adviser to the Fund with respect to such
    series of shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.
</DIV>

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

<DIV align="center" style="margin-left: 68%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    ]</B>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Attest:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV><BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><I>Assistant
    Secretary</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:center; width:90%">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV><BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"><I>President</I></DIV>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (SEAL)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Attest:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Invesco Advisers, Inc.</B>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV><BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><I>Assistant
    Secretary</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<DIV style="display:inline; text-align:center; width:90%">&#160;&#160;&#160;<FONT style="font-variant: SMALL-CAPS">&#160;</FONT></DIV><BR>
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV><DIV style="text-indent:0pt"><I>President</I></DIV>
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    (SEAL)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;I<BR>
    FUNDS AND EFFECTIVE DATES</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>All of the Funds referenced below are organized as
    Massachusetts business trusts.</I>
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="63%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Name of Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Effective Date of Advisory Agreement</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley California Insured Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley California Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Insured California Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Insured Municipal Bond Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Insured Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Insured Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Insured Municipal Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Municipal Income Opportunities Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Municipal Income Opportunities Trust&#160;II
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Municipal Income Opportunities Trust&#160;III
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Municipal Premium Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley New York Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Prime Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Quality Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Quality Municipal Investment Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -8pt; margin-left: 8pt">
    Morgan Stanley Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;II<BR>
    COMPENSATION TO THE ADVISER</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Fund shall pay the Adviser, out of the assets of the Fund,
    as full compensation for all services rendered, an advisory fee
    for such Fund set forth below.
</DIV>

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

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 6pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Fund</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Annual Rate</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley California Insured Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley California Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Insured California Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Insured Municipal Bond Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Insured Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Insured Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Insured Municipal Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Municipal Income Opportunities Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Municipal Income Opportunities Trust&#160;II
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Municipal Income Opportunities Trust&#160;III
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.50% as a percentage of average weekly net assets
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Municipal Premium Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.40% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley New York Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Prime Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.90% of the portion of the daily net assets not exceeding
    $500&#160;million; 0.85% of the portion of the daily net assets
    exceeding $500 million but not exceeding $1.5 billion; 0.825% of
    the portion of the daily net assets exceeding $1.5 billion but
    not exceeding $2.5 billion; 0.80% of the portion of the daily
    net assets exceeding $2.5 billion, but not exceeding $3 billion;
    and 0.775% of the portion of the daily net assets in excess of
    $3&#160;billion
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Quality Municipal Income Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Quality Municipal Investment Trust
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
<DIV style="text-indent: -7pt; margin-left: 7pt">
    Morgan Stanley Quality Municipal Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    0.27% as a percentage of average weekly net assets*
</TD>
</TR>
</TABLE>

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

</DIV>

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

<DIV style="font-size: 1pt; margin-left: 0%; width: 18%;  align: left; border-bottom: 1pt solid #000000"></DIV>

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



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

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

<TR>
    <TD valign="top">
    <FONT style="font-size: 8pt">&#160;*
    </FONT></TD>
    <TD></TD>
    <TD valign="bottom">
    <FONT style="font-size: 8pt">For the purpose of calculating the
    advisory fee, the liquidation preference of any Preferred Shares
    issued by the Fund will not be deducted from the Fund&#146;s
    total assets. In addition, an amount up to the aggregate amount
    of any other borrowings may be included in the Fund&#146;s
    advisory fee calculation.
    </FONT></TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;D-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<!-- link1 "APPENDIX E" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">FORM&#160;OF
    <FONT style="white-space: nowrap">SUB-ADVISORY</FONT>
    CONTRACT</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This contract is made as
    of&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, by and among Invesco Advisers, Inc. (the
    &#147;Adviser&#148;) and each of Invesco Asset Management
    Deutschland GmbH; Invesco Asset Management Limited; Invesco
    Asset Management (Japan) Limited; Invesco Australia Limited;
    Invesco Hong Kong Limited; Invesco Senior Secured Management,
    Inc. and Invesco Trimark Ltd. (each a
    <FONT style="white-space: nowrap">&#147;Sub-Adviser&#148;</FONT>
    and, collectively, the
    <FONT style="white-space: nowrap">&#147;Sub-Advisers&#148;).</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    WHEREAS:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A)&#160;The Adviser has entered into an investment advisory
    agreement with each of the registered investment companies as
    set forth on Exhibit&#160;I (each, a &#147;Fund&#148; and
    collectively, the &#147;Funds&#148;), as the same may be amended
    from time to time, each a closed-end management investment
    company registered under the Investment Company Act of 1940, as
    amended (the &#147;1940 Act&#148;);
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    B)&#160;The Adviser is authorized to delegate certain, any or
    all of its rights, duties and obligations under investment
    advisory agreements to
    <FONT style="white-space: nowrap">sub-advisers,</FONT>
    including
    <FONT style="white-space: nowrap">sub-advisers</FONT>
    that are affiliated with the Adviser;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    C)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    represents that it is registered with the U.S.&#160;Securities
    and Exchange Commission (&#147;SEC&#148;) as an investment
    adviser under the Investment Advisers Act of 1940
    (&#147;Advisers Act&#148;), 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;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    D)&#160;The
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    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.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    NOW THEREFORE, in consideration of the promises and the mutual
    covenants herein contained, it is agreed between the parties
    hereto as follows:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;&#160;<I>Appointment.</I>&#160;&#160;The Adviser hereby
    appoints each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    of each Fund for the period and on the terms set forth herein.
    Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    accepts such appointment and agrees to render the services
    herein set forth, for the compensation herein provided.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I>Duties as
    <FONT style="white-space: nowrap">Sub-Adviser.</FONT></I>&#160;&#160;Subject
    to paragraph&#160;7 below, the Adviser may, in its discretion,
    appoint each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    advised or managed by each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall be as agreed upon from time to time by the Adviser and the
    <FONT style="white-space: nowrap">Sub-Advisers.</FONT>
    Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall pay the salaries and fees of all personnel of such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    performing services for the Funds related to research,
    statistical and investment activities.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;&#160;<I><U>Investment Advice</U>.</I>&#160;&#160;If
    and to the extent requested by the Adviser, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;&#160;<I><U>Order Execution.</U></I>&#160;&#160;If and
    to the extent requested by the Adviser, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    agrees that it shall comply with paragraph&#160;3 below.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;&#160;<I><U>Discretionary Investment
    Management.</U></I>&#160;&#160;If and to the extent requested by
    the Adviser, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall, subject to the supervision of each Fund&#146;s Board of
    Trustees/Directors (the &#147;Board&#148;) 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 such Fund&#146;s Registration Statement
    and such other limitations as the Fund or the Adviser may impose
    by notice to the applicable
    <FONT style="white-space: nowrap">Sub-Adviser(s)</FONT>
    and otherwise in accordance with paragraph&#160;5 below. With
    respect to the portion of the investments of a Fund under its
    management, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    is authorized to: (i)&#160;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)&#160;place orders for the
    purchase and sale of securities or other investment instruments
    with such brokers and dealers as the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    may select; and (iii)&#160;upon the request of the Adviser,
    provide additional investment management services to the Fund,
    including but not limited to managing the Fund&#146;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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall at all times be subject to the control and direction of
    the Adviser and the Board.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;&#160;<I>Broker-Dealer
    Relationships.</I>&#160;&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    may, in its discretion, purchase and sell portfolio securities
    from
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and to brokers and dealers who sell shares of the Funds or
    provide the Funds, the Adviser&#146;s other clients, or a
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    other clients with research, analysis, advice and similar
    services. Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    simultaneously places orders to purchase or sell the same
    security on behalf of a Fund and one or more other accounts
    advised by such
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    such orders will be allocated as to price and amount among all
    such accounts in a manner believed to be equitable to each
    account.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I>Books and Records.</I>&#160;&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;&#160;<I>Further Duties</I>.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;In all matters relating to the performance of this
    Contract, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will act in conformity with the Articles of Incorporation or
    Declaration of Trust, as applicable, By-Laws and Registration
    Statement of each Fund 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Rule&#160;38a-1</FONT>
    under the 1940 Act) and the investment objective(s) and policies
    as stated in the Funds&#146; prospectuses and statements of
    additional information. Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    at its expense will provide the Adviser or the Fund&#146;s Chief
    Compliance
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Officer with such compliance reports relating to its duties
    under this Contract as may be requested from time to time.
    Notwithstanding the foregoing, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will promptly report to the Adviser any material violations of
    the federal securities laws (as defined in
    <FONT style="white-space: nowrap">Rule&#160;38a-1</FONT>
    under the 1940 Act) that it is or should be aware of or of any
    material violation of the
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    compliance policies and procedures that pertain to the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    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&#146; investment affairs, including
    economic, statistical and investment matters related to the
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    duties hereunder, and will provide periodic reports to the
    Adviser relating to the investment strategies it employs. Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and its personnel shall also cooperate fully with counsel and
    auditors for, and the Chief Compliance Officer of, the Adviser
    and the Fund.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will assist in the fair valuation of portfolio securities held
    by the Funds. The
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will use its reasonable efforts to provide, based upon its own
    expertise, and to arrange with parties independent of the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    such as broker-dealers for the provision of, valuation
    information or prices for securities for which prices are deemed
    by the Adviser or the Funds&#146; administrator not to be
    readily available in the ordinary course of business from an
    automated pricing service. In addition, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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&#146;s net asset
    value per share.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    represents and warrants that it has adopted a code of ethics
    meeting the requirements of
    <FONT style="white-space: nowrap">Rule&#160;17j-1</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will supply the Adviser a written report that (A)&#160;describes
    any issues arising under the code of ethics or procedures since
    the
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    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)&#160;certifies that
    the procedures contained in the
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    code of ethics are
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-4
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonably designed to prevent &#147;access persons&#148; from
    violating the code of ethics.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;Upon request of the Adviser, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will review draft reports to shareholders and other documents
    provided or available to it and provide comments on a timely
    basis. In addition, each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and each officer and portfolio manager thereof designated by the
    Adviser will provide on a timely basis such certifications or
    <FONT style="white-space: nowrap">sub-certifications</FONT>
    as the Adviser may reasonably request in order to support and
    facilitate certifications required to be provided by the
    Funds&#146; 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 Funds as the Adviser, deems are reasonably necessary.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;Unless otherwise directed by the Adviser or the Board,
    each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    will vote all proxies received in accordance with the
    Adviser&#146;s proxy voting policy or, if the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    has a proxy voting policy approved by the Board, the
    <FONT style="white-space: nowrap">Sub-Adviser&#146;s</FONT>
    proxy voting policy. Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Rule&#160;30b1-4</FONT>
    under the 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall provide the Funds&#146; 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;&#160;<I>Services Not Exclusive.</I>&#160;&#160;The
    services furnished by each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    hereunder are not to be deemed exclusive and such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    who may also be a Director/Trustee, officer or employee of a
    Fund, 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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;&#160;<I>Use of Subsidiaries and
    Affiliates.</I>&#160;&#160;Each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    may perform any or all of the services contemplated hereunder,
    including but not limited to providing investment advice to the
    Funds pursuant to paragraph&#160;2(a) above and placing orders
    for the purchase and sale of portfolio securities or other
    investments for the Funds pursuant to paragraph&#160;2(b) above,
    directly or through such of its subsidiaries or other
    affiliates, including each of the other
    <FONT style="white-space: nowrap">Sub-Advisers,</FONT>
    as such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    by (i)&#160;a vote of a majority of that Fund&#146;s independent
    Directors/Trustees who are not parties to this Contract or
    &#147;interested persons&#148; (as defined in the 1940 Act) of a
    party to this Contract, other than as Board members
    (&#147;Independent Directors/Trustees&#148;), cast in person at
    a meeting called for the purpose of voting on such approval,
    <FONT style="white-space: nowrap">and/or</FONT>
    (ii)&#160;a vote of a majority of that Fund&#146;s outstanding
    voting securities.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;&#160;<I>Compensation</I>.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The only fees payable to the
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    under this Contract are for providing discretionary investment
    management services pursuant to paragraph&#160;2(c) above. For
    such services, the Adviser will pay each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    a fee, computed daily and paid monthly, equal to (i)&#160;40% of
    the monthly compensation that the Adviser receives from each
    Fund pursuant to its advisory agreement with the Funds,
    multiplied by (ii)&#160;the fraction equal to the net assets of
    such Fund as to which the
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall have provided discretionary investment management services
    pursuant to paragraph&#160;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&#160;9 below. In no event shall the aggregate monthly
    fees paid to the
    <FONT style="white-space: nowrap">Sub-Advisers</FONT>
    under this Contract exceed 40% of the monthly compensation that
    the Adviser receives from each Fund pursuant to its advisory
    agreement with the Funds, as reduced to reflect contractual or
    voluntary fee waivers or expense limitations by the Adviser, if
    any.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;If a
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    provides the services under paragraph&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;&#160;<I>Fee Waivers and Expense
    Limitations.</I>&#160;&#160;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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    pursuant to paragraph&#160;8 above shall be reduced
    proportionately; and to the extent that the Adviser reimburses
    the Fund as a result of such expense limitations, such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall reimburse the Adviser that
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    proportion of such reimbursement payments which the fee payable
    to each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    pursuant to paragraph&#160;8 above bears to the advisory fee
    payable to the Adviser pursuant to its advisory agreement with
    the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;&#160;<I>Limitation of Liability of
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    and Indemnification.</I>&#160;&#160;No
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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 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
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    in the performance by such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    of its duties or from reckless disregard by such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    of its obligations and duties under this Contract. Any person,
    even though also an officer, partner, employee, or agent of a
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    who may be or become a Director/Trustee, officer, employee or
    agent of a Fund, shall be deemed, when rendering services to a
    Fund or acting with respect to any business of a Fund, to be
    rendering such service to or acting solely for the Fund and not
    as an officer, partner, employee, or agent or one under the
    control or direction of such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    even though paid by&#160;it.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;&#160;<I>Duration and Termination</I>.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;This Contract shall become effective with respect to
    each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    upon the later of the date hereabove written and the date that
    such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    is registered with the SEC as an investment adviser under the
    Advisers Act, if a
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    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)&#160;by a vote
    of a majority of the Independent Directors/Trustees, cast in
    person at a meeting called for the purpose of voting on such
    approval, and (ii)&#160;by vote of a majority of that
    Fund&#146;s outstanding voting securities, when required by the
    1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Unless sooner terminated as provided herein, this
    Contract shall continue in force and effect with respect to a
    Fund for two years. Thereafter, if not terminated, with respect
    to a 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)&#160;by a vote of a majority of the Fund&#146;s Independent
    Directors/Trustees, cast in person at a meeting called for the
    purpose of voting on such approval, and (ii)&#160;by the Board
    or by vote of a majority of the outstanding voting securities of
    that Fund.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Notwithstanding the foregoing, with respect to any
    Fund(s) or any
    <FONT style="white-space: nowrap">Sub-Adviser(s),</FONT>
    this Contract may be terminated at any time, without the payment
    of any penalty, (i)&#160;by vote of the Fund&#146;s Board or by
    a vote of a majority of the outstanding voting securities of
    such Fund(s) on sixty days&#146; written notice to such
    <FONT style="white-space: nowrap">Sub-Adviser(s);</FONT>
    or (ii)&#160;by the Adviser on sixty days&#146;
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-7
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    written notice to such
    <FONT style="white-space: nowrap">Sub-Adviser(s);</FONT>
    or (iii)&#160;by a
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    on sixty days&#146; written notice to the applicable Fund.
    Should this Contract be terminated with respect to a
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    the Adviser shall assume the duties and responsibilities of such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    unless and until the Adviser appoints another
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    to perform such duties and responsibilities. Termination of this
    Contract with respect to one or more Fund(s) or
    <FONT style="white-space: nowrap">Sub-Adviser(s)</FONT>
    shall not affect the continued effectiveness of this Contract
    with respect to any remaining Fund(s) or
    <FONT style="white-space: nowrap">Sub-Adviser(s).</FONT>
    This Contract will automatically terminate in the event of its
    assignment.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    12.&#160;&#160;<I>Amendment.</I>&#160;&#160;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, as to a Fund,
    until approved by vote of a majority of the Fund&#146;s
    outstanding voting securities.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    13.&#160;&#160;<I>Notices.</I>&#160;&#160;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 each Fund and the
    Adviser shall be 11&#160;Greenway Plaza, Suite&#160;100,
    Houston, Texas
    <FONT style="white-space: nowrap">77046-1173.</FONT>
    Until further notice to the other party, it is agreed that the
    address of each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    shall be set forth in Exhibit&#160;II attached hereto.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    14.&#160;&#160;<I>Governing Law.</I>&#160;&#160;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.
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    15.&#160;&#160;<I>Multiple
    <FONT style="white-space: nowrap">Sub-Advisory</FONT>
    Agreements.</I>&#160;&#160;This Contract has been signed by
    multiple parties; namely the Adviser, on one hand, and each
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    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
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement between the Adviser and each
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    with respect to each Fund, as if the Adviser and such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    had executed a separate
    <FONT style="white-space: nowrap">sub-advisory</FONT>
    agreement naming such
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
    as a
    <FONT style="white-space: nowrap">sub-adviser</FONT>
    to each Fund. With respect to any one
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    (i)&#160;references in this Contract to &#147;a
    <FONT style="white-space: nowrap">Sub-Adviser&#148;</FONT>
    or to &#147;each
    <FONT style="white-space: nowrap">Sub-Adviser&#148;</FONT>
    shall be deemed to refer only to such
    <FONT style="white-space: nowrap">Sub-Adviser,</FONT>
    and (ii)&#160;the term &#147;this Contract&#148; shall be
    construed according to the foregoing provisions.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    16.&#160;&#160;<I>Miscellaneous.</I>&#160;&#160;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.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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.
</DIV>

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

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>INVESCO ADVISERS, INC.&#160;</B>
</DIV>

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

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

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

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

<TR>
    <TD width="49%"></TD>
    <TD width="6%"></TD>
    <TD width="45%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>By:&#160;</B>
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="49%"></TD>
    <TD width="10%"></TD>
    <TD width="41%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>Name:&#160;</B>
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

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

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

<TR>
    <TD width="49%"></TD>
    <TD width="8%"></TD>
    <TD width="43%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <B>Title:&#160;</B>
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 3pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

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

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;E-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="49%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">INVESCO ASSET MANAGEMENT<BR>
    </FONT></B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B><FONT style="font-size: 10pt">INVESCO ASSET MANAGEMENT<BR>
    </FONT></B>
</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
    <B>DEUTSCHLAND GMBH</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>LIMITED</B>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Sub-Adviser
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -29pt; margin-left: 29pt">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -29pt; margin-left: 29pt">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 18pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>INVESCO ASSET MANAGEMENT (JAPAN) LIMITED</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>INVESCO AUSTRALIA LIMITED</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Sub-Adviser
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -29pt; margin-left: 29pt">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 18pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>INVESCO HONG KONG LIMITED</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <B>INVESCO SENIOR SECURED MANAGEMENT, INC.</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Sub-Adviser
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -29pt; margin-left: 29pt">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</TD>
</TR>
<TR valign="bottom" style="line-height: 18pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="top">
    <B>INVESCO TRIMARK, LTD.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    <FONT style="white-space: nowrap">Sub-Adviser</FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -17pt; margin-left: 17pt">
    By:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -29pt; margin-left: 29pt">
    Name:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -24pt; margin-left: 24pt">
    Title:&#160;<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

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

</DIV>
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    <BR>
    Appendix&#160;E-11
</DIV><!-- END PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;I<BR>
    </FONT></B>
</DIV>

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

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

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

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Morgan Stanley California Insured Municipal Income Trust<BR>
    Morgan Stanley California Quality Municipal Securities<BR>
    Morgan Stanley Insured California Municipal Securities<BR>
    Morgan Stanley Insured Municipal Bond Trust<BR>
    Morgan Stanley Insured Municipal Income Trust<BR>
    Morgan Stanley Insured Municipal Securities<BR>
    Morgan Stanley Insured Municipal Trust<BR>
    Morgan Stanley Municipal Income Opportunities Trust<BR>
    Morgan Stanley Municipal Income Opportunities Trust&#160;II<BR>
    Morgan Stanley Municipal Income Opportunities Trust&#160;III<BR>
    Morgan Stanley Municipal Premium Income Trust<BR>
    Morgan Stanley New York Quality Municipal Securities<BR>
    Morgan Stanley Prime Income Trust<BR>
    Morgan Stanley Quality Municipal Income Trust<BR>
    Morgan Stanley Quality Municipal Investment Trust<BR>
    Morgan Stanley Quality Municipal Securities
</DIV>
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    <BR>
    Appendix&#160;E-12
</DIV><!-- END PAGE WIDTH -->
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    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;II<BR>
    </FONT></B>
</DIV>

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

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

    <B><U><FONT style="font-family: 'Times New Roman', Times">Addresses
    of
    <FONT style="white-space: nowrap">Sub-Advisers</FONT></FONT></U></B>
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management Deutschland GmbH<BR>
    Bleichstrasse
    <FONT style="white-space: nowrap">60-62</FONT><BR>
    Frankfurt, Germany 60313
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management Limited<BR>
    30 Finsbury Square<BR>
    London, United Kingdom<BR>
    EC2A 1AG<BR>
    ENGLAND
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Asset Management (Japan) Limited<BR>
    25th Floor, Shiroyama Trust&#160;Tower<BR>
    3-1, Toranoman 4-chome, Minato-Ku<BR>
    Tokyo, Japan
    <FONT style="white-space: nowrap">105-6025</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Australia Limited<BR>
    333 Collins Street, Level&#160;26<BR>
    Melbourne Vic 3000, Australia
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Hong Kong Limited<BR>
    32nd Floor<BR>
    Three Pacific Place<BR>
    1 Queen&#146;s Road East<BR>
    Hong Kong
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Senior Secured Management, Inc.<BR>
    1166 Avenue of the Americas<BR>
    New York, NY 10036<BR>
    USA
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Invesco Trimark Ltd.<BR>
    5140 Yonge Street<BR>
    Suite&#160;900<BR>
    Toronto, ON, M2N 6X7
</DIV>
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    <BR>
    Appendix&#160;E-13
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<!-- link1 "APPENDIX F" -->


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

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

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

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">CHARTER
    OF THE<BR>
    AUDIT COMMITTEES OF THE AIM FUNDS<BR>
    (Effective June&#160;27, 2007)</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards of Trustees (&#147;Boards&#148;) of the AIM Funds
    (collectively, the &#147;Funds&#148;) have established an Audit
    Committee for each of the Funds (the &#147;Committees&#148;).
    This Charter shall govern the membership, meetings,
    responsibilities and other duties, and operations of the Audit
    Committee of each of the Funds. References in this Charter to
    &#147;the Committees&#148; shall mean the collective Audit
    Committees of all Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The mission of each Committee under this Charter, is to oversee:
    (i)&#160;the integrity, quality and objectivity of each
    Fund&#146;s financial statements; (ii)&#160;each Fund&#146;s
    compliance with legal and regulatory requirements pertaining to
    the audit function; (iii)&#160;the qualifications and
    independence of the registered public accounting firm
    (&#147;independent auditor&#148;); (iv)&#160;the performance of
    each Fund&#146;s internal audit function; and (v)&#160;the
    performance of the independent auditor in conducting the audit
    of each Fund&#146;s financial statements. Each Committee will
    prepare a report to the Board as required by the
    U.S.&#160;Securities and Exchange Commission, including, if
    necessary, any relationships between the independent auditor and
    a Fund, or any other relationships, which come to the
    Committee&#146;s attention that may adversely affect the
    independence of the independent auditor.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;Each Committee shall have at least three members. Each
    member of the Committees shall be &#147;financially
    literate,&#148; as such qualification is interpreted by the
    Boards in their business judgment. In addition, at least one
    member of the Committees must be an &#147;audit committee
    financial expert&#148; as defined in
    <FONT style="white-space: nowrap">Form&#160;N-CSR.</FONT>
    Members of the Committees, as well as the Chair and Vice Chair
    of the Committees, shall be recommended by the Governance
    Committees of the Boards, and shall be appointed by a majority
    of the independent trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;All of the members of the Committees shall be trustees
    who (i)&#160;are not &#147;interested persons&#148; (as defined
    in section&#160;2(a)(19) of the Investment Company Act of 1940,
    as amended (the &#147;1940 Act&#148;)) of the Funds, of INVESCO
    Funds Group, Inc. (&#147;IFG&#148;), or of A&#160;I&#160;M
    Advisors, Inc. (&#147;AIM&#148;), and (ii)&#160;were not
    directors, officers or employees of IFG or AIM at any point
    during the preceding 10&#160;years (&#147;independent
    trustees&#148;). No member of any of the Committees shall, other
    than in his or her capacity as a member of the Committees, the
    Boards, or any other committees of the Boards, accept directly
    or indirectly any consulting, advisory, or other compensatory
    fee from the Funds, provided that, compensatory fees do not
    include the receipt of fixed amounts of compensation under a
    retirement plan (including deferred compensation) for prior
    service with the
</DIV>
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    <BR>
    Appendix&#160;F-1
</DIV><!-- END PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Funds (provided that such compensation is not contingent in any
    way on continued service). Each member of the Committees shall
    be free of any material relationship with the Funds (other than
    as a shareholder of the Funds), either directly or as a partner,
    shareholder or officer of an organization that has a
    relationship with the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c.&#160;The Committees shall have a Chair and a Vice Chair. The
    Chair shall set the agenda for, and preside at, each meeting of
    the Committees and shall engage in such other activities on
    behalf of the Committees as shall be determined from time to
    time by the Committees. The Vice Chair shall act as Chair in the
    absence or inability to act of the Chair and shall engage in
    such other activities on behalf of the Committees as shall be
    determined from time to time by the Committees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I><U>Responsibilities</U>. </I>&#160;&#160;The
    responsibilities of the Committees are:
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;&#160;<I>Appointment, compensation and oversight of the
    Funds&#146; independent auditors.&#160;&#160;</I>The Committees
    shall be directly responsible for the appointment, compensation,
    retention and oversight of the work of any independent auditors
    engaged by the Funds, including resolution of any disagreements
    between management and the auditor regarding financial
    reporting. All of the foregoing shall be for the purpose of
    preparing or issuing audit reports or performing other audit,
    review or attest services, and each such independent auditor
    must report directly to the Committees. In selecting independent
    auditors for the Funds, the Committees may consider
    recommendations made by management.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;&#160;<I>Oversight of independence of independent
    auditors.&#160;&#160;</I>The Committees shall receive and review
    the written disclosures and the letter from the independent
    auditors regarding their independence that are referred to in
    Item&#160;407(d)(3) of
    <FONT style="white-space: nowrap">Regulation&#160;S-K,</FONT>
    and shall discuss with the independent auditors their
    independence. The Committees are responsible for taking
    appropriate action in response to the independent auditors&#146;
    written disclosures regarding their independence. The Committees
    shall consider whether the provision by the independent auditors
    of permissible non-audit services to (i)&#160;the Funds,
    (ii)&#160;their advisors or (iii)&#160;any person that controls,
    is controlled by or is under common control with such advisors
    and that provides services to the Funds, is compatible with
    maintaining the independent auditors&#146; independence. The
    Committees are responsible for satisfying themselves of the
    independent auditors&#146; independence.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c.&#160;&#160;<I>Pre-approval of audit and permissible non-audit
    services.&#160;&#160;</I>To the extent required by
    Section&#160;10A(h) and (i)&#160;of the Exchange Act, the
    Committees must pre-approve all audit and permissible non-audit
    services that are proposed to be provided to the Funds by their
    independent auditors before they are provided to the Funds. Such
    pre-approval shall also include the proposed fees to be charged
    by the independent auditors for such services. The Committees
    may delegate the pre-approval of audit and permissible non-audit
    services and related fees to the Chair or Vice Chair of the
    Committees. Any such member&#146;s decision to pre-approve
</DIV>
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    <BR>
    Appendix&#160;F-2
</DIV><!-- END PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    audit <FONT style="white-space: nowrap">and/or</FONT>
    non-audit services and related fees shall be presented to the
    full Committees, solely for informational purposes, at their
    next scheduled meeting.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    d.&#160;&#160;<I>Pre-approval of certain other non-audit
    services.&#160;&#160;</I>To the extent required by
    <FONT style="white-space: nowrap">Rule&#160;2-01(c)(7)(ii)</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X,</FONT>
    the Committees must pre-approve non-audit services to be
    provided by the Funds&#146; independent auditors to the
    Funds&#146; investment adviser and certain affiliated entities
    that provide ongoing services to the Funds if the engagement
    relates directly to the operations and financial reporting of
    any Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    e.&#160;&#160;<I>Review of audit and tax
    plans.&#160;&#160;</I>The Committees shall review, together with
    management, the audit and tax plans prepared by the independent
    auditors for the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    f.&#160;&#160;<I>Review of audited financial
    statements.&#160;&#160;</I>The Committees shall meet with
    management and the independent auditors (i)&#160;to review and
    discuss the Funds&#146; audited financial statements contained
    in annual and other periodic reports to shareholders,
    (ii)&#160;to review and discuss communications required to be
    provided by the independent auditors regarding (A)&#160;critical
    accounting policies and practices used by the Funds,
    (B)&#160;alternative treatments of financial information within
    generally accepted accounting principles and the risks of using
    any such alternative treatments or disclosures, and
    (C)&#160;material written communications between management and
    the independent auditors, and (iii)&#160;to determine that the
    independent auditors are satisfied with the disclosure and
    content of the annual financial statements and the quality of
    the Funds&#146; accounting and financial reporting policies,
    procedures and internal controls over financial reporting
    including the Funds&#146; critical accounting policies and
    practices. The Committees also shall discuss with management and
    the independent auditors the clarity, consistency and
    completeness of the Funds&#146; accounting policies and
    disclosures. The Committees shall review with the Funds&#146;
    independent auditors any audit problems or difficulties the
    auditors encountered in the course of the audit work, including
    any restrictions on the scope of the independent auditors&#146;
    activities or on access to requested information, any
    significant disagreements with management and, in each case,
    management&#146;s response. The foregoing review may occur
    before or after the inclusion of the audited financial
    statements in the annual report of any Fund.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    g,&#160;<I>Evaluation of independent
    auditors.</I>&#160;&#160;The Committees shall, at least
    annually, obtain and review a report by the independent auditors
    for each Fund, which report shall describe: (i)&#160;the
    auditors&#146; internal quality control procedures;
    (ii)&#160;any material issues raised by the most recent internal
    quality control review, or peer review, of the auditors, or by
    any inquiry or investigation by governmental or professional
    authorities, within the preceding five years, respecting one or
    more independent audits carried out by the auditors, and any
    steps taken to deal with any such issues; and (iii)&#160;all
    relationships between the independent auditors and the Funds.
    After reviewing such report, the Committees shall evaluate the
    auditors&#146;
</DIV>
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    <BR>
    Appendix&#160;F-3
</DIV><!-- END PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    qualifications, performance and independence. The evaluation
    shall include a review and evaluation of the lead audit and tax
    partners and other senior professionals under their direction.
    The Committees shall present to the Boards its conclusions with
    respect to the auditors. In addition, on an annual basis, the
    Committees shall obtain and review a report by each Fund&#146;s
    independent auditors regarding the auditors&#146; financial
    stability.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    h.&#160;&#160;<I>Review of Disclosure Controls and
    Procedures.&#160;&#160;</I>On an annual basis, the Committees
    shall review the process that management uses to evaluate and
    certify disclosure controls and procedures in
    <FONT style="white-space: nowrap">Form&#160;N-CSR.</FONT>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    i.&#160;&#160;<I>Review of shareholder report
    process.&#160;&#160;</I>On an annual basis, the Committees shall
    review the process for preparation and review of the Funds&#146;
    annual and semi-annual shareholder reports, including the role
    of the independent auditors and Fund counsel in preparation and
    review of such reports as well as any differences in procedures
    or level of disclosure from that used with respect to annual
    reports.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    j.&#160;&#160;<I>Review of tax procedures.&#160;&#160;</I>On an
    annual basis, the Committees shall meet with management and the
    independent auditors to review the procedures maintained by the
    Funds, if any, to: (1)&#160;maintain the qualification of the
    Funds as regulated investment companies under the applicable
    provisions of the Internal Revenue Code of 1986, as amended (the
    &#147;Code&#148;); and (2)&#160;make distributions
    <FONT style="white-space: nowrap">and/or</FONT>
    Federal income tax payments sufficient to meet the minimum
    distribution requirements of the Code and avoid imposition of
    excise tax.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    k.&#160;&#160;<I>Review of modified or omitted officer
    certifications.&#160;&#160;</I>The Chair shall receive prompt
    notice from the Chief Financial Officer of the Funds in the
    event that certifications by officers of the Funds as to the
    Funds&#146; financial statements, other financial information or
    disclosure controls and procedures that are required by
    applicable law to be included with or in the Funds&#146;
    periodic reports filed with the SEC are not included or are
    modified or qualified for any reason. The Committees shall
    review any disclosures made by the Chief Executive Officer and
    Chief Financial Officers of the Funds in their certification
    process for the Funds&#146; periodic reports filed with the SEC
    regarding any significant deficiencies in the design or
    operation of internal controls, any material weaknesses in
    internal controls and any fraud, whether or not material,
    involving management or other employees having a significant
    role in internal controls.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    l.&#160;&#160;<I>Review of internal audits.&#160;&#160;</I>The
    Committees shall review (i)&#160;any internal audit plan
    prepared for a Fund on accounting systems used to generate
    information for financial reporting for the Funds, (ii)&#160;the
    results of any internal audit, review, special investigation or
    other procedures performed by internal audit staff or by
    professionals hired by internal audit staff if such results
    pertain to the accounting systems used to generate information
    for financial reporting for the Funds, and (iii)&#160;any other
    audit functions that such internal staff performs on
</DIV>
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    <BR>
    Appendix&#160;F-4
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    accounting systems used to generate information for financial
    reporting for the Funds. Such internal staff shall report
    directly to the Committees on matters covered by the preceding
    sentence. The Committees shall also obtain assurances from the
    internal audit staff that the audit plan of the independent
    auditors and any audit plans of the internal audit staff are
    coordinated.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    m.&#160;&#160;<I>Establishment of procedures regarding
    questionable accounting or auditing matters and other alleged
    violations.&#160;&#160;</I>The Committees shall establish
    procedures for (i)&#160;the receipt, retention and treatment of
    complaints received by the Funds regarding accounting, internal
    accounting controls or auditing matters (&#147;Accounting
    Complaints&#148;), (ii)&#160;the receipt, retention and
    treatment of complaints received by the Funds regarding alleged
    compliance violations or alleged fraudulent or criminal
    activities with respect to the Funds (&#147;Compliance
    Complaints&#148;) and (iii)&#160;the confidential, anonymous
    submission by employees of the Funds, the Funds&#146; investment
    advisor and the Funds&#146; principal underwriters of Accounting
    Complaints and Compliance Complaints.
</DIV>

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

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    n.&#160;&#160;<I>Knowledge of regulatory and accounting changes,
    and correspondence.&#160;&#160;</I>Members shall remain informed
    by the management at AIM and the Funds&#146; independent
    auditors regarding the Funds&#146; accounting system and
    controls and are encouraged to use management at AIM,
    independent auditors and whatever other resources they deem
    appropriate to remain so informed. The Committees shall keep
    apprised by management at AIM and the Funds&#146; independent
    auditors of (i)&#160;regulatory changes and new accounting
    pronouncements that affect net asset value calculations and
    financial statement reporting requirements, and
    (ii)&#160;communications with regulators regarding accounting
    and financial reporting matters that pertain to the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    o.&#160;&#160;<I>Establishment of Hiring
    Policies.&#160;&#160;</I>The Committees shall set clear hiring
    policies for employees and proposed employees of the Funds who
    are employees or former employees of the independent auditors.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    p. <I>Review of Risk Management Policies.</I>&#160;&#160;The
    Committees shall review and discuss policies with respect to
    risk assessment and risk management.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;The Committees may meet separately or in conjunction
    with meetings of the Boards of the Funds. Meetings of the
    Committees may be held in person or by other means as permitted
    by the Bylaws of the Funds; provided, however, that the
    appointment of the independent auditors by the Committees must
    be conducted at meetings held in person. The Committees shall
    record minutes of their meetings and shall regularly report all
    of their activities, findings and recommendations to the
    independent trustees or the Boards, as applicable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;The Committees shall periodically meet separately with
    management, and separately with the independent auditors. To the
    extent that an internal audit
</DIV>
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    <BR>
    Appendix&#160;F-5
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    staff exists (or there are other personnel who are responsible
    for the internal audit function), the Committees shall meet
    separately, periodically, with such staff or personnel.
</DIV>

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    c.&#160;The Committees shall meet as deemed necessary by the
    Committees with AIM&#146;s general counsel, Fund counsel,
    counsel to the independent trustees of the Funds, and, if
    applicable, independent counsel or other advisers to the
    Committees, to be well informed on legal issues having the
    possibility of impacting the financial reporting process. This
    would include items of industry-wide importance and internal
    issues such as litigation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I><U>Votes Required for
    Action.</U>&#160;&#160;</I>The Committees shall not take any
    action in fulfilling their duties hereunder unless such action
    is approved by a majority of the members of the Committees. A
    majority of the independent trustees of the Funds shall ratify
    the Committees&#146; appointment of independent auditors of the
    Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;&#160;<I><U>Good Faith Reliance.</U>&#160;&#160;</I>In
    performing their duties under this charter, members of the
    Committees shall be entitled to rely in good faith upon the
    records of the Funds and upon such information, opinions,
    reports and statements presented to the Committees by the
    officers and employees of the Funds and of AIM, and by the
    Funds&#146; independent auditors. Nothing in this Charter is
    intended to impose, or should be interpreted to impose, on any
    member of the Committees any additional duties or
    responsibilities over and above those placed on the member in
    his or her capacity as a trustee of the Funds under applicable
    federal and state law.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;&#160;<I><U>Authority and
    Funding.</U>&#160;&#160;</I>The Committees shall have the
    authority to carry out their duties, including the authority to
    engage independent counsel and other advisers, experts,
    consultants or employees as they deem necessary to carry out
    their duties, all at the expense of the appropriate Funds. The
    Committees shall consult with the Governance Committee as to the
    compensation to be paid to any special advisers, experts,
    consultants or employees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;&#160;<I><U>Review and Maintenance of
    Charter</U>.</I>&#160;&#160;The Committees shall review this
    Charter at least annually, and shall recommend any changes to
    the Boards. This Charter may be amended only by the Boards, with
    the approval of a majority of the independent trustees. Each
    Fund shall maintain and preserve in an easily accessible place a
    copy of the Committee Charter established for such Fund and any
    amendment to such Charter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;&#160;<I><U>Annual Performance Evaluation</U></I>. Each
    Committee shall conduct an annual performance evaluation of the
    Committee.
</DIV>
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    <BR>
    Appendix&#160;F-6
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    <B><FONT style="font-family: 'Times New Roman', Times">APPENDIX&#160;G</FONT></B>
</DIV>

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

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

    <B><FONT style="font-family: 'Times New Roman', Times">CHARTER
    OF THE<BR>
    GOVERNANCE COMMITTEES OF THE AIM FUNDS<BR>
    (AMENDED EFFECTIVE MARCH&#160;21, 2007)</FONT></B>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Boards of Trustees (&#147;Boards&#148;) of the AIM Funds
    (collectively, the &#147;Funds&#148;) have established a
    Governance Committee for each of the Funds. This Charter shall
    govern the membership, duties and operations of the Governance
    Committee of each of the Funds. References in this Charter to
    &#147;the Committees&#148; shall mean the collective Governance
    Committees of all Funds.
</DIV>

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

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

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;Each member of the Committees shall be a trustee of the
    Funds who is an &#147;Independent Trustee&#148;.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;An &#147;Independent Trustee&#148; is a trustee who is
    neither (i)&#160;a person who was a director, officer or
    employee of INVESCO Funds Group, Inc. (&#147;IFG&#148;) or
    A&#160;I&#160;M Advisors, Inc. (&#147;AIM&#148;) at any point
    during the preceding 10&#160;years prior to such trustee&#146;s
    initial election as a trustee, nor (ii)&#160;an &#147;interested
    person&#148; within the meaning of the Investment Company Act of
    1940, as amended (&#147;1940 Act&#148;), of the Funds or of IFG
    or of AIM.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;&#160;<I><U>Chair and Vice Chair</U>.</I>&#160;&#160;The
    Committees shall have a Chair and Vice Chair. The Chair shall
    set the agenda for, and preside at, each meeting of the
    Committees and shall engage in such other activities on behalf
    of the Committees as shall be determined from time to time by
    the Committees. The Vice Chair shall act as Chair in the absence
    or inability to act of the Chair and shall engage in such other
    activities on behalf of the Committees as shall be determined
    from time to time by the Committees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;&#160;<I><U>Responsibilities</U>.</I>&#160;&#160;Set
    forth below are the responsibilities of the Committees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a.&#160;&#160;<I><U>Nomination of
    Trustees</U>.</I>&#160;&#160;The Committees shall be responsible
    for nominating persons who would qualify as Independent
    Trustees, or who would not be &#147;interested persons&#148; of
    the Funds (&#147;Qualified Candidates&#148;) for election as
    trustees in connection with meetings of shareholders of the
    Funds that are called to vote on the election of trustees. The
    Committees shall also be responsible for nominating individuals
    who are Qualified Candidates for appointment by the Boards as
    trustees of the Funds in connection with filling vacancies that
    arise in between meetings of shareholders. Vacancies may arise
    either because of the death, retirement or resignation of a
    trustee (provided the Boards do not reduce the size of the
    Boards), or because of an increase in the size of the Boards.
    The Committees are not responsible for, and the Boards are
    responsible for,
</DIV>
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    <BR>
    Appendix&#160;G-1
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    nominating persons who do not qualify as Qualified Candidates
    for election or appointment as trustees, unless such
    responsibility is delegated to the Committees.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b.&#160;&#160;<I><U>Evaluation of Potential
    Nominees</U>.</I>&#160;&#160;The Committees shall consider a
    number of factors in their evaluation of potential nominees.
    Consistent with the 1940 Act, the Committees can consider
    recommendations from management in its evaluation process. In
    seeking out potential nominees and in nominating persons to
    serve as Independent Trustees of the Funds, the Committees shall
    not discriminate against any person based on his or her race,
    religion, national origin, gender, physical disability and other
    factors not relevant to the person&#146;s ability to serve as an
    Independent Trustee. Evaluation by the Committees of a person as
    a potential nominee to serve as a trustee, including a person
    nominated by a shareholder, should result in the following
    findings by the Committees:
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;that, if such nominee is elected or appointed, at least
    75% of the trustees will be Independent Trustees;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;that the person is otherwise qualified under applicable
    laws and regulations to serve as a trustee of the Funds;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;that the person is willing to serve, and willing and
    able to commit the time necessary for the performance of the
    duties of a trustee;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;with respect to any potential nominee who will serve as
    a member of the Audit Committees of the Funds, that the person
    meets the requirements set forth in the Funds&#146; Audit
    Committees&#146; Charter for service on such Committees;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;that the person can make a positive contribution to the
    Boards and the Funds, with consideration being given to the
    person&#146;s business experience, education and such other
    factors as the Committees may consider relevant;
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;that the person is of good character and high
    integrity;&#160;and
</DIV>

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

<DIV align="left" style="margin-left: 6%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;that the person has desirable personality traits
    including independence, leadership and the ability to work with
    the other members of the Boards.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Committees may rely upon the counsel and advice of
    Independent Legal Counsel in making the determinations set forth
    in (1), (2), and (4)&#160;above.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    c.&#160;&#160;<I><U>Nominees Recommended by
    Shareholders</U>.</I>&#160;&#160;The Committees shall consider
    nominees recommended by a shareholder to serve as trustees,
    provided: (i)&#160;that such person is a shareholder of record
    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 (ii)&#160;that the Committees shall make the final
    determination of persons to be nominated. For each Fund, the
    procedures to be followed by shareholders in submitting such
    recommendations are set forth in the Fund&#146;s Bylaws.
</DIV>
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    <BR>
    Appendix&#160;G-2
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    d.&#160;&#160;<I><U>Recommendations as to Size of
    Boards</U>.</I>&#160;&#160;The Committees shall review from time
    to time the size of the Boards, and shall recommend to the
    Boards whether the size of the Boards shall be increased or
    decreased.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    e.&#160;&#160;<I><U>Chair of the Boards</U>.</I>&#160;&#160;The
    Committees shall nominate the Chair of the Boards of the Funds.
    In considering the qualifications of such Chair, consistent with
    the governance undertakings set forth in the settlement orders
    pertaining to market timing allegations entered into by AIM and
    its affiliates (the &#147;Settlement Orders&#148;), the
    Committees shall not nominate for Chair any person who
    (i)&#160;is not an Independent Trustee; or (ii)&#160;who has an
    Impermissible Relationship with the Funds, as such term is
    described in the New York Attorney General Assurance of
    Discontinuance. The Committees may rely upon the counsel and
    advice of Independent Legal Counsel in making the determinations
    set forth in this paragraph.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    f.&#160;&#160;<I><U>Monitoring Governance Undertakings in
    Settlement Orders Pertaining to Trustee Qualifications</U>.</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;The Committees shall monitor the composition of the
    Boards and each committee of the Boards, and shall monitor the
    qualifications of all trustees, to ensure that the governance
    undertakings in the Settlement Orders pertaining to trustee
    qualifications are satisfied, including the requirements that at
    least 75% of the trustees of the Funds are Independent Trustees,
    and that the Chair of the Funds is an Independent Trustee, and
    does not have any Impermissible Relationship. The Committees may
    rely upon the counsel and advice of Independent Legal Counsel in
    fulfilling the duties set forth in this paragraph.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;If at any time (i)&#160;less than 75% of the trustees
    are Independent Trustees, or (ii)&#160;the Chair has an
    Impermissible Relationship or is not an Independent Trustee, the
    Committees shall, as promptly as practicable, and in any event
    within 120&#160;days (180&#160;days to satisfy (i)&#160;above if
    a shareholder vote is necessary), take such action as is
    necessary so that (i)&#160;a minimum of 75% of the trustees are
    Independent Trustees, and (ii)&#160;the Chair has no
    Impermissible Relationship and is an Independent Trustee.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    g.&#160;&#160;<I><U>Additional
    Requirements</U>.</I>&#160;&#160;As long as any Fund relies on
    any of
    <FONT style="white-space: nowrap">Rule&#160;10f-3,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;12b-1,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;15a-4(b)(2),</FONT>
    <FONT style="white-space: nowrap">Rule&#160;17a-7,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;17a-8,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;17d-1(d)(7),</FONT>
    <FONT style="white-space: nowrap">Rule&#160;17e-1,</FONT>
    <FONT style="white-space: nowrap">Rule&#160;17g-1(j),</FONT>
    <FONT style="white-space: nowrap">Rule&#160;18f-3</FONT>
    or
    <FONT style="white-space: nowrap">Rule&#160;23c-3,</FONT>
    (i)&#160;a majority of the trustees of the Fund shall be
    Independent Trustees, (ii)&#160;the selection and nomination of
    any other Independent Trustees shall be committed to the
    discretion of the existing Independent Trustees, and
    (iii)&#160;any person who acts as legal counsel to the
    Independent Trustees shall be &#147;independent legal
    counsel,&#148; as defined in the 1940 Act.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    h.&#160;&#160;<I><U>Recommendation of Committee
    Members</U>.</I>&#160;&#160;The Committees shall periodically
    review the membership of each committee of the Boards. The
    Committees shall from time to time recommend persons to serve as
    members of each
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;G-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    committee of the Boards (other than the Compliance Committees),
    as well as persons who shall serve as the chair and vice chair
    of each such committee. Evaluation by the Committees of a person
    as a potential committee member shall include the factors set
    forth above under &#147;Evaluation of Potential Nominees,&#148;
    to the extent that such factors are applicable or relevant.
    Other than members of the Compliance Committees, all members of
    each of the committees shall be appointed by a majority of the
    trustees of the Funds. An individual may be recommended to serve
    on more than one committee of a Board.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    i.&#160;&#160;<I><U>Review of
    Compensation</U>.</I>&#160;&#160;At least annually, the
    Committees shall review and recommend the amount of compensation
    payable to the Independent Trustees of the Funds and report its
    findings and recommendation to the Boards. Compensation shall be
    based on the responsibilities and duties of the Independent
    Trustees and the time required to perform these duties. The
    Committees shall also make recommendations to the Boards
    regarding matters related to compensation including deferred
    compensation plans and retirement plans for the Independent
    Trustees, and shall monitor any and all such retirement plans
    and deferred compensation plans.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    j.&#160;&#160;<I><U>Coordination of Shareholder
    Meetings</U>.</I>&#160;&#160;The Committees shall coordinate
    with the Boards holding meetings of shareholders to elect
    trustees commencing in 2008 and every fifth calendar year
    thereafter;
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    k.&#160;&#160;<I><U>Self-Evaluation
    Function</U>.</I>&#160;&#160;The Committees shall consider,
    oversee and implement an annual self-evaluation of the
    performance of the Boards and all committees of the Boards. Such
    self-evaluation shall include a consideration of the
    effectiveness of the committee structure of the Boards and the
    number of Funds&#146; on whose Boards each trustee serves. The
    Committees shall review such self-evaluation and shall recommend
    to the Boards such changes, if any, to the Boards and committees
    as they determine are desirable, based upon such self-evaluation.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    l.&#160;&#160;<I><U>Requirement for and Selection of Independent
    Legal Counsel</U>.</I>&#160;&#160;Any legal counsel to the
    Independent Trustees must be &#147;independent legal
    counsel&#148; as such term is defined in
    <FONT style="white-space: nowrap">Rule&#160;0-1</FONT>
    under the 1940 Act (&#147;Independent Legal Counsel&#148;). The
    Committees shall consider and oversee the selection of
    Independent Legal Counsel to the Independent Trustees, and shall
    recommend such selection to the Boards. In making such selection
    and recommendation, the Committees will examine and monitor such
    legal counsel&#146;s client relationships, in accordance with
    any applicable rules promulgated by the SEC, in order to
    ascertain continued independence. The Committees shall also
    review and approve the compensation paid to Independent Legal
    Counsel.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    m.&#160;&#160;<I><U>Review of Boards Committee Expenses</U>.</I>
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;Provided that the Committees are comprised solely of
    Independent Trustees, the Committees shall review and approve
    the compensation paid to
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;G-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 76%; margin-left: 12%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Independent Legal Counsel and other advisers, if any, to the
    Audit Committees of the Boards.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;The Committees shall review and approve the
    compensation paid to counsel and other advisers, if any, to the
    committees of the Boards other than the Audit Committees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    n.&#160;&#160;<I><U>Operations of the
    Boards</U>.</I>&#160;&#160;The Committees shall review as they
    deem appropriate administrative
    <FONT style="white-space: nowrap">and/or</FONT>
    logistical matters pertaining to the operations of the Boards,
    and shall recommend to the Boards such changes in this regard,
    if any, as they determine are desirable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;&#160;<I><U>Meetings</U>.</I>&#160;&#160;The Committees
    may meet separately or in conjunction with meetings of the
    Boards of the Funds. Meetings of the Committees may be held in
    person or by other means as permitted by the Bylaws of the Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;&#160;<I><U>Votes Required for
    Action</U>.</I>&#160;&#160;The Committees shall not take any
    action in fulfilling their duties hereunder unless such action
    is approved by a majority of the Independent Trustees who are
    members of the Committees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    6.&#160;&#160;<I><U>Good Faith Reliance</U>.</I>&#160;&#160;In
    performing their duties under this Charter, members of the
    Committees shall be entitled to rely in good faith upon the
    records of the Funds and upon such information, opinions,
    reports and statements presented to the Committees by the
    officers and employees of the Funds, AIM, affiliates of AIM and
    the Funds&#146; service providers.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    7.&#160;&#160;<I><U>Authority</U>.</I>&#160;&#160;The Committees
    shall have the authority to carry out their duties, including
    the authority to engage independent counsel and other advisers,
    experts or consultants as they deem necessary to carry out their
    duties, all at the expense of the appropriate Funds.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    8.&#160;&#160;<I><U>Funding</U>.</I>&#160;&#160;The Funds shall
    provide for appropriate funding, as determined by the
    Committees, in their capacity as committees of the Boards, for
    payment of (i)&#160;compensation to any Independent Legal
    Counsel or other advisers employed by the Committees and
    (ii)&#160;ordinary administrative expenses of the Committees
    under the authority set forth in this Charter.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    9.&#160;&#160;<I><U>Minutes and Reports</U>.</I>&#160;&#160;The
    Committees shall record minutes of their meetings and shall
    regularly report all of their activities, findings and
    recommendations to the Independent Trustees or the Boards, as
    applicable.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    10.&#160;&#160;<I><U>Review of Charter</U>.</I>&#160;&#160;The
    Committees shall review this Charter at least annually, and
    shall recommend any changes to the Boards. This Charter may be
    amended only by the Boards, with the approval of a majority of
    the Independent Trustees.
</DIV>

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

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 6%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    11.&#160;&#160;<I><U>Maintenance of
    Charter</U>.</I>&#160;&#160;Each Fund shall maintain and
    preserve in an easily accessible place a copy of the Committee
    Charter established for such Fund and any amendment to such
    Charter.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    Appendix&#160;G-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 16pt; margin-top: 12pt"><B>FORM
OF PROXY CARD</b></DIV>
<DIV style="position: relative; float: left; width: 40%">&nbsp;</DIV>

<DIV style="position: relative; float: right; width: 55%">

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B>SPECIAL MEETING OF SHAREHOLDERS<BR>
TO BE HELD ON / /2010</B>
</DIV>


<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B>Your vote is important. Thank you for voting.</B>
</DIV>


<DIV align="center" style="width: 90%; border: 1px solid black; padding: 3px;">



<DIV align="left" style="font-size: 8pt; margin-top: 3pt"><B>To vote by Internet</B>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1)&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>

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

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions provided on the website.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt"><B>To vote by Telephone</B>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1)&nbsp;&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Read the Proxy Statement and have the voting instruction form below at hand.</TD>
</TR>

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

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Follow the instructions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt"><B>To vote by Mail</B>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">

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

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check the appropriate boxes on the voting instruction form below.</TD>
</TR>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sign and date the voting instruction form.</TD>
</TR>

<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Return the voting instruction form in the envelope provided.</TD>
</TR>

</TABLE>
</DIV>
</DIV>


</DIV>
<BR clear="all"><BR>



<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR style="font-size: 25pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD width="55%">TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%" align="right">M16878-P84935</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<div style="border:2px solid #000000">

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="99%">
<!-- Begin Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 12pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>

    <TD width="1%" colspan="12" style="border:1px solid #000000; font-size: 8pt"><DIV align="justify">Important Notice Regarding the Availability of Proxy Materials for
    the Shareholder Meeting to be held on &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;, 2010.
     The following material is available at www.proxyvote.com. Proxy Statement</DIV>
</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

<TD width="1%" colspan="2" style="border-top:0px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>



<TR valign="bottom" style="font-size: 7.5pt">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" rowspan="2" valign="top" align="left"><B>This proxy is solicited on behalf of the Board <BR>
of Trustees.</B></TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="center" valign="top" style="font-size: 8pt">&nbsp;<B>For</B>&nbsp;</TD>

    <TD  colspan="3" align="center" valign="top" style="font-size: 8pt">&nbsp;<B>Withhold</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="center" valign="top" style="font-size: 8pt" nowrap>&nbsp;<B>For All</B>&nbsp;</TD>
    <TD NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

<TD colspan="11" align="left" valign="top" rowspan="3" style="border-bottom:0px solid #000000"><div align="justify">To withhold authority to vote for any individual nominee(s), mark
       &#147;For All Except&#148; and write the number(s) of the
nominee(s) on the line below.</diV></TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD  colspan="3" align="center" valign="top" style="font-size: 8pt"><B>All</B></td>

    <TD  colspan="3" align="center" valign="top" style="font-size: 8pt"><B>All</B></TD>
    <TD>&nbsp;</TD>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD  valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">Election of 17 Trustees:
</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center" COLSPAN="3">&nbsp;</td>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center">&nbsp;</td>
    <TD  valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center">&nbsp;</td>
    <TD  valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD valign="top" style="border-left:0px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nominees:</B></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center" COLSPAN="3"><FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></td>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center"><FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></td>
    <TD  valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
<td valign="top" align="center"><FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></td>
    <TD  valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD valign="top" colspan="10" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>01)&nbsp;&nbsp;David C. Arch</TD>
    <TD align="left" valign="top" nowrap>10)&nbsp;&nbsp;Carl Frishling</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02)&nbsp;&nbsp;Bob R. Baker </TD>
    <TD align="left" valign="top" nowrap>11)&nbsp;&nbsp;Prema Mathai-Davis</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>

<TD align="left" valign="top" colspan="4" rowspan="5" style="font-size: 8pt"><div align="justify">PLEASE
&#147;X&#148; HERE ONLY IF YOU PLAN TO ATTEND THE MEETING AND VOTE
THESE SHARES IN PERSON</div></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
<td valign="top"><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></DIV> </td>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03)&nbsp;&nbsp;Frank S. Bayley</TD>
    <TD align="left" valign="top" nowrap>12)&nbsp;&nbsp;Lewis F. Pennock</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04)&nbsp;&nbsp;James T. Bunch</TD>
    <TD align="left" valign="top">13)&nbsp;&nbsp;Larry Soll</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05)&nbsp;&nbsp;Bruce L. Crockett</TD>
    <TD align="left" valign="top" NOWRAP>14)&nbsp;&nbsp;Hugo F. Sonnenschein</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">06)&nbsp;&nbsp;Rod Dammeyer</TD>
    <TD>15)&nbsp;&nbsp;Raymond Stickel, Jr.</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">07)&nbsp;&nbsp;Albert R. Dowden</TD>
    <TD align="left" valign="top">16)&nbsp;&nbsp;Philip A. Taylor</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">08)&nbsp;&nbsp;Jack M. Fields</TD>
    <TD align="left" valign="top">17)&nbsp;&nbsp;Wayne W. Whalen</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">09)&nbsp;&nbsp;Martin L. Flanagan</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5"  valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="center" valign="top"><B>&nbsp;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="center" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD  colspan="3" align="center" valign="top"><B>&nbsp;</B>
</TD>
</TR>

<TR valign="bottom" style="font-size: 1pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" valign="top" align="left">To approve a new investment advisory agreement (including a master sub-advisory
agreement).</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <td valign="top" align="center">&nbsp;</td>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top" style="border-left:0px solid #000000">&nbsp;</TD>
</TR>



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>

    <TD  align="right" valign="top"><b>For</b></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top" colspan="5"><b>Against</b></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
 <TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>


<TD  align="right" valign="top"><FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top" colspan="3">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom" style="font-size: 1pt"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD align="right" valign="top">3.</TD>
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    <TD>&nbsp;</TD>
    <TD colspan="15" valign="top" align="left">To consider and act upon any other business as may properly come before the Meeting or any adjournment thereof.</TD>
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<td><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">&nbsp;&nbsp;&nbsp;</DIV> </TD>
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<td><DIV style="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"></DIV> </TD>
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    <TD align="left" valign="top">&nbsp;</TD>

    <TD  align="right" valign="top"><b>For</b></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top" colspan="5"><b>Against</b></TD>
    <TD valign="top">&nbsp;</TD>
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<TD  align="right" valign="top"><FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD  align="right" valign="top" colspan="3">&nbsp;&nbsp;&nbsp;<FONT style="FONT-SIZE: 8pt" face=Wingdings>&#111;</FONT></TD>
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    <TD  align="right" valign="top">&nbsp;</TD>
    <TD colspan="20" valign="top" align="left"><div align="justify">The Special Meeting of Shareholders of the above-mentioned Fund will be held on &#091;
&#093;, 2010 at the principal offices of the Fund, 522 Fifth Avenue, New York, New York 10036, to vote
on the proposal set forth in the Notice of Special Meeting.</div>
</TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD colspan="20" valign="top" align="left"><div align="justify"><B>This proxy, when properly executed, will be voted in the manner directed herein by the undersigned
 shareholder, and in the discretion of such proxies, upon any and all other matters as may properly
come before the Meeting or any adjournment thereof. If no direction is made, this proxy will be
voted &#147;FOR&#148; the Proposal.</B></div>
</TD>
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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD colspan="20" valign="top" align="left"><div align="justify"><B>NOTE: </B>Please sign exactly as your name appears on this voting instruction form. All joint owners
should sign. When signing as executor, administrator, attorney, trustee or guardian or as custodian
for a minor, please give full title as such. If a corporation, please sign in full corporate name
and indicate the signer&#146;s office. If a partner, sign in the partnership name.</div>
</TD>
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</TR>

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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD colspan="20" valign="top" align="left"><div align="justify"><B>NOTE: </B>Such other business as may properly come before the meeting or any adjournment thereof.</div>
</TD>
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    <TD>&nbsp;</TD>
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    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom:2px solid #000000;border-top:0px solid #000000;border-left:0px solid #000000">&nbsp;</TD>
    <TD style="border-bottom:2px solid #000000;border-top:0px solid #000000">&nbsp;</TD>
    <TD  align="right" valign="top" style="border-bottom:2px solid #000000;border-top:0px solid #000000 ;border-right:0px solid #000000;border-left:0px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-bottom:0px solid #000000;border-top:0px solid #000000 ;border-right:0px solid #000000;border-left:0px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="bottom">
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="4" valign="top" align="left" style="font-size: 8pt">Signature &#091;PLEASE SIGN ON LINE&#093; </TD>
    <TD align="right" valign="top">Date</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" colspan="2" style="font-size: 8pt">Signature
[Joint Owners]</TD>

    <TD  colspan="0" align="center" valign="top" style="font-size: 8pt">Date
</TD>
    <TD  colspan="2" align="center" valign="top" style="font-size: 8pt">&nbsp;
</TD>

    <TD>&nbsp;</TD>
    <TD  align="right" valign="top">&nbsp;</TD>
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
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<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="CENTER" style="font-size: 10pt; margin-top: 6pt">[DECHERT LLP LETTERHEAD]

</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;22, 2010

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549<BR>
Attention: Larry Greene, Esq.

</DIV>

<DIV align="left" style="margin-top: 12pt; margin-left: 2%">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Preliminary Proxy Materials for<br>
Morgan Stanley California Insured Municipal Income Trust<br>
Morgan Stanley California Quality Municipal Securities<br>
Morgan Stanley Insured California Municipal Securities<br>
Morgan Stanley Insured Municipal Bond Trust<br>
Morgan Stanley Insured Municipal Income Trust<br>
Morgan Stanley Insured Municipal Securities<br>
Morgan Stanley Insured Municipal Trust<br>
Morgan Stanley Municipal Income Opportunities Trust<br>
Morgan Stanley Municipal Income Opportunities Trust II<br>
Morgan Stanley Municipal Income Opportunities Trust III<br>
Morgan Stanley Municipal Premium Income Trust<br>
Morgan Stanley New York Quality Municipal Securities<br>
Morgan Stanley Prime Income Trust<br>
Morgan Stanley Quality Municipal Income Trust<br>
Morgan Stanley Quality Municipal Investment Trust<br>
Morgan Stanley Quality Municipal Securities<br>
<u>(collectively, the &#147;Funds&#148;)</u></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Mr.&nbsp;Greene:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and Rule&nbsp;14a-6(b)
of the General Rules and Regulations promulgated thereunder, the Funds hereby file via EDGAR a copy
of the preliminary proxy materials for the Funds&#146; Special Meetings of Shareholders. No filing fee
is required in connection with this filing.
</DIV>




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

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

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



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y02914y0291401.gif" alt="(DECHERT LLP LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>January&nbsp;22, 2010</B><br>
Page 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have any questions regarding the foregoing, please contact the undersigned at (212)
698-3529 or Allison Harlow Fumai at (212)&nbsp;698-3526.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly yours,
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">/s/ Stuart Strauss
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Enclosures&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


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



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