<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>4
<FILENAME>dex9977q1a.txt
<DESCRIPTION>EX-99.77Q1
<TEXT>
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                                                               Sub-Item 77Q1(a)

                             CERTIFICATE OF TRUST
                                      OF
                 INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST

   This Certificate of Trust of Invesco Municipal Income Opportunities Trust
(the "Trust"), is being duly executed and filed on behalf of the Trust by the
undersigned, as trustee, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

   1. Name. The name of the trust formed hereby is Invesco Municipal Income
Opportunities Trust.

   2. Registered Office; Registered Agent. The business address of the Trust's
registered office in the State of Delaware is 1209 Orange Street, Wilmington,
DE 19801, New Castle County. The name of the Trust's registered agent at such
address is The Corporation Trust Company.

   3. Investment Company. The Trust will be a registered investment company
under the Investment Company Act of 1940, as amended.

   4. Effective Date. This Certificate of Trust shall be effective upon filing.

   IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of
Trust in accordance with Section 3811(a)(1) of the Act.


                                                  /s/ John M. Zerr
                                                  ------------------------------
                                                  Name: John M. Zerr
                                                  Title: Trustee

<PAGE>

                                                               Sub-Item 77Q1(a)

            AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

                                      OF

                 INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST

       AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST of Invesco
Municipal Income Opportunities Trust is made the 15th day of May, 2012 by the
parties signatory hereto, as Trustees, and by each person who becomes a
Shareholder in accordance with the terms hereinafter set forth;

       WHEREAS the Trust was formed on April 2, 2012 by its sole Trustee by the
filing of a Certificate of Trust with the office of the Secretary of State of
the State of Delaware pursuant to a Declaration of Trust, dated as of March 27,
2012 (the "Original Declaration");

       WHEREAS the Trust has been formed to carry on the business of a
closed-end management investment company as defined in the 1940 Act;

       WHEREAS the Trustees have agreed to manage all property coming into
their hands as trustees of a Delaware statutory trust in accordance with the
provisions of the Delaware Statutory Trust Act, as amended from time to time,
and the provisions hereinafter set forth; and

       WHEREAS pursuant to the provisions of the Original Declaration, the
Board of Trustees desires to amend and restate the Original Declaration in the
manner hereinafter set forth.

       NOW, THEREFORE, the Trustees hereby declare that:

       (i) the Original Declaration is amended and restated in its entirety in
the manner hereinafter set forth;

       (ii) they will hold all cash, securities and other assets that they may
from time to time acquire in any manner as Trustees hereunder IN TRUST to
manage and dispose of the same upon the following terms and conditions for the
benefit of the holders from time to time of Shares as hereinafter set forth; and

       (iii) this Amended and Restated Agreement and Declaration of Trust and
the Bylaws shall be binding in accordance with their terms on every Trustee, by
virtue of having become a Trustee of the Trust, and on every Shareholder, by
virtue of having become a Shareholder of the Trust, pursuant to the terms of
this Agreement and the Bylaws.

                                   ARTICLE I
              NAME, DEFINITIONS, PURPOSE AND CERTIFICATE OF TRUST

   Section 1.1 Name. The name of the statutory trust is Invesco Municipal
Income Opportunities Trust, and the Trustees may transact the Trust's affairs
in that name or any other name as the Board of Trustees may from time to time
designate. The Trust shall constitute a Delaware statutory trust in accordance
with the Delaware Act.

                                      -1-

<PAGE>

   Section 1.2 Offices of the Trust. The Board may at any time establish
offices of the Trust at any place or places where the Trust intends to do
business.

   Section 1.3 Registered Agent and Registered Office. The name of the
registered agent of the Trust and the address of the registered office of the
Trust are as set forth in the Certificate of Trust.

   Section 1.4 Definitions. Whenever used herein, unless otherwise required by
the context or specifically provided in the Governing Instrument:

    (a)"Affiliated Person," "Commission," "Company," "Person," and "Principal
       Underwriter" shall have the meanings given them in the 1940 Act, as
       modified by or interpreted by any applicable order or orders of the
       Commission or any rules or regulations adopted or interpretive releases
       of the Commission thereunder;

    (b)"Agreement" means this Amended and Restated Agreement and Declaration of
       Trust, as it may be amended or amended, restated or supplemented,
       including without limitation, supplements relating to Preferred Shares,
       if any, from time to time;

    (c)"Board of Trustees" or "Board" shall mean the governing body of the
       Trust, that is comprised of the number of Trustees of the Trust fixed
       from time to time pursuant to Article III hereof, having the powers and
       duties set forth herein;

    (d)"Bylaws" means the Bylaws of the Trust as amended from time to time by
       the Trustees;

    (e)"Certificate of Trust" shall mean the certificate of trust of the Trust
       filed on April 2, 2012 with the office of the Secretary of State of the
       State of Delaware as required under the Delaware Act, as such
       certificate may be amended or restated from time to time;

    (f)"class" or "class of Shares" refers to the division of Shares into two
       or more classes as provided in Section 2.1;

    (g)"Code" means the Internal Revenue Code of 1986, as amended from time to
       time, and the regulations promulgated thereunder;

    (h)"Covered Person" means a person who is or was a Trustee, officer,
       employee or agent of the Trust, or is or was serving at the request of
       the Trustees as a director, trustee, partner, officer, employee or agent
       of another foreign or domestic corporation, trust, partnership, joint
       venture or other enterprise;

    (i)"Delaware Act" refers to the Delaware Statutory Trust Act, 12 Del. C.
       (S) 3801 et seq., as such Act may be amended from time to time;

    (j)"Governing Instrument" means collectively, this Agreement, the Bylaws,
       and any instrument or resolution establishing preferred shares, all
       amendments to this Agreement and the Bylaws, all written committee and
       sub-committee charters adopted by the Trustees, and every resolution of
       the Trustees or any committee or sub-committee of the Trustees that by
       its terms is incorporated by reference

                                      -2-

<PAGE>

       into this Agreement or stated to constitute part of the Trust's
       Governing Instrument, in each case as of the date of the adoption of
       each such resolution or amendment or modification thereto;

    (k)"Majority Shareholder Vote" means the vote of "a majority of the
       outstanding voting securities" (as defined in the 1940 Act) of the Trust
       with each class of Shares voting together as a single class, except to
       the extent the 1940 Act or the Governing Instrument requires the
       separate vote of one or more classes of Shares, in which case the
       applicable proportion of such classes of Shares voting as a separate
       class, as the case may be, will be required;

    (l)"Majority Trustee Vote" means the vote of a majority of the Trustees
       then in office;

    (m)"1933 Act" means the Securities Act of 1933, as amended from time to
       time, and the rules promulgated thereunder;

    (n)"1940 Act" means the Investment Company Act of 1940, as amended from
       time to time, and the rules promulgated thereunder;

    (o)"Record Owner" means, as of any particular time, a record owner of
       Shares of the Trust shown on the books of the Trust or the Trust's
       transfer agent as then issued and outstanding at such time;

    (p)"Registration Statement" means a registration statement of the Trust
       relating to Shares filed with the Commission under the 1933 Act and/or
       the 1940 Act, and all amendments to such registration statement, as in
       effect from time to time. The "effective date" of a Registration
       Statement shall be the date on which such Registration Statement (and
       any amendments thereto) is declared effective by the Commission, or
       becomes effective pursuant to the 1933 Act and/or the 1940 Act;

    (q)"series" or "series of Shares" refers to the designation of Shares into
       one or more series as provided in Section 2.1;

    (r)"Shareholder" means, as of any particular time, an owner of Shares,
       whether beneficially or of record, of the Trust;

    (s)"Shares" means the transferable units of beneficial interest into which
       the beneficial interest in the Trust shall be divided from time to time
       and includes fractions of Shares as well as whole Shares. All references
       to Shares shall be deemed to be Shares of any or all series or classes
       as the context may require;

    (t)"Trust" means Invesco Municipal Income Opportunities Trust, the Delaware
       statutory trust formed under the Original Declaration, as amended and
       restated by this Agreement, and by filing of the Certificate of Trust
       with the office of the Secretary of State of the State of Delaware and
       governed by this Agreement, as such instruments may be further amended,
       restated or supplemented from time to time;

                                      -3-

<PAGE>

    (u)"Trust Property" means any and all property, real or personal, tangible
       or intangible, which is owned or held by or for the account of the
       Trust, or by the Trustees on behalf of the Trust; and

    (v)"Trustees" means the natural persons who have signed this Agreement as
       trustees so long as they shall continue to serve as trustees of the
       Trust in accordance with the terms hereof, and all other natural persons
       who may from time to time be duly appointed as Trustee in accordance
       with the provisions of Section 3.4, or elected as Trustee by the
       Shareholders, and reference herein to a Trustee or to the Trustees shall
       refer to such natural persons in their capacity as Trustees hereunder.

       In this Agreement or in any amended, restated or supplemented Agreement,
references to this Agreement, and all expressions like "herein," "hereof," and
"hereunder," shall be deemed to refer to this Agreement as amended, restated or
supplemented. All expressions like "his," "he," and "him," shall be deemed to
include the feminine and neuter, as well as masculine, genders.

   Section 1.5 Purpose. The purpose of the Trust is to conduct, operate and
carry on the business of a closed-end management investment company registered
under the 1940 Act investing primarily in securities and other financial
instruments or property, and to carry on such other business as the Trustees
may from time to time determine pursuant to their authority under this
Agreement.

                                  ARTICLE II
                         SHARES OF BENEFICIAL INTEREST

   Section 2.1 Shares of Beneficial Interest.

    (a)The Trustees may, without Shareholder approval, authorize one or more
       classes of Shares (which classes may be designated as one or more
       series), with Shares of each such class or series having such par value
       and such preferences, voting powers, terms of redemption, if any, and
       special or relative rights or privileges (including conversion rights,
       if any) as the Trustees may determine. Subject to applicable law, the
       Trustees may, without Shareholder approval, authorize the Trust to issue
       subscription or other rights representing interests in Shares to
       existing Shareholders or other persons subject to such terms and
       conditions as the Trustees may determine. The number of Shares of each
       class or series authorized shall be unlimited, and, unless otherwise
       provided in the Governing Instrument, the Shares so authorized may be
       represented in part by fractional shares. The Trustees may without
       Shareholder approval from time to time divide or combine the Shares of
       any class or series into a greater or lesser number without thereby
       changing the proportionate beneficial interest in the class or series.
       All Shares issued hereunder, including without limitation, Shares issued
       in connection with a dividend or other distribution in Shares or a split
       or reverse split of shares, when issued on the terms determined by the
       Trustees, shall be fully paid and nonassessable.

    (b)The Shares shall initially be designated as one class, a class of an
       unlimited number of common Shares, no par value (the "Common Shares"),
       having the powers, preferences, rights, qualifications, limitations and
       restrictions described

                                      -4-

<PAGE>

       below. The Trust may also, from time to time, issue a class of an
       unlimited number of preferred Shares, (the "Preferred Shares"), having
       such par value, powers, preferences, rights, qualifications, limitations
       and restrictions as shall be set forth in a written instrument or
       resolution or resolutions adopted by the Trustees. Following the
       issuance of Preferred Shares, when no Preferred Shares or series of
       Preferred Shares remain outstanding, the Trustees shall adopt a
       resolution eliminating such Preferred Shares or Preferred Shares of the
       applicable series, subject to the right of the Trustees to issue
       Preferred Shares or Preferred Shares of a series pursuant to a future
       resolution or resolutions. To the extent that the Trustees authorize and
       issue Preferred Shares, they are hereby authorized and empowered to
       amend, restate or supplement this Agreement as they deem necessary or
       appropriate, including to comply with the requirements of the 1940 Act
       or requirements imposed by the rating agencies or other Persons, all
       without the approval of Shareholders. Any such supplement, restatement
       or amendment shall be filed as is necessary.

    (c)Shareholders shall have no power to vote on any matter except matters on
       which a vote of Shareholders is required by the 1940 Act or the
       Governing Instrument.

    (d)Subject to any Board resolution establishing and designating a class of
       Shares, Shareholders shall have no preemptive or other right to
       subscribe for new or additional authorized, but unissued Shares or other
       securities issued by the Trust.

    (e)Subject to the rights of the holders of Preferred Shares, if any,
       dividends or other distributions, when, as and if declared by the Board,
       shall be shared equally by the holders of Common Shares on a share for
       share basis. Subject to the rights of the holders of Preferred Shares,
       if any, in the event of the termination of the Trust, the holders of the
       Common Shares shall be entitled to receive pro rata the net
       distributable assets of the Trust.

    (f)Any Trustee, officer or other agent of the Trust, and any organization
       in which any such Person has an economic or other interest, may acquire,
       own, hold and dispose of Shares in the Trust, whether such Shares are
       authorized but unissued, or already outstanding, to the same extent as
       if such Person were not a Trustee, officer or other agent of the Trust;
       and the Trust may issue and sell and may purchase such Shares from any
       such Person or any such organization, subject to the limitations,
       restrictions or other provisions applicable to the sale or purchase of
       such shares herein, the 1940 Act and other applicable law.

   Section 2.2 Other Securities. The Trustees may, subject to the requirements
of the 1940 Act and the Governing Instrument, authorize and issue such other
securities of the Trust as they determine to be necessary, desirable or
appropriate, having such terms, rights, preferences, privileges, limitations
and restrictions as the Trustees see fit, including debt securities or other
senior securities. The Trustees are also authorized to take such actions and
retain such Persons as they see fit to offer and sell such securities.

   Section 2.3 Personal Liability of Shareholders. No Shareholder of the Trust
shall be personally liable for the debts, liabilities, obligations and expenses
incurred by, contracted for, or otherwise existing with respect to, the Trust.
Neither the Trust nor the Trustees, nor any officer, employee, or agent of the
Trust shall have any power to bind personally any Shareholder or to

                                      -5-

<PAGE>

call upon any Shareholder for the payment of any sum of money or assessment
whatsoever other than (i) such as the Shareholder may at any time personally
agree to pay by way of subscription for any Shares or otherwise, or (ii) any
indemnification payment owed to the Trust by the Shareholder pursuant to
Section 8.5. The Shareholders shall be entitled, to the fullest extent
permitted by applicable law, to the same limitation of personal liability as is
extended under the Delaware General Corporation Law to stockholders of private
corporations for profit.

   Section 2.4 Derivative Actions. In addition to the requirements set forth in
Section 3816 of the Delaware Act, a Shareholder or Shareholders may bring a
derivative action on behalf of the Trust only if the following conditions are
met:

       (a) The Shareholder or Shareholders must make a pre-suit demand upon the
Board of Trustees to bring the subject action unless an effort to cause the
Board of Trustees to bring such an action is not likely to succeed. For
purposes of this Section 2.4, a demand on the Board of Trustees shall be deemed
not likely to succeed and therefore excused only if a majority of the Board of
Trustees, or a majority of any committee established to consider the merits of
such action, is composed of Trustees who are not "independent trustees" (as
such term is defined in the Delaware Act);

       (b) Unless a demand is not required under Section 2.4(a), Shareholders
eligible to bring such derivative action under the Delaware Act who hold at
least a majority of the outstanding Shares of the Trust shall join in the
demand for the Board of Trustees to commence such action; and

       (c) Unless a demand is not required under Section 2.4(a), the Board of
Trustees must be afforded a reasonable amount of time to consider such
Shareholder request and to investigate the basis of such claim. The Board of
Trustees shall be entitled to retain counsel or other advisors in considering
the merits of the demand and shall require an undertaking by the Shareholders
making such demand to reimburse the Trust for the fees and expense of any such
counsel or other advisors and other out of pocket expenses of the Trust, in the
event that the Board of Trustees determines not to bring such action. The Trust
is hereby permitted to redeem or repurchase Shares of any Shareholder liable to
the Trust under this Section 2.4(c) at a value determined by the Board of
Trustees in accordance with the 1940 Act and other applicable law, and to set
off against and retain any distributions otherwise payable to any Shareholder
liable to the Trust under this Section 2.4(c), in payment of amounts due
hereunder.

   For purposes of this Section 2.4, the Board of Trustees may designate a
committee of one Trustee to consider a Shareholder demand if necessary to
create a committee with a majority of Trustees who are "independent trustees"
(as such term in defined in the Delaware Act).

   Section 2.5 Assent to Agreement. Every Shareholder, by virtue of having
purchased a Share, shall be held to have expressly assented to, and agreed to
be bound by, the terms hereof. The death, incapacity, dissolution, termination,
or bankruptcy of a Shareholder during the continuance of the Trust shall not
operate to terminate the Trust nor entitle the representative of any deceased
Shareholder to an accounting or to take any action in court or elsewhere
against the Trust or the Trustees, but only to rights of said deceased,
incapacitated, dissolved, terminated or bankrupt Shareholder under the
Governing Instrument. Ownership of Shares shall not entitle the Shareholder to
any title in or to the whole or any part of the Trust

                                      -6-

<PAGE>

Property or right to call for a partition or division of the same or for an
accounting, nor shall the ownership of Shares constitute the Shareholders as
partners.

   Section 2.6 Disclosure of Holding. The Shareholders or holders of other
securities of the Trust shall upon demand disclose to the Trustees in writing
such information with respect to direct or indirect ownership of Shares or
other securities of the Trust as the Trustees deem to be (i) in the best
interests of the Trust or (ii) necessary to comply with the provisions of the
Code, the 1940 Act or other applicable laws or regulations, or to comply with
the requirements of any other taxing or regulatory authority or stock exchange
on which the Shares are listed for trading.

                                  ARTICLE III
                                 THE TRUSTEES

   Section 3.1 Management of the Trust.

    (a)The Trustees shall have exclusive and absolute control over the Trust
       Property and over the business of the Trust to the same extent as if the
       Trustees were the sole owners of the Trust Property and business in
       their own right, but with such powers of delegation as may be permitted
       by this Agreement.

    (b)The Trustees shall have power to conduct the business of the Trust and
       carry on its operations in any and all of its branches and maintain
       offices both within and without the State of Delaware, in any and all
       states of the United States of America, in the District of Columbia, in
       any and all commonwealths, territories, dependencies, colonies, or
       possessions of the United States of America, and in any and all foreign
       jurisdictions and to do all such other things and execute all such
       instruments as they deem necessary, proper or desirable in order to
       promote the interests of the Trust although such things are not herein
       specifically mentioned.

    (c)The enumeration of any specific power in this Agreement shall not be
       construed as limiting the aforesaid power. The powers of the Trustees
       may be exercised without order of or resort to any court or other
       authority.

   Section 3.2 Number of Trustees. The Board shall consist of such number of
trustees as shall be fixed from time to time by a majority of the Trustees;
provided, however, that the number of trustees shall in no event be less than
two (2) nor more than fifteen (15); and provided further that the number of
trustees shall be increased automatically to such number as is required to
effectuate Section 3.4(b). The natural persons who have executed this Agreement
shall be the Trustees as of the date hereof.

   Section 3.3 Classes of Trustees; Terms of Office of Trustees.

    (a)The Board of Trustees shall be divided into three classes. The number of
       Trustees in each class, and the individual Trustees assigned to each
       class, shall be determined by resolution of the Board of Trustees.

                                      -7-

<PAGE>

    (b)The terms of office for each class of Trustees shall be determined as
       follows:

       (1)The term of office of the first class shall expire on the date of the
          first annual meeting of Shareholders, or special meeting in lieu
          thereof at which Trustees are elected;

       (2)The term of office of the second class shall expire on the date of
          the second annual meeting of Shareholders or special meeting in lieu
          thereof at which Trustees are elected, following the date hereof;

       (3)The term of office of the third class shall expire on the date of the
          third annual meeting of Shareholders or special meeting in lieu
          thereof at which Trustees are elected, following the date hereof; and

       (4)Upon expiration of the term of office of each class as set forth
          above, the number of Trustees in such class, as determined by the
          Board of Trustees, shall be elected to succeed the Trustees whose
          terms of office expire for a term expiring on the date of the third
          annual meeting of Shareholders, or special meeting in lieu thereof at
          which Trustees are elected, following such expiration. The term of
          any Trustee standing for re-election who fails to receive sufficient
          votes to be elected to office due to a lack of quorum or a failure to
          receive the required Shareholder vote set forth in Section 3.4 shall
          continue for successive one year terms until such Trustee is duly
          elected, at which time such Trustee shall serve the remainder of the
          term of office for the class to which such Trustee was originally
          elected.

    (c)Each Trustee elected shall hold office until his or her successor shall
       have been elected at a meeting of Shareholders called for the purpose of
       electing Trustees and shall have qualified, except that:

       (1)Any Trustee may resign as trustee or may retire by written instrument
          signed by such Trustee and delivered to the other Trustees, which
          shall take effect upon such delivery or upon such later date as is
          specified therein;

       (2)Any Trustee may be removed at any time, with or without cause, by
          written instrument signed by at least 75% of the number of Trustees
          prior to such removal, specifying the date when such removal shall
          become effective; provided that from the date hereof through June 30,
          2013, such instrument shall be signed by at least eighty percent
          (80%) of the number of Trustees prior to such removal;

       (3)Any Trustee who has died, become physically or mentally incapacitated
          by reason of disease or otherwise, or is otherwise unable to serve,
          may be retired by written instrument signed by a majority of the
          other Trustees, specifying the date of his retirement; and

       (4)A Trustee shall be retired in accordance with the terms of any
          retirement policy adopted by at least 75% of the Trustees and in
          effect from time to time.

                                      -8-

<PAGE>

   Section 3.4 Election, Vacancies and Appointment of Trustees.

    (a)Except as set forth in Section 3.4(b), Trustees shall be elected by the
       affirmative vote of a majority of the outstanding Shares of the Trust
       present in person or by proxy and entitled to vote at an annual meeting
       of Shareholders (or special meeting in lieu thereof at which Trustees
       are elected) at which a quorum is present.

    (b)At any time that Preferred Shares are issued and outstanding:

       (1)Two (2) Trustees shall at all times have been elected by the holders
          of Preferred Shares, voting as a separate class, or in the event of a
          vacancy of a Trustee so elected, appointed by the Board for such
          purpose in accordance with the terms of the Governing Instrument; and

       (2)The two Trustees to be elected solely by the holders of Preferred
          Shares shall be elected by the affirmative vote of a majority of the
          outstanding Preferred Shares present in person or by proxy and
          entitled to vote at an annual meeting of Shareholders (or special
          meeting in lieu thereof at which Trustees are elected) at which a
          quorum is present, voting as a separate class, and the remaining
          Trustees shall be elected by the Common Shares and Preferred Shares
          voting together as provided in Section 3.4(a) above.

       (3)The Preferred Shareholders voting as a separate class shall elect at
          least a majority of the Trustees, and the number of Trustees shall be
          fixed automatically to such increased number that is the smallest
          number that, when added to the two Trustees elected exclusively by
          the holders of Preferred Shares, would constitute a majority of the
          Board of Trustees as so increased, during any period that holders of
          Preferred Shares are entitled to elect a majority of the Trustees of
          the Fund pursuant to the designations and powers, preferences and
          rights, and the qualifications, limitations and restrictions of the
          Preferred Shares as set forth by the Trustees in accordance with this
          Agreement (a "voting period"). Upon termination of a Voting Period,
          the voting rights described in this subparagraph 3.4(b)(3) shall
          cease and the terms of the additional Trustees elected pursuant to
          this Section 3.4(b)(3) shall immediately terminate; subject always,
          however, to the revesting of such voting rights upon the further
          occurrence of any of the events described in this subparagraph
          3.4(b)(3).

    (c)In case of the declination to serve, death, resignation, retirement or
       removal of a Trustee, or a Trustee is otherwise unable to serve, or an
       increase in the size of the Board, a vacancy shall occur. Whenever a
       vacancy in the Board of Trustees shall occur, until such vacancy is
       filled, the other Trustees shall have all the powers hereunder and the
       determination of the other Trustees of such vacancy shall be conclusive.
       In the case of any vacancy, the remaining Trustees may fill such vacancy
       by appointing such other person as they in their discretion shall see
       fit, or may leave such vacancy unfilled or may reduce the size of the
       Board to not less than two (2) Trustees. A Trustee appointed to fill any
       such vacancy shall serve for the remainder of the term commensurate with
       the class to which the

                                      -9-

<PAGE>

       person is appointed. Such appointment shall be evidenced by a written
       instrument signed by a majority of the Trustees in office or by
       resolution of the Board of Trustees, duly adopted, which shall be
       recorded in the minutes of a meeting of the Trustees, whereupon the
       appointment shall take effect.

    (d)An appointment of a Trustee may be made by the Trustees then in office
       in anticipation of a vacancy to occur by reason of retirement,
       resignation, or removal of a Trustee, or an increase in the size of the
       Board effective at a later date, provided that said appointment shall
       become effective only at the time or after the expected vacancy occurs.

    (e)As soon as any Trustee appointed pursuant to this Section 3.4 or elected
       by the Shareholders shall have accepted the Trust and agreed in writing
       to be bound by the terms of the Agreement, the Trust estate shall vest
       in the new Trustee or Trustees, together with the continuing Trustees,
       without any further act or conveyance, and he shall be deemed a Trustee
       hereunder.

   Section 3.5 Temporary Absence of Trustee. Any Trustee may, by power of
attorney, delegate his power for a period not exceeding six months at any one
time to any other Trustee or Trustees, provided that in no case shall less than
two Trustees personally exercise the other powers hereunder except as herein
otherwise expressly provided.

   Section 3.6 Effect of Death, Resignation, etc. of a Trustee. The declination
to serve, death, resignation, retirement, removal, incapacity, or inability of
the Trustees, or any one of them, shall not operate to terminate the Trust or
to revoke any existing agency created pursuant to the terms of this Agreement.

   Section 3.7 Ownership of Assets of the Trust. The assets of the Trust shall
be held separate and apart from any assets now or hereafter held in any
capacity other than as Trustee hereunder by the Trustees or any successor
Trustees. Legal title in all of the assets of the Trust and the right to
conduct any business shall at all times be considered as vested in the Trust,
except that the Trustees may cause legal title to any Trust Property to be held
by or in the name of one or more of the Trustees, or in the name of any Person
as nominee.

   Section 3.8 Legal Standard. The Trustees shall be subject to the same
fiduciary duties to which the directors of a Delaware corporation would be
subject if the Trust were a Delaware corporation, the Shareholders were
shareholders of such Delaware corporation and the Trustees were directors of
such Delaware corporation, and such modified duties shall replace any fiduciary
duties to which the Trustees would otherwise be subject. Without limiting the
generality of the foregoing, all actions and omissions of the Trustees shall be
evaluated under the doctrine commonly referred to as the "business judgment
rule," as defined and developed under Delaware law, to the same extent that the
same actions or omissions of directors of a Delaware corporation in a
substantially similar circumstance would be evaluated under such doctrine.
Notwithstanding the foregoing, the provisions of the Governing Instrument, to
the extent that they modify, restrict or eliminate the duties (including
fiduciary duties), and liabilities relating thereto, of a Trustee otherwise
applicable under the foregoing standard or otherwise existing at law (statutory
or common) or in equity, are agreed by each Shareholder and the Trust to
replace such duties and liabilities of such Trustee under the foregoing
standard or otherwise existing at law (statutory or common) or in equity.

                                     -10-

<PAGE>

   Section 3.9 Other Business Interests. The Trustees shall devote to the
affairs of the Trust such time as may be necessary for the proper performance
of their duties hereunder, but neither the Trustees nor the officers,
directors, shareholders, partners or employees of the Trustees, if any, shall
be expected to devote their full time to the performance of such duties. The
Trustees, or any Affiliated Person, shareholder, officer, director, partner or
employee thereof, or any Person owning a legal or beneficial interest therein,
may engage in, or possess an interest in, any business or venture other than
the Trust, of any nature and description, independently or with or for the
account of others. None of the Trust or any Shareholder shall have the right to
participate or share in such other business or venture or any profit or
compensation derived therefrom.

                                  ARTICLE IV
                            POWERS OF THE TRUSTEES

   Section 4.1 Powers. The Trustees in all instances shall act as principals,
and are and shall be free from the control of the Shareholders. The Trustees
shall have full power and authority to do any and all acts and to make and
execute any and all contracts and instruments that they may consider necessary
or appropriate in connection with the management of the Trust.

    (a)Without limiting the foregoing and subject to any applicable limitation
       in the Governing Instrument or applicable law, the Trustees shall have
       power and authority:

       (1)To invest and reinvest cash and other property, and to hold cash or
          other property uninvested, without in any event being bound or
          limited by any present or future law or custom in regard to
          investments by Trustees, and to sell, exchange, lend, pledge,
          mortgage, hypothecate, write options on, distribute and otherwise
          deal with and lease any or all of the assets of the Trust;

       (2)To operate as, and to carry on the business of, an investment
          company, and to exercise all the powers necessary and appropriate to
          the conduct of such operations;

       (3)To borrow money and in this connection issue notes or other evidence
          of indebtedness; to secure borrowings by mortgaging, pledging or
          otherwise subjecting as security the Trust Property; to endorse,
          guarantee, or undertake the performance of an obligation or
          engagement of any other Person and to lend Trust Property;

       (4)To provide for the distribution of Shares either through a principal
          underwriter in the manner hereafter provided for or by the Trust
          itself, or both, or otherwise pursuant to an underwriting agreement
          of any kind;

       (5)To adopt Bylaws not inconsistent with this Agreement providing for
          the conduct of the business of the Trust and to amend and repeal them
          all without a vote of the Shareholders; such Bylaws shall be deemed
          incorporated and included in the Governing Instrument;

                                     -11-

<PAGE>

       (6)To elect and remove such officers and appoint and terminate such
          agents as they consider appropriate;

       (7)To employ one or more banks, trust companies or companies that are
          members of a national securities exchange or such other domestic or
          foreign entities as custodians of any assets of the Trust subject to
          any conditions set forth in this Agreement or in the Bylaws;

       (8)To retain one or more transfer agents and shareholder servicing
          agents;

       (9)To set record dates in the manner provided herein or in the Bylaws;

      (10)To delegate such authority as they consider desirable to any officers
          of the Trust and to any investment adviser, manager, administrator,
          custodian, underwriter or other agent or independent contractor;

      (11)To sell or exchange any or all of the assets of the Trust, subject to
          the right of Shareholders, if any, to vote on such transaction
          pursuant to Section 6.1;

      (12)To vote or give assent, or exercise any rights of ownership, with
          respect to stock or other securities or property; and to execute and
          deliver proxies and powers of attorney to such person or persons as
          the Trustees shall deem proper, granting to such person or persons
          such power and discretion with relation to securities or property as
          the Trustee shall deem proper;

      (13)To exercise powers and rights of subscription or otherwise that in
          any manner arise out of ownership of securities;

      (14)To hold any security or property in a form not indicating any trust,
          whether in bearer, book entry, unregistered or other negotiable form;
          or either in the name of the Trust or a custodian or a nominee or
          nominees, subject in either case to proper safeguards according to
          the usual practice of Delaware statutory trusts or investment
          companies;

      (15)To consent to or participate in any plan for the reorganization,
          consolidation or merger of any corporation or concern, with respect
          to any security which is held in the Trust; to consent to any
          contract, lease, mortgage, purchase, or sale of property by such
          corporation or concern, and to pay calls or subscriptions with
          respect to any security held in the Trust;

      (16)To compromise, arbitrate, or otherwise adjust claims in favor of or
          against the Trust or any matter in controversy including, but not
          limited to, claims for taxes;

      (17)To declare and pay dividends and make distributions of income and of
          capital gains and capital to Shareholders in the manner hereinafter
          provided;

                                     -12-

<PAGE>

      (18)To repurchase Shares from time to time as permitted by applicable
          law, upon such terms and conditions as the Trustees shall establish;

      (19)To establish one or more committees or sub-committees, to delegate
          any of the powers of the Trustees to said committees or
          sub-committees and to adopt a written charter for one or more of such
          committees or sub-committees governing its membership, duties and
          operations and any other characteristics as the Trustees may deem
          proper, each of which committees and sub-committees may consist of
          less than the whole number of Trustees then in office, and may be
          empowered to act for and bind the Trustees and the Trust as if the
          acts of such committee or sub-committee were the acts of all the
          Trustees then in office;

      (20)To interpret the investment policies, practices or limitations of the
          Trust;

      (21)To establish a registered office and have a registered agent in the
          State of Delaware;

      (22)To enter into joint ventures, general or limited partnerships,
          limited liability companies, and any other combinations and
          associations; and

      (23)In general, to carry on any other business in connection with or
          incidental to any of the foregoing powers, to do everything
          necessary, suitable or proper for the accomplishment of any purpose
          or the attainment of any object or the furtherance of any power
          hereinbefore set forth, either alone or in association with others,
          and to do every other act or thing incidental or appurtenant to or
          growing out of or connected with the aforesaid business or purposes,
          objects or powers.

    (b)The foregoing clauses of Section 4.1(a) shall be construed both as
       objects and powers, and the foregoing enumeration of specific powers
       shall not be held to limit or restrict in any manner the general powers
       of the Trustees.

    (c)Any action by one or more of the Trustees in their capacity as such
       hereunder shall be deemed an action on behalf of the Trust, and not an
       action in an individual capacity.

    (d)The Trustees shall not be limited to investing in obligations maturing
       before the possible termination of the Trust.

    (e)No one dealing with the Trustees shall be under any obligation to make
       any inquiry concerning the authority of the Trustees, or to see to the
       application of any payments made or property transferred to the Trustees
       or upon their order.

   Section 4.2 Issuance and Repurchase of Shares. The Trustees shall have the
power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold,
resell, reissue, dispose of, and otherwise deal in Shares and, subject to the
provisions set forth in Articles II and VII hereof, to apply to any such
repurchase, redemption, retirement, cancellation or acquisition of Shares any
funds or property of the Trust with respect to which such Shares are issued.

                                     -13-

<PAGE>

   Section 4.3 Action by the Trustees. Except as otherwise set forth herein,
the Board of Trustees or any committee or sub-committee thereof shall act by
majority vote of those present at a meeting duly called as set forth in the
Bylaws at which a quorum required by the Bylaws is present. Any action that may
be taken by the Board of Trustees or any committee or sub-committee thereof by
majority vote at a meeting duly called and at which a quorum required by the
Bylaws is present, may also be taken by written consent of at least
seventy-five percent (75%) of the Trustees or members of the committee or
sub-committee, as the case may be, without a meeting, provided that the writing
or writings are filed with the minutes of proceedings of the Board or committee
or sub-committee. Written consents or waivers of the Trustees may be executed
in one or more counterparts. Any written consent or waiver may be provided and
delivered to the Trust by any means by which notice may be given to a Trustee.
Subject to the requirements of the Governing Instrument and the 1940 Act, the
Trustees by Majority Trustee Vote may delegate to any Trustee or Trustees or
committee or sub-committee of Trustees, officer or officers of the Trust or any
agent of the Trust authority to approve particular matters or take particular
actions on behalf of the Trust; provided that if an action of the Trustees
requires a vote greater than a Majority Trustee Vote, such greater vote shall
be required to delegate such action to any Trustee or Trustees or committee or
sub-committee of Trustees.

   Section 4.4 Principal Transactions. Subject to Article IX, the Trustees may,
on behalf of the Trust, buy any securities from or sell any securities to, or
lend any assets of the Trust to, any Trustee or officer of the Trust or any
firm of which any such Trustee or officer is a member acting as principal, or
have any such dealings with any investment adviser, underwriter, or transfer
agent for the Trust or with any Affiliated Person of such Person; and the Trust
may employ any such Person, or firm or Company in which such Person is an
Affiliated Person, as broker, legal counsel, registrar, investment adviser,
underwriter, administrator, transfer agent, dividend disbursing agent,
custodian, or in any capacity upon customary terms, subject in all cases to
applicable laws, rules, and regulations and orders of regulatory authorities.

   Section 4.5 Payment of Expenses by the Trust. The Trustees are authorized to
pay or cause to be paid out of the principal or income of the Trust, or partly
out of the principal and partly out of income, all expenses, fees, charges,
taxes and liabilities incurred or arising in connection with the Trust, or in
connection with the management thereof, including, but not limited to, the
Trustees' compensation and such expenses and charges for the services of the
Trust's officers, employees, investment adviser and manager, administrator,
principal underwriter, auditors, counsel, custodian, transfer agent,
shareholder servicing agent, and such other agents or independent contractors
and such other expenses and charges as the Trustees may deem necessary or
proper to incur.

   Section 4.6 Trustee Compensation. The Trustees as such shall be entitled to
reasonable compensation from the Trust. They may fix the amount of their
compensation. Nothing herein shall in any way prevent the employment of any
Trustee for advisory, management, administrative, legal, accounting, investment
banking, underwriting, brokerage, or investment dealer or other services and
the payment for the same by the Trust.

   Section 4.7 Independent Trustee. A Trustee who is an "independent trustee,"
as that term is defined in the Delaware Act, shall be deemed to be independent
and disinterested for all purposes when making any determinations or taking any
action as a Trustee.

                                     -14-

<PAGE>

                                   ARTICLE V
                 INVESTMENT ADVISER, PRINCIPAL UNDERWRITER AND
                                TRANSFER AGENT

   Section 5.1 Investment Adviser.

    (a)The Trustees may in their discretion, from time to time, enter into an
       investment advisory or management contract or contracts with respect to
       the Trust whereby the other party or parties to such contract or
       contracts shall undertake to furnish the Trustees with such management,
       investment advisory, statistical and research facilities and services
       and such other facilities and services, if any, and all upon such terms
       and conditions, as the Trustees may in their discretion determine.

    (b)The Trustees may authorize the investment adviser to employ, from time
       to time, one or more sub-advisers to perform such of the acts and
       services of the investment adviser, and upon such terms and conditions,
       as may be agreed upon among the Trustees, the investment adviser and
       sub-adviser. Any references in this Agreement to the investment adviser
       shall be deemed to include such sub-advisers, unless the context
       otherwise requires.

   Section 5.2 Other Service Contracts. The Trustees may authorize the
engagement of a principal underwriter, transfer agent, administrator,
custodian, and any other service providers they deem to be in the best interest
of the Trust.

   Section 5.3 Parties to Contract. Any contract of the character described in
Sections 5.1 and 5.2 may be entered into with any corporation, firm,
partnership, trust, association or other legal entity, although one or more of
the Trustees or officers of the Trust may be an officer, director, trustee,
shareholder, member, employee or agent or hold any other similar office with
respect to such other party to the contract.

   Section 5.4 Miscellaneous. The fact that (i) any of the Shareholders,
Trustees or officers of the Trust is a shareholder, director, officer, partner,
trustee, employee, manager, adviser, principal underwriter or distributor or
agent of or for any company or of or for any parent or affiliate of any
company, with which an advisory or administration contract, or principal
underwriter's or distributor's contract, or transfer, shareholder servicing,
custodian or other agency contract may have been or may hereafter be made, or
that any such company, or any parent or affiliate thereof, is a Shareholder or
has an interest in the Trust, or that (ii) any company with which an advisory
or administration contract or principal underwriter's or distributor's
contract, or transfer, shareholder servicing, custodian, or other agency
contract may have been or may hereafter be made also has an advisory or
administration contract, or principal underwriter's or distributor's contract,
or transfer, shareholder servicing, custodian or other agency contract with one
or more other companies, or has other business or interests shall not affect
the validity of any such contract or disqualify any Shareholder, Trustee or
officer of the Trust from voting upon or executing the same or create any
liability or accountability to the Trust or its Shareholders.

                                     -15-

<PAGE>

                                  ARTICLE VI
                    SHAREHOLDERS' VOTING POWERS AND MEETING

   Section 6.1 Voting Powers.

    (a)The Shareholders shall have power to vote only to:

       (1)Elect Trustees, provided that a meeting of Shareholders has been
          called for that purpose;

       (2)Approve transactions described in Section 6.2 and Article IX of this
          Agreement;

       (3)Approve any amendment to Section 3.3 to declassify the Board, to this
          Article VI or Article IX or, to the extent required by Section 6.2,
          to Section 8.4; and

       (4)Approve such additional matters as may be required by the 1940 Act,
          the Governing Instrument or any stock exchange on which the Shares
          are listed for trading, or as the Trustees, in their sole discretion,
          shall determine.

    (b)Until Shares are issued, the Trustees may exercise all rights of
       Shareholders and may take any action required or permitted by law, or by
       the Governing Instrument that may be taken by Shareholders.

    (c)Each whole Share shall be entitled to one vote as to any matter on which
       it is entitled to vote, and each fractional Share shall be entitled to a
       proportionate fractional vote.

    (d)Except as otherwise provided in the Governing Instrument, on any matter
       submitted to a vote of the Shareholders, all Shares shall be voted
       together as a single class, except when required by applicable law,
       Section 3.4(b) or when the Trustees have determined that the matter
       affects the interests of one or more classes or affects each class
       differently, then the Shareholders of each such affected class shall be
       entitled to vote separately thereon.

    (e)Shareholders shall not be entitled to cumulative voting in the election
       of Trustees or on any other matter.

    (f)Except as otherwise provided in the Governing Instrument, an affirmative
       Majority Shareholder Vote shall be required to approve any matter
       requiring a vote of the Shareholders.

    (g)Only Record Owners shall have the power to cast a vote at a meeting of
       shareholders subject to the voting provisions set forth in the Governing
       Instrument. Beneficial owners of Shares who are not Record Owners shall
       not be entitled to cast a vote at a meeting of Shareholders but shall be
       entitled to provide voting instructions to corresponding Record Owners,
       subject to any limitations imposed by applicable law and stock exchanges
       on which the Shares are listed for trading.

                                     -16-

<PAGE>

   Section 6.2 Additional Voting Powers and Voting Requirements for Certain
Actions.

    (a)Notwithstanding any other provision of this Agreement, the Shareholders
       shall have power to vote to approve any amendment to Section 8.4 of this
       Agreement approved by the Board of Trustees that would have the effect
       of reducing the indemnification provided thereby to Shareholders or
       former Shareholders, and any such action shall require the affirmative
       vote or consent of Shareholders owning at least seventy-five percent
       (75%) of the outstanding Shares.

    (b)Notwithstanding any other provision of this Agreement, any amendment to
       Section 3.3 to declassify the Board or to this Article VI or Article IX
       of this Agreement shall require the affirmative vote or consent of the
       Board of Trustees followed by the affirmative vote or consent of
       Shareholders owning at least seventy-five percent (75%) of the
       outstanding Shares, unless such amendment has been previously approved,
       adopted or authorized by the affirmative vote of at least two-thirds (66
       2/3%) of the Board of Trustees, in which case an affirmative Majority
       Shareholder Vote shall be required.

    (c)The voting requirements set forth in this Section 6.2 shall be in
       addition to, and not in lieu of, any vote or consent of the Shareholders
       otherwise required by applicable law (including, without limitation, any
       separate vote by class that may be required by the 1940 Act) or by the
       Governing Instrument.

    (d)Any additional matter not expressly requiring a vote of Shareholders on
       which the Trustees determine the Shareholders shall have power to vote
       shall require the affirmative vote or consent of Shareholders owning at
       least seventy-five percent (75%) of the outstanding Shares, unless such
       matter has been previously approved, adopted or authorized by the
       affirmative vote of at least two-thirds (66 2/3%) of the Board of
       Trustees, in which case an affirmative Majority Shareholder Vote shall
       be required.

                                  ARTICLE VII
                         DISTRIBUTIONS AND REPURCHASES

   Section 7.1 Distributions. The Trustees may from time to time declare and
pay dividends and make other distributions with respect to any Shares or class
thereof, which may be from surplus, income, capital gains or capital or
distributions in kind of the assets of the Trust. Subject to the rights of the
holders of Preferred Shares, if any, the amount of such dividends or
distributions and the payment of them and whether they are in cash or any other
Trust Property shall be wholly in the discretion of the Trustees, although the
Trustees pursuant to Section 4.1(a)(10) may delegate the authority to set
record, declaration, payment and ex-dividend dates, determine the amount of
dividends and distributions and pay such dividends and distributions. Dividends
and other distributions may be paid pursuant to a standing resolution adopted
once or more often as the Trustees determine. The Trustees shall have the power
and authority to amend, correct or change the amount of any declared dividend
or distribution from time to time until such dividend or distribution has been
paid to shareholders. All dividends and other distributions on Shares or a
class thereof shall be distributed pro rata to the Record Owners of such class,
as the case may be, in proportion to the number of Shares or Shares of such
class they held on the record date established for such payment. The Trustees
may adopt and offer to Shareholders such dividend reinvestment plans, cash
distribution payment plans, or similar plans as the Trustees deem appropriate.

                                     -17-

<PAGE>

   Section 7.2 Repurchase of Shares With Shareholder Consent.

       (a) Subject to the Governing Instrument, the Trust may repurchase Shares
on the open market or such Shares as are tendered by any Record Owner for
repurchase pursuant to a repurchase offer or tender offer, if any, made by the
Trust periodically or from time to time, upon the presentation by the Record
Owner of a proper instrument of transfer together with a request directed to
the Trust, its transfer agent or other duly authorized agent, that the Trust
repurchase such Shares, or in accordance with such other procedures for
repurchase as the Board of Trustees may from time to time authorize; and the
Trust will pay therefor a price that meets the requirements of Section 23 of
the 1940 Act, and the rules and regulations adopted thereunder, and that is in
accordance with the terms of such repurchase offer, tender offer, the Governing
Instrument and other applicable law.

       (b) The repurchase price may in any case or cases be paid wholly or
partly in kind if the Board of Trustees determines that such payment is
advisable in the interest of the Trust. Subject to the foregoing, the fair
value, selection and quantity of securities or other property of the Trust so
paid or delivered as all or part of the repurchase price shall be determined by
or under authority of the Board of Trustees. Subject to applicable law, the
Trust shall not be liable for any delay of any corporation or other Person in
transferring securities or other property selected for delivery as all or part
of any payment in kind.

       Section 7.3 Repurchase of Shares Without Shareholder Consent. Subject to
the Governing Instrument, the Trust shall have the right at its option and at
any time, subject to the 1940 Act and other applicable law, to repurchase
Shares of any Shareholder at a price that meets the requirements of Section 23
of the 1940 Act, and the rules and regulations adopted thereunder, and that is
in accordance with the terms of the Governing Instrument and other applicable
law: (a) if at such time, such Shareholder owns Shares having an aggregate net
asset value of less than an amount determined from time to time by the
Trustees; or (b) to the extent that such Shareholder owns Shares in an amount
less than, equal to or in excess of a percentage or certain number of the
Shares determined from time to time by the Trustees.

   Section 7.4 Transfer of Shares. Shares shall be transferable in accordance
with the provisions of the Bylaws.

   Section 7.5 Redemptions. Unless otherwise provided in the rights of any
series of Preferred Shares, the Shares of the Trust are not redeemable at the
option of the holders thereof.

                                 ARTICLE VIII
                  LIMITATION OF LIABILITY AND INDEMNIFICATION

   Section 8.1 Limitation of Liability. A Trustee or officer of the Trust, when
acting in such capacity, shall not be personally liable to any person for any
act, omission or obligation of the Trust or any Trustee or officer of the
Trust; provided, however, that nothing contained herein shall protect any
Trustee or officer against any liability to the Trust or to Shareholders to
which the Trustee would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the
conduct of his or her office with the Trust.

                                     -18-

<PAGE>

   Section 8.2 Indemnification of Covered Persons. Every Covered Person shall
be indemnified by the Trust to the fullest extent permitted by the Delaware
Act, the Bylaws and other applicable law.

   Section 8.3 Insurance. To the fullest extent permitted by applicable law,
the Board of Trustees shall have the authority to purchase with Trust Property
insurance for liability and for all expenses reasonably incurred or paid or
expected to be paid by a Covered Person in connection with any proceeding in
which such Covered Person becomes involved by virtue of such Covered Person's
actions, or omissions to act, in its capacity or former capacity with the
Trust, whether or not the Trust would have the power to indemnify such Covered
Person against such liability.

   Section 8.4 Indemnification of Shareholders. In case any Shareholder or
former Shareholder of the Trust shall be held to be personally liable solely by
reason of his being or having been a Shareholder of the Trust and not because
of his acts or omissions or for some other reason, the Shareholder or former
Shareholder (or his heirs, executors, administrators or other legal
representatives, or, in the case of a corporation or other entity, its
corporate or general successor) shall be entitled, out of the Trust's assets,
to be held harmless from and indemnified against all loss and expense arising
from such liability in accordance with the Bylaws and applicable law. The
Trust, on its own behalf, shall upon request by the Shareholder, assume the
defense of any such claim made against the Shareholder for any act or
obligation of the Trust.

   Section 8.5 Indemnification of the Trust. Except to the extent expressly set
forth in the Governing Instrument, each Shareholder will be liable to the Trust
for, and indemnify and hold harmless the Trust (and any subsidiaries or
affiliates thereof) from and against, all costs, expenses, penalties, fines or
other amounts, including without limitation, reasonable attorneys' and other
professional fees, whether third party or internal, arising from any action
against the Trust in which such Shareholder is not the prevailing party, and
shall pay such amounts on demand, together with interest on such amounts, which
interest will accrue at the lesser of the Trust's highest marginal borrowing
rate, per annum compounded, and the maximum amount permitted by law, from the
date such costs or the like are incurred until the receipt of payment. The
Trust is hereby permitted to redeem or repurchase Shares of any Shareholder
liable to the Trust under this Section 8.5 at a value determined by the Board
of Trustees in accordance with the 1940 Act and other applicable law, and to
set off against and retain any distributions otherwise payable to any
Shareholder liable to the Trust under this Section 8.5, in payment of amounts
due hereunder.

                                  ARTICLE IX
                             CERTAIN TRANSACTIONS

   Section 9.1 Vote Required. Notwithstanding any other provision of this
Agreement to the contrary and subject to the exceptions provided in this
Article IX, each of the transactions described in this Article IX shall require
the approval of the Board of Trustees followed by the affirmative vote of the
holders of not less than 75% of the outstanding Shares unless such transaction
has been previously approved by the affirmative vote of at least two-thirds (66
2/3%) of the Board of Trustees, in which case an affirmative Majority
Shareholder Vote shall be required. Such affirmative vote shall be in addition
to the vote or consent of Shareholders otherwise required by law or by the
terms of any class of Preferred Shares, whether now or

                                     -19-

<PAGE>

hereafter authorized, or any agreement between the Trust and any national
securities exchange.

   Section 9.2 Dissolution of the Trust or Termination of a Class.

    (a)The Trust shall have perpetual existence, except that the Trust shall be
       dissolved upon approval by vote of the Board followed by a vote of
       Shareholders as set forth in Section 9.1; provided that if the
       affirmative vote of at least seventy-five percent (75%) of the Board
       approves the dissolution, no vote of Shareholders shall be required to
       dissolve the Trust.

    (b)Upon dissolution of the Trust, the Trust shall carry on no business
       except for the purpose of winding up its affairs, and all powers of the
       Trustees under this Agreement shall continue until such affairs have
       been wound up. Without limiting the foregoing, the Trustees shall (in
       accordance with Section 3808 of the Delaware Act) have the power to:

       (1)Fulfill or discharge the contracts of the Trust;

       (2)Collect its assets;

       (3)Sell, convey, assign, exchange, merge where the Trust is not the
          survivor, transfer or otherwise dispose of all or any part of the
          remaining Trust Property to one or more Persons at public or private
          sale for consideration which may consist in whole or in part in cash,
          securities or other property of any kind;

       (4)Pay or make reasonable provision (including through the use of a
          liquidating trust) to pay all claims and obligations of the Trust,
          including all contingent, conditional or unmatured claims and
          obligations known to the Trust, and all claims and obligations which
          are known to the Trust, but for which the identity of the claimant is
          unknown, and claims and obligations that have not been made known to
          the Trust or that have not arisen but that, based on the facts known
          to the Trust, are likely to arise or to become known to the Trust
          within 10 years after the date of dissolution; and

       (5)Do all other acts appropriate to liquidate its business.

    (c)If there are sufficient assets held with respect to the Trust, such
       claims and obligations shall be paid in full and any such provisions for
       payment shall be made in full. If there are insufficient assets held
       with respect to the Trust, such claims and obligations shall be paid or
       provided for according to their priority and, among claims and
       obligations of equal priority, ratably to the extent of assets available
       therefor. Any remaining assets (including, without limitation, cash,
       securities or any combination thereof) held with respect to the Trust
       shall be distributed to the Record Owners of the Trust ratably according
       to the number of Shares of the Trust held of record by the several
       Record Owners on the date for such dissolution distribution, subject to
       any then existing preferential rights of Shares.

                                     -20-

<PAGE>

    (d)On completion of distribution of the remaining assets and upon the
       winding up of the Trust in accordance with Section 3808 of the Delaware
       Act and its termination, any one (1) Trustee shall execute, and cause to
       be filed, a certificate of cancellation, with the office of the
       Secretary of State of the State of Delaware in accordance with the
       provisions of Section 3810 of the Delaware Act, whereupon the Trust
       shall terminate and the Trustees and the Trust shall be discharged from
       all further liabilities and duties hereunder with respect thereto. The
       Trustees shall not be personally liable to the claimants of the
       dissolved Trust by reason of the Trustees' actions in winding up the
       Trust's affairs if the Trustees complied with Section 3808(e) of the
       Delaware Act.

    (e)Each class hereafter created shall have perpetual existence unless
       terminated upon:

       (1)The vote of the Board of Trustees; or

       (2)The occurrence of a termination event pursuant to any Board
          resolution establishing and designating such class.

   Section 9.3 Merger or Consolidation; Conversion; Reorganization.

    (a)Merger or Consolidation.

       (1)Pursuant to an agreement of merger or consolidation, the Board of
          Trustees may cause the Trust or any of its subsidiaries to merge or
          consolidate with or into one or more statutory trusts or "other
          business entities" (as defined in Section 3801 of the Delaware Act)
          formed or organized or existing under the laws of the State of
          Delaware or any other state of the United States or any foreign
          country or other foreign jurisdiction. Any such merger or
          consolidation shall require approval by vote of the Board of Trustees
          followed by approval of the Shareholders as set forth in Section 9.1.

       (2)By reference to Section 3815(f) of the Delaware Act, any agreement of
          merger or consolidation approved in accordance with this
          Section 9.3(a) may, without a separate Shareholder vote, unless
          required by the 1940 Act or the requirements of any stock exchange on
          which Shares are listed for trading, effect any amendment to the
          Governing Instrument or effect the adoption of a new governing
          instrument if the Trust is the surviving or resulting statutory trust
          in the merger or consolidation, which amendment or new governing
          instrument shall be effective at the effective time or date of the
          merger or consolidation.

       (3)If the Trust is to be the surviving or resulting statutory trust, any
          one (1) Trustee shall execute, and cause to be filed, a certificate
          of merger or consolidation in accordance with Section 3815 of the
          Delaware Act.

                                     -21-

<PAGE>

    (b)Conversion.

       (1)The Board of Trustees may cause:

             (A) The Trust to convert to an "other business entity" (as defined
          in Section 3801 of the Delaware Act) formed or organized under the
          laws of the State of Delaware as permitted pursuant to Section 3821
          of the Delaware Act;

             (B) The Shares of the Trust to be converted into beneficial
          interests in another statutory trust; or

             (C) The Shares to be exchanged under or pursuant to any state or
          federal statute to the extent permitted by law.

       (2)Any such statutory conversion, Share conversion or Share exchange
          shall require approval by vote of the Board of Trustees followed by
          the approval of the Shareholders of the Trust as set forth in
          Section 9.1.

    (c)Reorganization.

       (1)The Board of Trustees may cause the Trust to sell, convey and
          transfer all or substantially all of the assets of the Trust ("sale
          of Trust assets") to another trust, statutory trust, partnership,
          limited partnership, limited liability company, corporation or other
          association organized under the laws of any state, or to one or more
          separate series thereof, in exchange for cash, shares or other
          securities, with such sale, conveyance and transfer either (a) being
          made subject to, or with the assumption by the transferee of, the
          liabilities associated with the Trust, or (b) not being made subject
          to, or not with the assumption of, such liabilities.

       (2)Any such sale, conveyance and transfer shall require approval by vote
          of the Board of Trustees followed by the approval of the Shareholders
          of the Trust as set forth in Section 9.1.

       (3)Following such sale of Trust assets, the Board of Trustees shall
          distribute such cash, shares or other securities ratably among the
          Record Owners of the Trust (giving due effect to the differences
          among the various classes).

       (4)If all of the assets of the Trust have been so sold, conveyed and
          transferred, the Trust shall be dissolved.

   Section 9.4 Reclassification of the Trust. The Board of Trustees may cause
the Trust to be converted from a "closed-end company" to an "open-end company"
(as those terms are defined, respectively, in Sections 5(a)(2) and 5(a)(1) of
the 1940 Act). Such reclassification of the Trust shall require approval by
vote of the Board of Trustees followed by the approval of Shareholders as set
forth in Section 9.1.

                                     -22-

<PAGE>

   Section 9.5 Principal Shareholder Transactions.

    (a)Notwithstanding any other provision of this Agreement and subject to the
       exceptions provided in Section 9.5(c), the types of transactions
       described in sub-paragraphs (1) through (3) below shall require approval
       by vote of the Board of Trustees and the Shareholders of the Trust as
       set forth in Section 9.1 when a Principal Shareholder (as defined in
       Section 9.5(b)) is a party to the transaction.

       (1)The issuance of any securities of the Trust or any of its
          subsidiaries to any Principal Shareholder for cash (other than
          pursuant to any dividend reinvestment plan).

       (2)The sale, lease or exchange of all or any substantial part of the
          assets of the Trust or any of its subsidiaries to any Principal
          Shareholder (except assets having an aggregate fair market value of
          less than two percent (2%) of the total assets of the Trust or any of
          its subsidiaries, aggregating for the purpose of such computation all
          assets sold, leased or exchanged in any series of similar
          transactions within a twelve-month period).

       (3)The sale, lease, or exchange to the Trust or any subsidiary thereof,
          in exchange for securities of the Trust or any of its subsidiaries,
          of any assets of any Principal Shareholder (except assets having an
          aggregate fair market value of less than two percent (2%) of the
          total assets of the Trust or any of its subsidiaries, aggregating for
          the purpose of such computation, all assets sold, leased or exchanged
          in any series of similar transactions within a twelve-month period).

    (b)For purposes of this Section 9.5, the term "Principal Shareholder" shall
       mean any Person or group (within the meaning of Rule 13d-5 under the
       Securities Exchange Act of 1934, as amended (the "1934 Act")), that is
       the beneficial owner, directly or indirectly, of five percent (5%) or
       more of the Shares of the Trust and shall include any affiliate or
       associate, as such terms are defined in clause (2) below, of a Principal
       Shareholder, but shall not include the investment adviser of the Trust
       or any affiliated person of the investment adviser of the Trust. For the
       purposes of this Section 9.5, in addition to the Shares that a Principal
       Shareholder beneficially owns directly, a Principal Shareholder shall be
       deemed to be the beneficial owner of any Shares (1) which the Principal
       Shareholder has the right to acquire pursuant to any agreement or upon
       exercise of conversion rights or warrants, or otherwise or (2) which are
       beneficially owned, directly or indirectly (including Shares deemed
       owned through application of clause (1) above), by any other Person or
       group with which the Principal Shareholder or its "affiliate" or
       "associate," as those terms are defined in Rule 12b-2, or any successor
       rule, under the 1934 Act, has any agreement, arrangement, or
       understanding for the purpose of acquiring, holding, voting, or
       disposing of Shares, or which is its "affiliate" or "associate" as so
       defined. For purposes of this Section 9.5, calculation of the total
       Shares of the Trust shall not include Shares deemed owned through
       application of clause (1) above.

    (c)The provisions of this Section 9.5 shall not be applicable to any such
       transaction between the Trust and any entity of which a majority of the
       outstanding shares of

                                     -23-

<PAGE>

       all classes and series of a stock normally entitled to vote in elections
       of directors is owned of record and beneficially by the Trust and its
       subsidiaries.

    (d)The Board of Trustees shall have the power and duty to determine for the
       purposes of this Section 9.5, on the basis of information known to the
       Trust, whether:

       (1)A Person or group beneficially owns five percent (5%) or more of the
          Shares;

       (2)A corporation, person or entity is an "affiliate" or "associate" (as
          defined above) of another; and

       (3)The assets being sold, leased or exchanged by or to the Trust have an
          aggregate fair market value of less than 2% of the total assets of
          the Trust (as defined above).

       Any such determination shall be conclusive and binding for all purposes
       of this Section 9.5 in the absence of manifest error.

   Section 9.6 Absence of Appraisal or Dissenters' Rights. No Shareholder shall
be entitled, as a matter of right, to an appraisal by the Delaware Court of
Chancery or otherwise of the fair value of the Shareholder's Shares or to any
other relief as a dissenting Shareholder in respect of any proposal or action
involving the Trust or any class of Shares.

                                   ARTICLE X
                                 MISCELLANEOUS

   Section 10.1 Trust Not a Partnership; Taxation.

    (a)It is hereby expressly declared that a trust and not a partnership is
       created hereby. All persons extending credit to, contracting with or
       having any claim against the Trust or the Trustees in their capacity as
       such shall look only to the assets of the Trust for payment under such
       credit, contract or claim; and neither the Shareholders, the Trustees,
       nor the Trust's officers nor any of the agents of the Trustees whether
       past, present or future, shall be personally liable therefor.

    (b)It is intended that the Trust be classified for income tax purposes as
       an association taxable as a corporation, and the Trustees shall do all
       things that they, in their sole discretion, determine are necessary to
       achieve that objective, including (if they so determine), electing such
       classifications on Internal Revenue Form 8832. The Trustees, in their
       sole discretion and without the vote or consent of the Shareholders, may
       amend this Agreement to ensure that this objective is achieved.

   Section 10.2 Trustee's Good Faith Action, Expert Advice, No Bond or Surety.
The exercise by the Trustees of their powers and discretion hereunder in good
faith and with reasonable care under the circumstances then prevailing shall be
binding upon everyone interested. Subject to the provisions of Article VIII and
to this Section 10.2, the Trustees shall not be liable for errors of judgment
or mistakes of fact or law. The Trustees may take advice of counsel or other
experts with respect to the meaning and operation of this Agreement, and

                                     -24-

<PAGE>

subject to the provisions of Article VIII and this Section 10.2, shall be under
no liability for any act or omission in accordance with such advice or for
failing to follow such advice. The Trustees shall not be required to give any
bond as such, nor any surety if a bond is obtained.

   Section 10.3 Filing of Copies, References, Headings. The original or a copy
of this Agreement or any amendment hereto or any supplemental agreement shall
be kept at the office of the Trust. Headings are placed herein for convenience
of reference only and in case of any conflict, the text of this Agreement,
rather than the headings, shall control. This Agreement may be executed in any
number of counterparts each of which shall be deemed an original.

   Section 10.4 Governing Law.

    (a)The Trust and the Governing Instrument (including this Agreement) and
       the rights, obligations and remedies of the Trustees and Shareholders
       hereunder, are to be governed by and construed and administered
       according to the Delaware Act, including the provision that gives
       maximum freedom to contract, the other laws of the State of Delaware and
       the applicable provisions of the 1940 Act. Notwithstanding the
       foregoing, the following provisions shall not be applicable to the
       Trust, the Trustees, the Shareholders or the Governing Instrument:

       (1)The provisions of Section 3533, 3540, 3561 and 3583(a) of Title 12 of
          the Delaware Code; or

       (2)Any provisions of the laws (statutory or common) of the State of
          Delaware (other than the Delaware Act) pertaining to trusts which
          relate to or regulate:

          (A) The filing with any court or governmental body or agency of
          trustee accounts or schedules of trustee fees and charges;

          (B) Affirmative requirements to post bonds for trustees, officers,
          agents or employees of a trust;

          (C) The necessity for obtaining court or other governmental approval
          concerning the acquisition, holding or disposition of real or
          personal property;

          (D) Fees or other sums payable to trustees, officers, agents or
          employees of a trust;

          (E) The allocation of receipts and expenditures to income or
          principal;

          (F) Restrictions or limitations on the permissible nature, amount or
          concentration of trust investments or requirements relating to the
          titling, storage or other manner of holding of trust assets; or

          (G) The establishment of fiduciary or other standards or
          responsibilities or limitations on the indemnification, acts or
          powers of trustees or other Persons, which are inconsistent with the
          limitations of

                                     -25-

<PAGE>

          liabilities or authorities and powers of the Trustees or officers of
          the Trust set forth or referenced in the Governing Instrument.

    (b)The Trust shall be of the type commonly called a "statutory trust," and
       without limiting the provisions hereof, the Trust may exercise all
       powers which are ordinarily exercised by such a trust under Delaware
       law. The Trust specifically reserves the right to exercise any of the
       powers or privileges afforded to trusts or actions that may be engaged
       in by trusts under the Delaware Act, and the absence of a specific
       reference herein to any such power, privilege or action shall not imply
       that the Trust may not exercise such power or privilege or take such
       actions; provided, however, that the exercise of any such power,
       privilege or action shall not otherwise violate applicable law.

   Section 10.5 Amendments. Except as specifically provided in Article VI
hereof or otherwise expressly limited by the Governing Instrument, the Trustees
may, without any Shareholder vote, amend this Agreement by making an amendment
to this Agreement, an agreement supplemental hereto, or an amended and restated
trust instrument. Any such amendment to any Article of this Agreement except to
Section 3.2 to change the minimum or maximum number of trustees, to Section 3.3
to declassify the Board, to Article VI or Article IX, to the extent required by
Section 6.2, to Section 8.4, or to this Section 10.5, having been approved by a
Majority Trustee Vote, shall become effective, unless otherwise provided by
such Trustees (notwithstanding that the section being amended may require a
higher Trustee vote), upon being executed by a duly authorized officer of the
Trust. Any amendment to Section 3.2 to change the minimum or maximum number of
trustees or to this Section 10.5, having been approved by the affirmative vote
of 75% of the Board of Trustees shall become effective upon being executed by a
duly authorized officer of the Trust. For the avoidance of doubt, any
determination of the number of trustees within the minimum and maximum range
may be determined by a majority of the Trustees and the provisions of
Section 3.4(b) to increase the size of the Board are not subject to a Majority
Trustee Vote. Any amendment to Section 3.3 to declassify the Board or to
Article VI or Article IX, or, to the extent required by Section 6.2,
Section 8.4, having been approved by the requisite vote of the Board of
Trustees followed by the requisite vote of the Shareholders as provided in
Section 9.1, shall become effective upon being executed by a duly authorized
officer of the Trust. A certification signed by a duly authorized officer of
the Trust setting forth an amendment to this Agreement and reciting that it was
duly adopted by the Shareholders or by the Trustees as aforesaid, or a copy of
this Agreement, as amended, executed by a majority of the Trustees, or a duly
authorized officer of the Trust, shall be conclusive evidence of such amendment
when lodged among the records of the Trust.

   Section 10.6 Provisions in Conflict with Law. The provisions of this
Agreement are severable, and if the Trustees shall determine, with the advice
of counsel, that any of such provisions is in conflict with applicable law, the
conflicting provision shall be deemed never to have constituted a part of this
Agreement; provided, however, that such determination shall not affect any of
the remaining provisions of this Agreement or render invalid or improper any
action taken or omitted prior to such determination. If any provision of this
Agreement shall be held invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall attach only to such provision in such
jurisdiction and shall not in any manner affect such provisions in any other
jurisdiction or any other provision of this Agreement in any jurisdiction.

   Section 10.7 Record Owners' Right to Shareholder List and Other Records.
Except as may be required by Regulation 14A promulgated under the 1934 Act, no
Shareholder shall have

                                     -26-

<PAGE>

the right to obtain from the Trust a list of the Trust's Shareholders. Except
as required by the Act or as expressly provided in the Governing Instrument,
Shareholders shall have no right to inspect the records, documents, accounts
and books of the Trust. Any request to inspect the records of the Trust shall
be submitted by the Shareholder to the Trust in writing. Upon receipt of any
such request, the Trustees shall determine whether delivery of records
pertaining to such request is required by the Act or is otherwise necessary or
appropriate, as determined by the Trustees in their sole discretion, and
whether such request complies with the requirements of the Act and, if so,
establish procedures for such inspection. To preserve the integrity of the
records, the Trust may provide certified copies of Trust records rather than
originals. The Trust shall not be required to create records or obtain records
from third parties to satisfy a Shareholder request. The Trust may require a
requesting Shareholder to pay in advance or otherwise indemnify the Trust for
the costs and expenses of such Shareholder's inspection of records. The rights
provided for in this Section 10.7 shall not extend to any Person who is a
Shareholder but not also a Record Owner.

   Section 10.8 Reports. The Trustees shall cause to be prepared at least
annually and more frequently to the extent and in the form required by law,
regulation or any stock exchange on which Shares are listed a report of
operations containing a balance sheet and statement of income and undistributed
income of the Trust prepared in conformity with generally accepted accounting
principles and an opinion of an independent public accountant on such financial
statements. Copies of such reports shall be mailed to all Shareholders within
the time required by the 1940 Act, and in any event within a reasonable period
preceding the meeting of Shareholders. The Trustees shall, in addition, furnish
to the Shareholders at least semi-annually to the extent required by law,
interim reports containing an unaudited balance sheet of the Trust as of the
end of such period and an unaudited statement of income and surplus for the
period from the beginning of the current fiscal year to the end of such period.

   Section 10.9 Use of the Name "Invesco". The Board of Trustees expressly
agrees and acknowledges that the name "Invesco" is the sole property of Invesco
Ltd. ("Invesco"). Invesco has granted to the Trust a non-exclusive license to
use such name as part of the name of the Trust now and in the future. The Board
of Trustees further expressly agrees and acknowledges that the non-exclusive
license granted herein may be terminated by Invesco if the Trust ceases to use
Invesco or one of its Affiliated Persons as investment adviser or to use other
Affiliated Persons or successors of Invesco for such purposes. In such event,
the non-exclusive license may be revoked by Invesco and the Trust shall cease
using the name "Invesco" or any name misleadingly implying a continuing
relationship between the Trust and Invesco or any of its Affiliated Persons, as
part of its name unless otherwise consented to by Invesco or any successor to
its interests in such name.

   The Board of Trustees further understands and agrees that so long as Invesco
and/or any future advisory Affiliated Person of Invesco shall continue to serve
as the Trust's investment adviser, other registered open- or closed-end
investment companies ("funds") and other types of investment vehicles as may be
sponsored or advised by Invesco or its Affiliated Persons shall have the right
permanently to adopt and to use the name "Invesco" in their names and in the
names of any series or class of shares of such funds.

                                     -27-

<PAGE>

       IN WITNESS WHEREOF, the undersigned, being all of the Trustees of the
Trust, have executed this instrument as of the date first above mentioned.

<TABLE>
<S>                                                     <C>

/s/ David C. Arch                                       /s/ Carl Frischling
--------------------------------------------            ----------------------------------------
David C. Arch                                           Carl Frischling

/s/ Frank S. Bayley                                     /s/ Prema Mathai-Davis
--------------------------------------------            ----------------------------------------
Frank S. Bayley                                         Prema Mathai-Davis

/s/ James T. Bunch                                      /s/ Larry Soll
--------------------------------------------            ----------------------------------------
James T. Bunch                                          Larry Soll

/s/ Bruce L. Crockett                                   /s/ Hugo F. Sonnenschein
--------------------------------------------            ----------------------------------------
Bruce L. Crockett                                       Hugo F. Sonnenschein

/s/ Rodney F. Dammeyer                                  /s/ Raymond Stickel, Jr.
--------------------------------------------            ----------------------------------------
Rodney F. Dammeyer                                      Raymond Stickel, Jr.

/s/ Albert R. Dowden                                    /s/ Philip A. Taylor
--------------------------------------------            ----------------------------------------
Albert R. Dowden                                        Philip A. Taylor

/s/ Jack M. Fields                                      /s/ Wayne W. Whalen
--------------------------------------------            ----------------------------------------
Jack M. Fields                                          Wayne W. Whalen

/s/ Martin L. Flanagan
--------------------------------------------
Martin L. Flanagan
</TABLE>

                                     -28-

<PAGE>

                                                               Sub-Item 77Q1(a)

            BYLAWS OF INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST,
                          A DELAWARE STATUTORY TRUST

                        Adopted effective May 21, 2012
               Capitalized terms not specifically defined herein
            shall have the meanings ascribed to them in the Trust's
  Amended and Restated Agreement and Declaration of Trust (the "Agreement").

                                   ARTICLE I
                                    OFFICES

   Section 1. Registered Office. The registered office of Invesco Municipal
Income Opportunities Trust (the "Trust") shall be at the offices of The
Corporation Trust Company in the County of New Castle, State of Delaware.

   Section 2. Other Offices. The Trust may also have offices at such other
places both within and without the State of Delaware as the Trustees may from
time to time determine or the business of the Trust may require.

                                  ARTICLE II
                                   TRUSTEES

   Section 1. Meetings of the Trustees. The Trustees of the Trust may hold
meetings, both regular and special, either within or without the State of
Delaware. Meetings of the Trustees may be called orally or in writing by or at
the direction of the Chair or his or her designee or by a majority of the
Trustees. Meetings of the Board of Trustees and any committee or sub-committee
thereof may be held in person or by telephonic or other electronic means.

   Section 2. Regular Meetings. Regular meetings of the Board of Trustees shall
be held each year, at such time and place as the Board of Trustees may
determine.

   Section 3. Notice of Meetings. Notice of the time, date, and place of all
meetings of the Board of Trustees and any committee or sub-committee thereof
shall be given to each Trustee, committee member or sub-committee member, as
applicable, (i) by telephone, telex, telegram, facsimile, electronic-mail, or
other electronic mechanism sent to his or her home or business address at least
twenty-four hours in advance of the meeting; (ii) in person at another meeting
of the Board of Trustees or such committee or sub-committee, as applicable; or
(iii) by written notice mailed or sent via overnight courier to his or her home
or business address at least seventy-two hours in advance of the meeting.
Notice need not be given to any Trustee, committee member or sub-committee
member who attends a meeting of the Board of Trustees or any committee or
sub-committee thereof without objecting to the lack of notice or who signs a
waiver of notice either before or after such meeting.

   Section 4. Quorum. At all meetings of the Board of Trustees and any
committee or sub-committee thereof, one-third of the Trustees then in office or
one-third of the committee members or sub-committee members (but in no event
less than two Trustees, committee members or sub-committee members), as
applicable, shall constitute a quorum for the transaction of business. The act
of a majority of the Trustees, committee members or sub-

<PAGE>

committee members present at any meeting at which there is a quorum shall be
the act of the Board of Trustees or such committee or sub-committee, as
applicable, except as may be otherwise specifically provided by applicable law
or by the Governing Instrument. If a quorum shall not be present at any meeting
of the Board of Trustees or any committee or sub-committee thereof, the
Trustees, committee members or sub-committee members, as applicable, present
thereat may adjourn such meeting from time to time, without notice other than
announcement at the meeting, until a quorum shall be present.

   Section 5. Designation, Powers, and Names of Committees; Sub-Committees;
Committee Charters.

       (a) Subject to Section 4.3 of the Agreement, the Board of Trustees shall
have at a minimum the following five committees: (1) an Audit Committee; (2) a
Governance Committee; (3) an Investments Committee; (4) a Valuation,
Distribution and Proxy Oversight Committee; and (5) a Compliance Committee.
Each such Committee shall have a written Charter governing its membership,
duties and operations, and the Board shall designate the powers of each such
Committee in its Charter. The Board of Trustees may terminate any such
Committee by an amendment to these Bylaws. The Board of Trustees may, by
resolution passed by a majority of the whole Board, establish one or more
sub-committees of each such Committee, and the membership, duties and
operations of each such sub-committee shall be set forth in the written Charter
of the applicable Committee.

       (b) The Board of Trustees may, by resolution passed by a majority of the
whole Board, designate one or more additional committees, including ad hoc
committees to address specified issues, each of which may, if deemed advisable
by the Board of Trustees, have a written Charter. Each such additional
committee shall consist of two or more of the Trustees of the Trust. The Board
may designate one or more Trustees as alternate members of any such additional
committee, who may replace any absent or disqualified member at any meeting of
such committee. Each such additional committee, to the extent provided in the
resolution and/or in such committee's Charter, if applicable, shall have and
may exercise the powers of the Board of Trustees in the management of the
business and affairs of the Trust; provided, however, that in the absence or
disqualification of any member of such committee or committees, the member or
members thereof present at any meeting and not disqualified from voting,
whether or not such members constitute a quorum, may unanimously appoint
another member of the Board of Trustees to act at the meeting in the place of
any such absent or disqualified member. Such additional committee or committees
shall have such name or names as may be determined from time to time by
resolution adopted by the Board of Trustees and/or as set forth in the written
Charter of such committee or committees, if applicable.

   Section 6. Chair; Vice Chair. The Board of Trustees shall have a Chair, who
shall be a Trustee who is not an "interested person," as such term is defined
in the 1940 Act. The Chair shall be elected by a majority of the Trustees,
including a majority of the Trustees who are not "interested persons," as such
term is defined in the 1940 Act. The Board of Trustees may also have a Vice
Chair, who shall be a Trustee. The Vice Chair shall be elected by a majority of
the Trustees, including a majority of the Trustees who are not "interested
persons," as such term is defined in the 1940 Act. The Chair shall preside at
all meetings of the Shareholders and the Board of Trustees, if the Chair is
present, shall approve the agendas of all meetings of the Shareholders and the
Board of Trustees and shall establish rules for the orderly conduct of meetings
of the Shareholders and the Board of Trustees. The Chair shall have such other
powers and duties as shall be determined by the Board of Trustees, and shall
undertake such other assignments as may be requested by the Board of Trustees.
If the Chair shall not be

                                       2

<PAGE>

present, the Vice Chair, if any, shall preside at all meetings of the
Shareholders and the Board of Trustees, if the Vice Chair is present. The Vice
Chair shall have such other powers and duties as shall be determined by the
Chair or the Board of Trustees, and shall undertake such other assignments as
may be requested by the Chair or the Board of Trustees.

                                  ARTICLE III
                                   OFFICERS

   Section 1. Executive Officers. The executive officers shall include a
Principal Executive Officer, a President, one or more Vice Presidents, which
may include one or more Executive Vice Presidents and/or Senior Vice Presidents
(the number thereof to be determined by the Board of Trustees), a Principal
Financial Officer, a Chief Legal Officer, a Chief Compliance Officer, a Senior
Officer, a Treasurer, a Secretary and an Anti-Money Laundering Compliance
Officer. The Board of Trustees may also in its discretion appoint Assistant
Vice Presidents, Assistant Secretaries, Assistant Treasurers, and other
officers, agents and employees, who shall have such authority and perform such
duties as the Board may determine. The Board of Trustees may fill any vacancy
that may occur in any office. Any two offices, except for those of President
and Vice President, may be held by the same person, but no officer shall
execute, acknowledge or verify any instrument on behalf of the Trust in more
than one capacity, if such instrument is required by law or by these Bylaws to
be executed, acknowledged or verified by two or more officers.

   Section 2. Term of Office. Unless otherwise specifically determined by the
Board of Trustees, the officers shall serve at the pleasure of the Board of
Trustees. If the Board of Trustees in its judgment finds that the best
interests of the Trust will be served, the Board of Trustees may remove any
officer of the Trust at any time with or without cause. The Trustees may
delegate this power to the President (without supervision by the Trustees) with
respect to any other officer, except the Senior Officer. Such removal shall be
without prejudice to the contract rights, if any, of the person so removed. Any
officer may resign from office at any time by delivering a written resignation
to the Trustees or the President. Unless otherwise specified therein, such
resignation shall take effect upon delivery.

   Section 3. Principal Executive Officer. The Principal Executive Officer
shall be the chief executive officer of the Trust and shall generally manage
the business and affairs of the Trust. The Principal Executive Officer shall be
responsible for making the certifications required of the Trust's principal
executive officer by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as
amended, and the rules promulgated thereunder by the Securities and Exchange
Commission (the "Commission").

   Section 4. President; Vice Presidents. The President and one or more Vice
Presidents, which may include one or more Executive Vice Presidents and/or
Senior Vice Presidents, shall have and exercise such powers and duties of the
Principal Executive Officer in the absence or inability to act of the Principal
Executive Officer, as may be assigned to them, respectively, by the Board of
Trustees or, to the extent not so assigned, by the Principal Executive Officer.
In the absence or inability to act of the Principal Executive Officer, the
powers and duties of the Principal Executive Officer not otherwise assigned by
the Board of Trustees or the Principal Executive Officer shall devolve first
upon the President, then upon the Executive Vice Presidents, then upon the
Senior Vice Presidents, and finally upon the Vice Presidents, all in the order
of their election. If both the Chair and the Vice Chair are absent, or if the
Chair is absent and there is no Vice Chair, the President shall, if present,
preside at all meetings of the Shareholders.

                                       3

<PAGE>

   Section 5. Principal Financial Officer. The Principal Financial Officer, who
shall also have a title of at least Vice President, shall be the chief
financial officer of the Trust and shall generally manage the financial affairs
of the Trust. The Principal Financial Officer shall be responsible for making
the certifications required of the Trust's principal financial officer by
Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, and the
rules promulgated thereunder.

   Section 6. Chief Legal Officer. The Chief Legal Officer, who shall also have
a title of at least Senior Vice President, shall generally manage the legal
affairs of the Trust. The Chief Legal Officer shall be responsible for
receiving up-the-ladder reports within the Trust of any evidence of material
violations of securities laws or breaches of fiduciary duty or similar
violations by the Trust, as required by Section 307 of the Sarbanes-Oxley Act
of 2002, as amended, and the rules promulgated thereunder.

   Section 7. Chief Compliance Officer. The Chief Compliance Officer, who shall
also have a title of at least Senior Vice President, shall be responsible for
administering the Trust's policies and procedures adopted pursuant to Rule
38a-1(a)(1) under the 1940 Act.

   Section 8. Senior Officer. The Senior Officer, who shall also have a title
of at least Senior Vice President, shall be employed by or on behalf of the
Trust and shall have such powers and duties as are set forth in such Senior
Officer's Executive Employment Agreement.

   Section 9. Treasurer. The Treasurer shall have the care and custody of the
funds and securities of the Trust and shall deposit the same in the name of the
Trust in such bank or banks or other depositories, subject to withdrawal in
such manner as these Bylaws or the Board of Trustees may determine. The
Treasurer shall, if required by the Board of Trustees, give such bond for the
faithful discharge of duties in such form as the Board of Trustees may require.

   Section 10. Secretary. The Secretary shall (a) have custody of the seal of
the Trust, if any; (b) if requested, attend meetings of the Shareholders, the
Board of Trustees, and any committees or sub-committees of Trustees; (c) keep
or cause to be kept the minutes of all meetings of Shareholders, the Board of
Trustees and any committees or sub-committees thereof; and (d) issue all
notices of the Trust. The Secretary shall have charge of the Shareholder
records and such other books and papers as the Board may direct, and shall
perform such other duties as may be incidental to the office or which are
assigned by the Board of Trustees.

   Section 11. Anti-Money Laundering Compliance Officer. The Anti-Money
Laundering Compliance Officer shall have such powers and duties as are set
forth in the Anti-Money Laundering Program adopted by the Trust pursuant to the
USA PATRIOT Act of 2001 and the rules promulgated thereunder, as such Program
may be amended from time to time.

   Section 12. Assistant Officers. Assistant officers, which may include one or
more Assistant Vice Presidents, Assistant Secretaries and Assistant Treasurers,
shall perform such functions and have such responsibilities as the Board of
Trustees may assign to them or, to the extent not so assigned, by the
President, Vice President(s), Secretary or Treasurer, as applicable.

   Section 13. Surety Bond. The Trustees may require any officer or agent of
the Trust to execute a bond (including, without limitation, any bond required
by the 1940 Act and the rules and regulations of the Commission) to the Trust
in such sum and with such surety or sureties as

                                       4

<PAGE>

the Trustees may determine, conditioned upon the faithful performance of his or
her duties to the Trust, including responsibility for negligence and for the
accounting of any of the Trust's property, funds, or securities that may come
into his or her hands.

   Section 14. Authorized Signatories. Unless a specific officer is otherwise
designated in these Bylaws or in a resolution adopted by the Board of Trustees,
the proper officers of the Trust for executing agreements, documents and
instruments other than Internal Revenue Service forms shall be the Principal
Executive Officer, the President, any Vice President, the Principal Financial
Officer, the Chief Legal Officer, the Chief Compliance Officer, the Senior
Officer, the Treasurer, the Secretary, the Anti-Money Laundering Compliance
Officer, any Assistant Vice President, any Assistant Treasurer or any Assistant
Secretary. Unless a specific officer is otherwise designated in these Bylaws or
in a resolution adopted by the Board of Trustees, the proper officers of the
Trust for executing any and all Internal Revenue Service forms shall be the
Principal Executive Officer, the President, any Vice President, the Principal
Financial Officer, the Treasurer, the Secretary, any Assistant Treasurer or any
Assistant Secretary.

                                  ARTICLE IV
                           MEETINGS OF SHAREHOLDERS

   Section 1. Purpose. All meetings of the Shareholders for the election of
Trustees shall be held at such time and place as may be fixed from time to time
by the Trustees, or at such other place either within or without the State of
Delaware as shall be designated from time to time by the Trustees and stated in
the notice indicating that a meeting has been called for such purpose. Meetings
of Shareholders may be held for any other purpose determined by the Trustees
and may be held at such time and place, within or without the State of Delaware
as shall be stated in the notice of the meeting or in a duly executed waiver of
notice thereof. At all meetings of the Shareholders, every Record Owner
entitled to vote on a matter to be voted on by such Shares shall be entitled to
vote on such matter at such meeting either in person or by written proxy signed
by the Record Owner or by his duly authorized attorney in fact. A Record Owner
may duly authorize such attorney in fact through written, electronic,
telephonic, computerized, facsimile, telecommunication, telex or oral
communication or by any other form of communication. Unless a proxy provides
otherwise, such proxy is not valid more than eleven months after its date. A
proxy with respect to shares held in the name of two or more persons shall be
valid if executed by any one of them unless at or prior to exercise of the
proxy the Trust receives a specific written notice to the contrary from any one
of them. A proxy purporting to be executed by or on behalf of a Record Owner
shall be deemed valid unless challenged at or prior to its exercise and the
burden of proving invalidity shall rest on the challenger.

   Section 2. Election of Trustees. All meetings of Shareholders for the
purpose of electing Trustees shall be held on such date and at such time as
shall be designated from time to time by the Trustees and stated in the notice
of the meeting, at which the Shareholders shall elect the number of Trustees as
provided in the Agreement and as the notice for such meeting shall state are to
be elected, and transact such other business as may properly be brought before
the meeting in accordance with Section 1 of this Article IV.

   Section 3. Notice of Meetings. Written notice of any meeting stating (a) the
place, date, and hour of the meeting and (b) the purpose or purposes for which
the meeting is called, shall be given to each Shareholder entitled to vote on a
matter to be voted on by such shares at such meeting not less than ten days
before the date of the meeting in accordance with Article V hereof.

                                       5

<PAGE>

   Section 4. Special Meetings. Special meetings of the Shareholders, for any
purpose or purposes, unless otherwise prescribed by applicable law or by the
Agreement, may be called by the Chair or by a majority of the Trustees. For the
avoidance of doubt, Shareholders shall have no power to call special meetings
of Shareholders.

   Section 5. Conduct of Meeting. Business transacted at any meeting of
Shareholders shall be limited to (a) the purpose stated in the notice, (b) such
other matters as are permitted to be presented at the meeting in accordance
with Section 15 of this Article IV, and (c) the adjournment of such meeting in
accordance with Section 14 of this Article IV.

   Section 6. Quorum. A majority of the outstanding Shares entitled to vote at
a Shareholders' meeting, which are present in person or represented by proxy,
shall constitute a quorum at the Shareholders' meeting, except when a larger
quorum is required by applicable law or the requirements of any securities
exchange on which Shares are listed for trading, in which case such quorum
shall comply with such requirements. Quorum shall be determined with respect to
the meeting as a whole regardless of whether particular matters have achieved
the requisite vote for approval, but the presence of a quorum shall not prevent
any adjournment at the meeting pursuant to Section 14 of this Article IV.

   Section 7. Organization of Meetings.

       (a) The meetings of the Shareholders shall be presided over by the
Chair, or if the Chair shall not be present, by the Vice Chair, if any, or if
the Vice Chair shall not be present or if there is no Vice Chair, by the
President, or if the President shall not be present, by a Vice President, or if
no Vice President is present, by a chair appointed for such purpose by the
Board of Trustees or, if not so appointed, by a chair appointed for such
purpose by the officers and Trustees present at the meeting. The Secretary of
the Trust, if present, shall act as Secretary of such meetings, or if the
Secretary is not present, an Assistant Secretary of the Trust shall so act, and
if no Assistant Secretary is present, then a person designated by the Secretary
of the Trust shall so act, and if the Secretary has not designated a person,
then the meeting shall elect a secretary for the meeting.

       (b) The Board of Trustees of the Trust shall be entitled to make such
rules and regulations for the conduct of meetings of Shareholders as it shall
deem necessary, appropriate or convenient. Subject to such rules and
regulations of the Board of Trustees, if any, the chair of the meeting shall
have the right and authority to prescribe such rules, regulations and
procedures and to do all such acts as, in the judgment of such chair, are
necessary, appropriate or convenient for the proper conduct of the meeting,
including, without limitation, establishing: an agenda or order of business for
the meeting; rules and procedures for maintaining order at the meeting and the
safety of those present; limitations on participation in such meeting to
shareholders of record of the Trust and their duly authorized and constituted
proxies, and such other persons as the chairman shall permit; restrictions on
entry to the meeting after the time fixed for the commencement thereof;
limitations on the time allotted to questions or comments by participants; and
regulation of the opening and closing of the polls for balloting on matters
which are to be voted on by ballot. Unless and to the extent otherwise
determined by the Board of Trustees or the chair of the meeting, meetings of
Shareholders shall not be required to be held in accordance with the rules of
parliamentary procedure.

   Section 8. Voting Standard. When a quorum is present at any meeting, the
vote of the Shares as set forth in the Agreement shall decide any question
brought before such meeting, unless a different vote is required by the express
provision of applicable law, the

                                       6

<PAGE>

Governing Instrument or applicable contract, in which case such express
provision shall govern and control the decision of such question. Where a
separate vote by classes is required, the preceding sentence shall apply to
such separate votes by classes.

   Section 9. Voting Procedure. Each Record Owner as of the record date
established pursuant to Section 13 of this Article IV shall be entitled to one
vote for each whole Share and a proportionate fractional vote for each
fractional Share owned of record on the record date by such Shareholder.

   Section 10. Action Without Meeting. Unless otherwise provided in the
Agreement or applicable law, any action required to be taken at any meeting of
the Shareholders, or any action which may be taken at any meeting of the
Shareholders, may be taken without a meeting, without prior notice and without
a vote, if a consent in writing, setting forth the action so taken, shall be
signed by the holders of outstanding Shares of a class of Shares having not
less than the minimum number of votes that would be necessary to authorize or
take such action at a meeting at which all Shares of such class entitled to
vote thereon were present and voted. Prompt notice of the taking of any such
action without a meeting by less than unanimous written consent shall be given
to those Shareholders of such class of Shares who have not consented in writing.

   Section 11. Broker Non-Votes. At any meeting of Shareholders, the Trust will
consider broker non-votes, if any, as "entitled to vote, " and therefore
present for purposes of determining whether a quorum is present at the meeting
and the percentage of outstanding Shares present in person or by proxy and
entitled to vote at the meeting.

   Section 12. Abstentions. At any meeting of Shareholders, the Trust will
consider abstentions, if any, as "entitled to vote," and therefore present for
purposes of determining whether a quorum is present at the meeting and the
percentage of outstanding Shares present in person or by proxy and entitled to
vote at the meeting.

   Section 13. Record Date for Shareholder Meetings and Consents. In order that
the Trustees may determine the Record Owners entitled to notice of or to vote
at any meeting of Shareholders or any adjournment thereof, or to express
consent to action in writing without a meeting, the Board of Trustees may fix a
record date, which record date shall not precede the date upon which the
resolution fixing the record date is adopted by the Board of Trustees, and
which record date shall not be more than ninety nor less than ten days before
the original date upon which the meeting of Shareholders is scheduled. A
determination of Record Owners of record entitled to notice of or to vote at a
meeting of Shareholders shall apply to any adjournment of the meeting;
provided, however, that the Board of Trustees may fix a new record date for the
adjourned meeting so long as notice of the adjournment and the new record and
meeting dates are given to the Shareholders.

   Section 14. Adjournments.

       (a) If (1) a quorum is not present or represented at any meeting of the
Shareholders convened on the date for which it was called, or (2) a quorum is
present at a meeting of Shareholders but sufficient votes to approve a proposal
have not been received, then the affirmative vote of a majority of Shares
present in person or by proxy and entitled to vote at the meeting (even though
not constituting a quorum), or the chair of the meeting in his or her
discretion, shall have power to adjourn the meeting from time to time without
notice other than announcement at the meeting. At such adjourned meeting,
provided a quorum is present,

                                       7

<PAGE>

any business may be transacted that might have been transacted at the meeting
as originally notified.

       (b) A meeting of Shareholders may be adjourned from time to time without
further notice to Shareholders to a date not more than 120 days after the
original meeting date. A meeting of Shareholders may not be adjourned for more
than 120 days after the original meeting date without giving the Shareholders
notice of the adjournment and the new meeting date.

       (c) In voting for adjournment, the persons named as proxies may vote
their proxies (including those marked "withhold," "against" or "abstain") in
favor of one or more adjournments of the meeting, or the chair of the meeting
may call an adjournment, provided such Persons determine that such adjournment
is reasonable and in the best interests of Shareholders and the Trust, based on
a consideration of such factors as they may deem relevant.

   Section 15. Advance Notice of Shareholder Nominees for Trustee and Other
Shareholder Proposals.

       (a) The matters to be considered and brought before any annual or
special meeting of Shareholders of the Trust shall be limited to only such
matters, including the nomination and election of Trustees, as shall be brought
properly before such meeting in compliance with the procedures set forth in
this Section.

       (b) For any matter to be properly brought before any annual meeting of
Shareholders, the matter must be:

          (1) Specified in the notice of annual meeting given by or at the
     direction of the Board of Trustees;

          (2) Otherwise brought before the annual meeting by or at the
     direction of the Board of Trustees; or

          (3) Brought before the annual meeting in the manner specified in this
     Section by a Record Owner at the time of the giving of notice provided for
     in this Section, on the record date for such meeting and at the time of
     the meeting, or a Shareholder (a "Nominee Holder") that holds voting
     securities entitled to vote at meetings of Shareholders through a nominee
     or "street name" holder of record and can demonstrate to the Trust such
     indirect ownership and such Nominee Holder's entitlement to vote such
     securities, and is a Nominee Holder at the time of the giving of notice
     provided for in this Section, on the record date for such meeting and at
     the time of the meeting.

       (c) In addition to any other requirements under applicable law and the
Governing Instrument of the Trust, persons nominated by Shareholders for
election as Trustees of the Trust and any other proposals by Shareholders shall
be properly brought before the meeting only if notice of any such matter to be
presented by a Shareholder at such meeting of Shareholders (the "Shareholder
Notice") shall be delivered to the Secretary of the Trust at the principal
executive office of the Trust not less than ninety (90) nor more than one
hundred twenty (120) days prior to the first anniversary date of the annual
meeting for the preceding

                                       8

<PAGE>

year. A person may be nominated by a Shareholder for election as a Trustee of
the Trust only by a holder of a class of Shares entitled to vote on the
election of such nominee.

       (d) If and only if the annual meeting is not scheduled to be held within
a period that commences thirty (30) days before such anniversary date and ends
thirty (30) days after such anniversary date (an annual meeting date outside
such period being referred to herein as an "Other Annual Meeting Date"), such
Shareholder Notice shall be given in the manner provided herein by the later of
the close of business on (i) the date ninety (90) days prior to such Other
Annual Meeting Date or (ii) the tenth (10th) day following the date such Other
Annual Meeting Date is first publicly announced or disclosed; provided,
however, that if the Other Annual Meeting Date was disclosed in the proxy
statement for the prior year's annual meeting, than the dates for receipt of
the Shareholder Notice shall be calculated in accordance with Section 15(c)
above based on such Other Annual Meeting Date and disclosed in the proxy
statement for the prior year's annual meeting.

       (e) Notwithstanding anything in these Bylaws to the contrary, in the
event that the number of Trustees to be elected to the Board of Trustees of the
Trust is increased and either all of the nominees for Trustee or the size of
the increased Board of Trustees are not publicly announced or disclosed by the
Trust at least seventy (70) days prior to the first anniversary of the
preceding year's annual meeting, a Shareholder Notice shall also be considered
timely hereunder, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary of the
Trust at the principal executive office of the Trust not later than the close
of business on the tenth (10th) day following the first date all of such
nominees or the size of the increased Board of Trustees shall have been
publicly announced or disclosed.

       (f) Any Shareholder desiring to nominate any person or persons (as the
case may be) for election as a Trustee or Trustees of the Trust shall deliver,
as part of such Shareholder Notice:

          (1) A statement in writing with respect to the person or persons to
     be nominated (a "Proposed Nominee") setting forth:

            (A) The name, age, business address, residence address and
       principal occupation or employment of the Proposed Nominee;

            (B) The number and class of all Shares of the Trust owned of record
       and beneficially by each such Proposed Nominee and the date(s) of
       acquisition of such Shares, together with records evidencing such
       holdings;

            (C) The name of each nominee holder of Shares owned beneficially
       but not of record by such Proposed Nominee, the number and class of such
       Shares held by each such nominee holder and the date(s) of acquisition
       of such Shares, together with records evidencing such holdings;

            (D) The number and class of all Shares (i) which the Proposed
       Nominee has the right to acquire pursuant to any agreement or upon
       exercise of conversion rights or warrants, or otherwise or (ii) which
       are beneficially owned, directly or indirectly (including Shares deemed
       owned through application of clause (i) above), by any other Person or
       group with which the Proposed Nominee or its "affiliate" or "associate,"
       as those terms are defined in Rule 12b-2,

                                       9

<PAGE>

       or any successor rule, under the 1934 Act, has any agreement,
       arrangement, or understanding for the purpose of acquiring, holding,
       voting, or disposing of Shares, or which is its "affiliate" or
       "associate" as so defined;

            (E) The information regarding each such Proposed Nominee required
       by paragraph (b) of Item 22 of Rule 14a-101 under the 1934 Act, adopted
       by the Commission (or the corresponding provisions of any regulation or
       rule subsequently adopted by the Commission applicable to the Trust);

            (F) Whether such Shareholder believes any Proposed Nominee will be
       an "interested person" of the Trust (as defined in the 1940 Act), and,
       if not an "interested person", information regarding each Proposed
       Nominee that will be sufficient for the Trust to make such
       determination; and

            (G) A description of any agreement, arrangement or understanding,
       whether written or oral (including any derivative or short positions,
       profit interests, options or similar rights and borrowed or loaned
       shares) that has been entered into as of the date of the Shareholder
       Notice by, or on behalf of, such Proposed Nominee (i) the effect or
       intent of which is to mitigate loss to, manage risk or benefit of share
       price changes for, or increase or decrease the voting power of such
       Proposed Nominee; or (ii) related to such nomination;

            (H) Each such Proposed Nominee's signed consent to serve as a
       Trustee of the Trust if elected; and

            (I) Each Proposed Nominee's written representation that he or she
       is not ineligible under Section 9(a) of the 1940 Act and is not covered
       by, or subject to a proceeding regarding Section 9(b) of the 1940 Act
       and an agreement to complete and execute the Trust's form of trustee
       questionnaire.

          (2) Such other information as is required by Section 15(h) below.

       (g) Any Shareholder who gives a Shareholder Notice of any matter
proposed to be brought before the meeting shall deliver, as part of such
Shareholder Notice:

          (1) The text of the proposal to be presented;

          (2) A brief written statement of the reasons why such Shareholder
     favors the proposal; and

          (3) Any material interest of such Shareholder in the matter proposed
     (other than as a Shareholder).

       (h) Any Shareholder who gives a Shareholder Notice of any matter
proposed to be brought before the meeting or to elect Proposed Nominees shall
deliver, as part of such Shareholder Notice:

          (1) In the case of a Nominee Holder, evidence establishing such
     Nominee Holder's indirect ownership of, and entitlement to vote,
     securities at the meeting of Shareholders;

                                      10

<PAGE>

          (2) A representation whether the Shareholder or the beneficial owner,
     if any, intends or is part of a group which intends to solicit proxies
     from Shareholders in support of such proposal or nomination;

          (3) Any other information relating to such Shareholder and such
     beneficial owner that would be required to be disclosed in a proxy
     statement or other filing required to be made in connection with the
     solicitation of proxies by such Person with respect to the proposed
     business to be brought by such Person before the annual meeting pursuant
     to Section 14 of the 1934 Act and the rules and regulations promulgated
     thereunder, whether or not such Person intends to deliver a proxy
     statement or solicit proxies; and

          (4) A statement in writing with respect to the Shareholder and the
     beneficial owner, if any, on whose behalf the proposal is being made
     setting forth:

            (A) The name and address of such Shareholder, as they appear on the
       Trust's books, and of such beneficial owner;

            (B) The number and class of Shares which are owned beneficially and
       of record by such Shareholder and such beneficial owner, and the date(s)
       of acquisition of such shares, together with records evidencing such
       holdings;

            (C) The name of each nominee holder of Shares owned beneficially
       but not of record by such Shareholder and beneficial owner, and the
       number and class of such Shares held by each such nominee holder, and
       the date(s) of acquisition of such shares, together with records
       evidencing such holdings;

            (D) The number and class of all Shares (i) which the Shareholder
       has the right to acquire pursuant to any agreement or upon exercise of
       conversion rights or warrants, or otherwise or (ii) which are
       beneficially owned, directly or indirectly (including Shares deemed
       owned through application of clause (i) above), by any other Person or
       group with which the nominating Shareholder or its "affiliate" or
       "associate," as those terms are defined in Rule 12b-2, or any successor
       rule, under the 1934 Act, has any agreement, arrangement, or
       understanding for the purpose of acquiring, holding, voting, or
       disposing of Shares, or which is its "affiliate" or "associate" as so
       defined; and

            (E) A description of any agreement, arrangement or understanding,
       whether written or oral (including any derivative or short positions,
       profit interests, options or similar rights and borrowed or loaned
       shares) that has been entered into as of the date of the Shareholder
       Notice by, or on behalf of, such Shareholder or such beneficial owners
       (i) the effect or intent of which is to mitigate loss to, manage risk or
       benefit of share price changes for, or increase or decrease the voting
       power of such Shareholder or such beneficial owner; or (ii) related to
       such proposal.

       (i) A Shareholder providing notice of any nomination or other business
proposed to be brought before an annual meeting of Shareholders shall further
update and supplement such notice, if necessary, so that the information
provided or required to be provided in the notice of the annual meeting
delivered pursuant to Section 3 of this Article shall be true and correct as of
the record date for determining the Record Owners entitled to receive notice of
the

                                      11

<PAGE>

annual meeting of Shareholders and such update and supplement shall be received
by the Secretary at the principal executive offices of the Trust not later than
five (5) business days before the record date for determining the Shareholders
entitled to receive notice of the annual meeting of Record Owners.

       (j) Notwithstanding the foregoing provisions of this Article, unless
otherwise required by law, if the Shareholder (or a qualified representative of
the Shareholder) does not appear at the annual meeting or special meeting of
Shareholders of the Trust to present a nomination or proposed business, such
nomination shall be disregarded and such proposed business shall not be
transacted, notwithstanding that proxies in respect of such vote may have been
received by the Trust. For purposes of this Article, to be considered a
qualified representative of the Shareholder, a Person must be a duly authorized
officer, manager or partner of such Shareholder or must be authorized by a
writing executed by such Shareholder delivered by such Shareholder to act for
such Shareholder as proxy at the meeting of Shareholders and such Person must
deliver a copy of such writing to the acting secretary at the meeting of
Shareholders.

       (k) As used herein, shares "beneficially owned" shall mean all Shares
which such person is deemed to beneficially own pursuant to Rules 13d-3 and
13d-5 under the 1934 Act.

       (l) Only such matters shall be conducted at a special meeting of
Shareholders as shall have been brought before the meeting pursuant to the
Trust's notice of meeting. Nominations of individuals for election to the Board
of Trustees may be made at a special meeting of Shareholders at which Trustees
are to be elected:

          (1) Pursuant to the Trust's notice of meeting;

          (2) By or at the direction of the Board of Trustees; or

          (3) Provided that the Board of Trustees has determined that Trustees
     shall be elected at such special meeting, by:

            (A) Any Shareholder of the Trust who is a Record Owner of record at
       the time of giving of notice provided for in this Section, at the record
       date for such meeting and at the time of the special meeting, who is
       entitled to vote at the meeting and who complied with the notice
       procedures set forth in this Section; or

            (B) A Nominee Holder that holds voting securities entitled to vote
       at meetings of Shareholders through a nominee or "street name" holder of
       record and can demonstrate to the Trust such indirect ownership and such
       Nominee Holder's entitlement to vote such securities, and is a Nominee
       Holder at the time of giving of notice provided for in this Section, at
       the record date for such meeting and at the time of the special meeting,
       and who is entitled to vote at the meeting and has complied with the
       notice procedures set forth in this Section.

       (m) In the event the Trust calls a special meeting of Shareholders for
the purpose of electing one or more Trustees to the Board of Trustees, any
Record Owner or Nominee Holder, meeting the requirements of Section 15(l)(3)
above, may nominate a person or persons (as the case may be), for election to
such position(s) as specified in the Trust's notice of meeting, if the
appropriate Shareholder Notice shall be delivered to the Secretary of the Trust
at

                                      12

<PAGE>

the principal executive office of the Trust not later than the close of
business on the tenth (10th) day following the day on which the date of the
special meeting and of the nominees proposed by the Board of Trustees to be
elected at such meeting is publicly announced or disclosed.

       (n) For purposes of this Section, a matter shall be deemed to have been
"publicly announced or disclosed" if such matter is disclosed in a press
release reported by the Dow Jones News Service, Associated Press or comparable
national news service or in a document publicly filed by the Trust with the
Commission.

       (o) In no event shall the adjournment of an annual or special meeting,
or any announcement thereof, commence a new period for the giving of notice as
provided in this Section.

       (p) This Section shall not apply to Shareholder proposals made pursuant
to Rule 14a-8 under the 1934 Act.

       (q) The chair of any meeting of Shareholders, in addition to making any
other determinations that may be appropriate to the conduct of the meeting,
shall have the power and duty to determine whether notice of nominees and other
matters proposed to be brought before a meeting has been duly given in the
manner provided in this Section and, if not so given, shall direct and declare
at the meeting that such nominees and other matters are out of order and/or
shall not be considered.

                                   ARTICLE V
                                    NOTICES

   Section 1. Methods of Giving Notice. Whenever, under the provisions of
applicable law or of the Governing Instrument, notice is required to be given
to any Trustee or Shareholder, it shall not, unless otherwise provided herein,
be construed to mean personal notice, but such notice may be given orally in
person, or by telephone (promptly confirmed in writing) or in writing, by mail
addressed to such Trustee at his or her last given address or to such
Shareholder at his address as it appears on the records of the Trust, with
postage thereon prepaid, and such notice shall be deemed to be given at the
time when the same shall be deposited in the United States mail. Notice to
Trustees or members of a committee or sub-committee may also be given by telex,
telegram, facsimile, electronic-mail or via overnight courier. If sent by telex
or facsimile, notice to a Trustee or member of a committee or sub-committee
shall be deemed to be given upon transmittal; if sent by telegram, notice to a
Trustee or member of a committee or sub-committee shall be deemed to be given
when the telegram, so addressed, is delivered to the telegraph company; if sent
by electronic-mail, notice to a Trustee or member of a committee or
sub-committee shall be deemed to be given and shall be presumed valid when the
Trust's electronic-mail server reflects the electronic-mail message as having
been sent; and if sent via overnight courier, notice to a Trustee or member of
a committee or sub-committee shall be deemed to be given when delivered against
a receipt therefor.

   Section 2. Written Waiver. Whenever any notice is required to be given under
the provisions of applicable law, or of the Governing Instrument, a waiver
thereof in writing, signed by the person or persons entitled to said notice,
whether before or after the time stated therein, shall be deemed equivalent
thereto.

                                      13

<PAGE>

                                  ARTICLE VI
                   UNCERTIFICATED SHARES AND SHARE OWNERSHIP

   Section 1. Uncertificated Shares. Except as otherwise required by applicable
law, the rules of any exchange on which the Trust is listed or the Governing
Instrument, the Trust shall not issue share certificates and no Shareholder
shall have the right to demand or require that a certificate be issued to him,
her or it.

   Section 2. Transfer of Shares. Shares shall be transferable on the records
of the Trust only by the record holder thereof or by its agent thereto duly
authorized in writing, upon delivery to the transfer agent of the Trust of a
duly executed instrument of transfer, together with such evidence of the
genuineness of each such execution and authorization and of other matters
(including compliance with any securities laws and contractual restrictions) as
may reasonably be required. Upon such delivery the transfer shall be recorded
on the applicable register of the Trust. Until such record is made, the
Shareholder shall be deemed to be the holder of such Shares for all purposes
hereof and neither the Trustees nor any transfer agent or registrar nor any
officer, employee or agent of the Trust shall be affected by any notice of the
proposed transfer.

   Section 3. Record Owners Book. The Trust shall keep or cause to be kept a
Shareholder book, which may be maintained by means of computer systems,
containing the names, alphabetically arranged, of all persons who are Record
Owners of the Trust, showing their places of residence, the number and class of
any Shares held by them, respectively, and the dates when they became the
record owners thereof.

   Section 4. Registered Shareholders. The Trust shall be entitled to recognize
the exclusive right of a person registered on its books as the owner of Shares
to receive dividends, and to vote as such owner, and shall not be bound to
recognize any equitable or other claim of interest in such Share or Shares on
the part of any other person, whether or not it shall have express or other
notice hereof.

   Section 5. Record Date for Receiving Dividends and Other Actions. In order
that the Trustees may determine the Record Owners entitled to receive payment
of any dividend or other distribution of allotment of any rights, or entitled
to exercise any rights in respect of any change, conversion or exchange of
Shares or for the purpose of any other lawful action (other than the record
date for meetings of shareholders as set forth in Section 13 of Article IV),
the Board of Trustees may fix a record date, which record date (i) shall be set
forth in the resolution or resolutions authorizing the payment of such dividend
or other lawful action and (ii) shall not precede the date upon which the
resolution fixing the record date is adopted by the Board of Trustees.

                                  ARTICLE VII
                              GENERAL PROVISIONS

   Section 1. Seal. The Trust is not required to have any seal, and the
adoption or use of a seal shall be purely ornamental and be of no legal effect.
The seal, if any, of the Trust may be affixed to any instrument, and the seal
and its attestation may be lithographed, engraved or otherwise printed on any
document with the same force and effect as if it had been imprinted and affixed
manually in the same manner and with the same force and effect as if done by a
Delaware business corporation. The presence or absences of a seal shall have no
effect on the

                                      14

<PAGE>

validity, enforceability or binding nature of any document or instrument that
is otherwise duly authorized, executed and delivered.

   Section 2. Severability. The provisions of these Bylaws are severable. If
any provision hereof shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such
provision only in such jurisdiction and shall not affect any other provision of
these Bylaws.

   Section 3. Headings. Headings are placed in these Bylaws for convenience of
reference only and in case of any conflict, the text of these Bylaws rather
than the headings shall control.

                                 ARTICLE VIII
                                INDEMNIFICATION

   Section 1. Indemnification.

       (a) To the maximum extent permitted by law, the Trust shall indemnify
any person who was or is a party or is threatened to be made a party to, or is
involved as a witness in, any proceeding (other than a proceeding by or in the
right of the Trust) by reason of the fact that such person is or was a Covered
Person, against expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by such person in connection with such
proceeding.

       (b) To the maximum extent permitted by law, the Trust shall indemnify
any person who was or is a party or is threatened to be made a party to, or is
involved as a witness in, any proceeding by or in the right of the Trust to
procure a judgment in its favor by reason of the fact that such person is or
was a Covered Person, against expenses actually and reasonably incurred by that
person in connection with the investigation, defense or settlement of such
proceeding.

       (c) Notwithstanding any provision to the contrary contained herein, no
Covered Person shall be indemnified for any expenses, judgments, fines, amounts
paid in settlement, or other liability or loss arising by reason of disabling
conduct or for any proceedings by such Covered Person against the Trust. The
termination of any proceeding by conviction, or a plea of nolo contendere or
its equivalent, or an entry of an order of probation prior to judgment, creates
a rebuttable presumption that the person engaged in disabling conduct.

       (d) Notwithstanding the foregoing, with respect to any action, suit or
other proceeding voluntarily prosecuted by any indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit
or other proceeding by such indemnitee (1) was authorized by a majority of the
Trustees or (2) was instituted by the indemnitee to enforce his or her rights
to indemnification hereunder in a case in which the indemnitee is found to be
entitled to such indemnification. The rights to indemnification set forth in
these Bylaws shall continue as to a person who has ceased to be a Trustee or
officer of the Trust and shall inure to the benefit of his or her heirs,
executors and personal and legal representatives. No amendment or restatement
of these Bylaws or repeal of any of its provisions shall limit or eliminate any
of the benefits provided to any person who at any time is or was a trustee or
officer of the Trust or otherwise entitled to indemnification hereunder in
respect of any act or omission that occurred prior to such amendment,
restatement or repeal.

                                      15

<PAGE>

   Section 2. Advance Payment of Indemnification Expenses. To the maximum
extent permitted by law, the Trust shall advance to any person who was or is a
party or is threatened to be made a party to, or is involved as a witness in,
any proceeding by reason of the fact that such person is or was a Trustee or
officer of the Trust the expenses actually and reasonably incurred by such
person in connection with the defense of such proceeding in advance of its
final disposition. To the maximum extent permitted by law, the Trust may
advance to any person who was or is a party or is threatened to be made a party
to any proceeding by reason of the fact that such person is or was a Covered
Person (other than a Trustee or officer of the Trust) the expenses actually and
reasonably incurred by such person in connection with the defense of such
proceeding in advance of its final disposition. Notwithstanding any provision
to the contrary contained herein, the Trust shall not advance expenses to any
Covered Person (including a Trustee or officer of the Trust) unless:

       (a) the Trust has received an undertaking by or on behalf of such
Covered Person that the amount of all expenses so advanced will be paid over by
such person to the Trust unless it is ultimately determined that such person is
entitled to indemnification for such expenses; and

       (b) (i) such Covered Person shall have provided appropriate security for
such undertaking; (ii) the Trust shall be insured against losses by reason of
any lawful advance payments; or (iii) either (1) the Trustees, by the vote of a
majority of a quorum of qualifying Trustees (as defined in Section 6 below), or
(2) independent legal counsel in a written opinion, shall have determined,
based upon a review of readily available facts (as opposed to a full trial-type
inquiry), that there is reason to believe that such Covered Person ultimately
will be found entitled to indemnification.

   Section 3. Determination of Entitlement to Indemnification. Any
indemnification required or permitted under this Article VIII (unless ordered
by a court) shall be made by the Trust only as authorized in the specific case
upon a reasonable determination, based upon a review of the facts, that the
Covered Person is entitled to indemnification because (i) he or she is not
liable by reason of disabling conduct, or (ii) in cases where there is no
liability, he or she has not engaged in disabling conduct. Such determination
shall be made by (i) the vote of a majority of a quorum of qualifying Trustees;
or (ii) if there are no such Trustees, or if such Trustees so direct, by
independent legal counsel in a written opinion. Notwithstanding anything to the
contrary in Section 2 of this Article VIII, if a determination that a Covered
Person engaged in disabling conduct is made in accordance with this Section 3,
no further advances of expenses shall be made, and all prior advances, and
insurance premiums paid for by the Trust, if applicable, must be repaid.

   Section 4. Contract Rights. With respect to any person who was or is a party
or is threatened to be made a party to, or is involved as a witness in, any
proceeding by reason of the fact that such person is or was a Covered Person,
the rights to indemnification conferred in Section 1 of this Article VIII, and
with respect to any person who was or is a party or is threatened to be made a
party to, or is involved as a witness in, any proceeding by reason of the fact
that such person is or was a Trustee or officer of the Trust, the advancement
of expenses conferred in Section 2 of this Article VIII shall be contract
rights. Any amendment, repeal, or modification of, or adoption of any provision
inconsistent with, this Article VIII (or any provision hereof) shall not
adversely affect any right to indemnification or advancement of expenses
granted to any such person pursuant hereto with respect to any act or omission
of such person occurring prior to the time of such amendment, repeal,
modification, or adoption (regardless of whether the proceeding relating to
such acts or omissions is commenced before

                                      16

<PAGE>

or after the time of such amendment, repeal, modification, or adoption). Any
amendment or modification of, or adoption of any provision inconsistent with,
this Article VIII (or any provision hereof), that has the effect of positively
affecting any right to indemnification or advancement of expenses granted to
any such person pursuant hereto, shall not apply retroactively to any person
who was not serving as a Trustee, officer, employee or agent of the Trust at
the time of such amendment, modification or adoption.

   Section 5. Claims.

       (a) If (X) a claim under Section 1 of this Article VIII with respect to
any right to indemnification is not paid in full by the Trust within sixty days
after a written demand has been received by the Trust or (Y) a claim under
Section 2 of this Article VIII with respect to any right to the advancement of
expenses is not paid in full by the Trust within thirty days after a written
demand has been received by the Trust, then the Covered Person seeking to
enforce a right to indemnification or to an advancement of expenses, as the
case may be, may at any time thereafter bring suit against the Trust to recover
the unpaid amount of the claim.

       (b) If successful in whole or in part in any suit brought pursuant to
Section 5(a) of this Article VIII, or in a suit brought by the Trust to recover
an advancement of expenses (whether pursuant to the terms of an undertaking or
otherwise), the Covered Person seeking to enforce a right to indemnification or
an advancement of expenses hereunder or the Covered Person from whom the Trust
sought to recover an advancement of expenses, as the case may be, shall be
entitled to be paid by the Trust the reasonable expenses (including attorneys'
fees) of prosecuting or defending such suit.

   Section 6. Definitions. For purposes of this Article VIII: (a) references to
"Trust" include any domestic or foreign predecessor entity of this Trust in a
merger, consolidation, or other transaction in which the predecessor's
existence ceased upon consummation of the transaction; (b) the term "disabling
conduct" means willful misfeasance, bad faith, gross negligence, or the
reckless disregard of the duties involved in the conduct of the Covered
Person's office with the Trust; (c) the term "expenses" includes, without
limitations, attorneys' fees; (d) the term "proceeding" means any threatened,
pending, or completed action, suit, or proceeding, whether civil, criminal,
administrative, or investigative; and (e) the term "qualifying Trustee" means
any Trustee who is not an interested person (as defined in the 1940 Act) of the
Trust and is not a party to the proceeding.

                                  ARTICLE IX
                                  AMENDMENTS

   Section 1. Amendments by Trustees. These Bylaws may be altered or repealed
only by the affirmative vote of at least two-thirds (66 2/3%) of the Board of
Trustees, without the vote or approval of the Shareholders, at any regular or
special meeting of the Board of Trustees without prior notice. The Trustees
shall not adopt Bylaws which are in conflict with the Agreement and any
apparent inconsistency shall be construed in favor of the Agreement.

                                      17

<PAGE>

                                                               Sub-Item 77Q1(a)

       DECLARATION OF TRUST, dated as of March 27, 2012, by the individual
trustee identified on the signature page hereto (the "Trustee"). The Trustee
hereby agrees as follows:

       1. The trust created hereby (the "Trust") shall be known as "Invesco
Municipal Income Opportunities Trust" in which name the Trustee may conduct the
business of the Trust, make and execute contracts, and sue and be sued.

       2. The Trustee hereby declares that he will hold the trust estate in
trust for such persons as are or may become entitled to a beneficial interest
in the trust estate. It is the intention of the parties hereto that the Trust
created hereby constitute a statutory trust under Chapter 38 of Title 12 of the
Delaware Code, 12 Del. Code (S) 3801 et seq., and that this document
constitutes the governing instrument of the Trust. The Trustee is hereby
authorized and directed to execute and file a certificate of trust in the
office of the Secretary of State of the State of Delaware. The Trust is hereby
established by the Trustee for the purpose of becoming a registered investment
company under the Investment Company Act of 1940, as amended (the "1940 Act"),
and engaging in such other activities as are necessary, convenient or
incidental thereto.

       3. The Trustee intends to enter into an amended and restated Agreement
and Declaration of Trust and to appoint additional trustees thereunder to
provide for the contemplated operation of the Trust created hereby. Prior to
the execution and delivery of such amended and restated Agreement and
Declaration of Trust, the Trustee shall not have any duty or obligation
hereunder or with respect to the trust estate, except as required by law.

       4. The following persons be, and they hereby are, elected to the offices
listed opposite their names, each to serve (a) until the first meeting of the
Board of Trustees and until his successor shall have been elected and shall
have qualified, (b) until his death or (c) until he shall have resigned or have
been removed by the Trustee:

<TABLE>
          <S>               <C>
          Philip A. Taylor  President and Principal Executive Officer

          Sheri Morris      Treasurer and Principal Financial Officer

          John M. Zerr      Secretary and Chief Legal Officer
</TABLE>

   5. The Trustee and the officers of the Trust are hereby authorized: (i) to
prepare and file with the Securities and Exchange Commission (the "Commission")
and execute, in each case on behalf of the Trust, (a) a Registration Statement
on Form 8-A (including any pre-effective or post-effective amendments thereto)
relating to the registration of the securities of the Trust under Section 12(b)
of the Securities Exchange Act of 1934, as amended (the "1934 Act"), (b) the
Notification of Registration on Form N-8A relating to the registration of the
Trust under the 1940 Act, and (c) any additional filing, request, report or
application or amendment thereto with the Commission that may be required from
time to time under the 1940 Act, the Securities Act of 1933, as amended (the
"1933 Act") or the 1934 Act, and the rules and regulations promulgated
thereunder; (ii) to prepare, execute and file, in each case on behalf of the
Trust, such applications, reports, surety bonds, irrevocable consents,
appointments of attorney for service of process and other papers and documents
as shall be necessary or desirable to register the securities of the Trust
under the securities or "blue sky" laws of such jurisdictions as the

<PAGE>

                                                               Sub-Item 77Q1(a)

Trustee and officers may deem necessary or desirable; (iii) to negotiate the
terms of, and execute on behalf of the Trust, such investment advisory
agreements and other contracts among the Trust and any other persons relating
to the operation of the Trust or the issuance of the securities of the Trust,
satisfactory to each such party and (iv) to make any and all necessary filings
and to take any and all actions, including, without limitation, the execution
and delivery of any and all documents, amendments, certificates or other
instruments, that they, together with and upon the advice of counsel, shall
deem necessary or advisable to conduct the business of the Trust, such
determination to be conclusively evidenced by the taking of such actions and
steps and the execution and delivery of such documents, amendments,
certificates or other instruments.

       6. The number of Trustees initially shall be one (1) and thereafter the
number of Trustees shall be such number as shall be fixed in an amended and
restated Agreement and Declaration of Trust. The sole Trustee may resign upon
acceptance of the trusts by the additional trustees appointed by the sole
Trustee.

       7.(a) The Trustees and the officers of the Trust (the "Fiduciary
Indemnified Persons") shall not be liable, responsible or accountable in
damages or otherwise to the Trust, the Trustees or any holder of the Trust's
securities (the Trust and any holder of the Trust's securities being a "Covered
Person") for any loss, damage or claim incurred by reason of any act or
omission performed or omitted by the Fiduciary Indemnified Persons in good
faith on behalf of the Trust and in a manner the Fiduciary Indemnified Persons
reasonably believed to be within the scope of authority conferred on the
Fiduciary Indemnified Persons by this Declaration of Trust or by law, except
that the Fiduciary Indemnified Persons shall be liable for any such loss,
damage or claim incurred by reason of the Fiduciary Indemnified Person's gross
negligence or willful misconduct with respect to such acts or omissions.

          (b) The Fiduciary Indemnified Persons shall be fully protected in
relying in good faith upon the records of the Trust and upon such information,
opinions, reports or statements presented to the Trust by any person as to
matters the Fiduciary Indemnified Persons reasonably believes are within such
other person's professional or expert competence and who has been selected with
reasonable care by or on behalf of the Trust, including information, opinions,
reports or statements as to the value and amount of the assets, liabilities,
profits, losses, or any other facts pertinent to the trust estate.

       8. The Trust shall, to the fullest extent permitted by applicable law,

          (a) indemnify and hold harmless each Fiduciary Indemnified Person
from and against any loss, damage, liability, tax, penalty, expense or claim of
any kind or nature whatsoever incurred by the Fiduciary Indemnified Persons by
reason of the creation, operation or termination of the Trust in a manner the
Fiduciary Indemnified Persons reasonably believed to be within the scope of
authority conferred on the Fiduciary Indemnified Persons by this Declaration of
Trust, except that no Fiduciary Indemnified Persons shall be entitled to be
indemnified in respect of any loss, damage or claim incurred by the Fiduciary
Indemnified Persons by reason of gross negligence or willful misconduct with
respect to such acts or omissions; and

          (b) advance expenses (including legal fees) incurred by a Fiduciary
Indemnified Person in defending any claim, demand, action, suit or proceeding,
from time to

<PAGE>

                                                               Sub-Item 77Q1(a)

time, prior to the final disposition of such claim, demand, action, suit or
proceeding, upon receipt by the Trust of an undertaking by or on behalf of such
Fiduciary Indemnified Persons to repay such amount if it shall be determined
that such Fiduciary Indemnified Person is not entitled to be indemnified as
authorized in the preceding subsection.

       9. The provisions of Section 8 shall survive the resignation or removal
of the Fiduciary Indemnified Persons.

       10. The Trust may terminate without issuing any securities at the
election of the Trustees.

       11. This Declaration of Trust and the rights of the parties hereunder
shall be governed by and interpreted in accordance with the laws of the State
of Delaware and all rights and remedies shall be governed by such laws without
regard to the principles of conflict of laws.

       IN WITNESS WHEREOF, the parties hereto have caused this Declaration of
Trust to be duly executed as of the day and year first above written.


                                                  /s/ John M. Zerr
                                                  ------------------------------
                                                  John M. Zerr
</TEXT>
</DOCUMENT>
