<SEC-DOCUMENT>0001193125-14-253201.txt : 20140627
<SEC-HEADER>0001193125-14-253201.hdr.sgml : 20140627
<ACCEPTANCE-DATETIME>20140627154200
ACCESSION NUMBER:		0001193125-14-253201
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140827
FILED AS OF DATE:		20140627
DATE AS OF CHANGE:		20140627
EFFECTIVENESS DATE:		20140627

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Income Opportunities Trust
		CENTRAL INDEX KEY:			0000835333
		IRS NUMBER:				133473972
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0530

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05597
		FILM NUMBER:		14945887

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST/MA
		DATE OF NAME CHANGE:	19930721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		14945888

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Quality Municipal Income Trust
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		14945889

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d734469ddef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML><HEAD>
<TITLE>DEF 14A</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by
a Party other than the Registrant&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Check the appropriate box: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="95%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Preliminary Proxy Statement</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Definitive Proxy Statement</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Definitive Additional Materials</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Soliciting Material Pursuant to &#167; 240.14a-11(c) or &#167; 240.14a-12</P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO VALUE MUNICIPAL INCOME TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Payment of Filing Fee (Check the appropriate box): </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#120;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">No fee required.</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">1)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Title of each class of securities to which transaction applies:</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">2)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Aggregate number of securities to which transaction applies:</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">4)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Proposed maximum aggregate value of transaction:</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">5)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Total fee paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR>
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Fee paid previously with preliminary materials.</P></TD></TR>
<TR>
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</P></TD></TR>
<TR>
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">1)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Amount Previously Paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">2)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Form, Schedule or Registration Statement No.:</P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">3)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Filing Party:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">4)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Date Filed:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST (NYSE: OIA) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST (NYSE: IQI) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO VALUE MUNICIPAL INCOME TRUST (NYSE: IIM) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1555 Peachtree Street, N.E. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Atlanta, Georgia 30309 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To Be Held August&nbsp;27, 2014 </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Notice is hereby given to the holders of common shares of beneficial interest (the &#147;<U>Common Shares</U>&#148;) and, as
applicable, the holders of preferred shares of beneficial interest (the &#147;<U>Preferred Shares</U>&#148;) of each of the following funds: Invesco Municipal Income Opportunities Trust, Invesco Quality Municipal Income Trust and Invesco Value
Municipal Income Trust (each, a &#147;<U>Fund</U>&#148; and together, the &#147;<U>Funds</U>&#148;) that the Joint Annual Meeting of Shareholders of the Funds (the &#147;<U>Meeting</U>&#148;) will be held at 1555 Peachtree Street, N.E., Atlanta,
Georgia 30309, on August&nbsp;27, 2014 at 10:00 a.m.&nbsp;E.D.T., for the following purposes: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;To elect trustees in
the following manner: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;<B>With respect to Invesco Municipal Income Opportunities Trust:</B> to
elect David C. Arch, Frank S. Bayley, Larry Soll, Philip A. Taylor and Wayne W. Whalen as trustees of Invesco Municipal Income Opportunities Trust to be voted on by the holders of Common Shares. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;<B>With respect to Invesco Quality Municipal Income Trust and Invesco Value Municipal Income Trust:
</B>to elect David C. Arch, Larry Soll, Philip A. Taylor and Wayne W. Whalen as trustees of each such Fund to be voted on by the holders of Common Shares and the holders of Preferred Shares of each such Fund voting together. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;<B>With respect to Invesco Quality Municipal Income Trust and Invesco Value Municipal Income
Trust:</B> to elect Frank S. Bayley as independent trustee of each such Fund to be voted on only by the holders of Preferred Shares of each such Fund voting separately. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;To transact such other business as may properly come before the Meeting or any adjournments thereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each elected trustee will serve for a three-year term or until a successor shall have been duly elected and qualified. Holders
of record of the Common Shares and, where applicable, Preferred Shares of each Fund on June&nbsp;2, 2014 are entitled to notice of and to vote at the Meeting and any adjournment thereof. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>THE BOARD OF TRUSTEES OF EACH FUND&nbsp;UNANIMOUSLY RECOMMENDS THAT YOU CAST YOUR VOTE <U>FOR ALL</U> OF THE NOMINEES TO THE
BOARD OF TRUSTEES LISTED IN THE JOINT PROXY STATEMENT. </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:49%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">By order of the Board of Trustees, </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:49%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>/s/ John M.
Zerr&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:49%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><I>Senior Vice President, Chief Legal Officer and Secretary</I> </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">June&nbsp;30, 2014 </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>IT IS VERY IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING IN PERSON OR BY PROXY. PLEASE PROMPTLY SIGN, DATE AND
RETURN THE ENCLOSED PROXY CARD(S) IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE OR VOTE BY TELEPHONE OR THROUGH THE INTERNET PURSUANT TO THE INSTRUCTIONS&nbsp;ON THE ENCLOSED PROXY CARD(S), REGARDLESS OF WHETHER YOU PLAN TO ATTEND THE MEETING. </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you attend the meeting and wish to vote in person, you will be able to do so and your vote at the meeting will revoke any
proxy you may have submitted. Merely attending the meeting, however, will not revoke a previously given proxy. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In order to
avoid the additional expense of further solicitation, we ask that you mail your proxy card(s) or record your voting instructions&nbsp;by telephone or via the internet promptly. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Your vote is extremely important. No matter how many or how few shares you own, please send in your proxy card(s), or vote by
telephone or the internet today. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">CE-IVZ-PROXY-1 </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST (NYSE: OIA) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST (NYSE: IQI) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESCO VALUE MUNICIPAL INCOME TRUST (NYSE: IIM) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1555 Peachtree Street, N.E. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Atlanta, Georgia 30309 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROXY STATEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>JOINT ANNUAL MEETING OF SHAREHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>To be Held August&nbsp;27, 2014 </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Joint Proxy Statement is being furnished in connection with the solicitation of proxies by the Boards of Trustees (the
&#147;<U>Board</U>&#148;) of Invesco Municipal Income Opportunities Trust, Invesco Quality Municipal Income Trust and Invesco Value Municipal Income Trust (the &#147;<U>Funds</U>&#148;). The proxies are to be voted at a Joint Annual Meeting of
Shareholders of the Funds, and all adjournments thereof (the &#147;<U>Meeting</U>&#148;), to be held at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309, on August&nbsp;27, 2014, at 10:00 a.m.&nbsp;E.D.T. The Meeting will be an annual meeting for
each Fund. The approximate mailing date of this Joint Proxy Statement and accompanying proxy cards is June&nbsp;30, 2014. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Participating in the Meeting are holders of common shares of beneficial interest (the &#147;<U>Common Shares</U>&#148;) and,
for those Funds with outstanding preferred shares of beneficial interest (the &#147;<U>Preferred Shares</U>&#148;), the holders of Preferred Shares. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Common Shares and the Preferred Shares of the Funds are sometimes referred to herein collectively as the
&#147;Shares.&#148; The Board has fixed June&nbsp;2, 2014 as the record date (the &#147;<U>Record Date</U>&#148;) for the determination of holders of Shares of each Fund entitled to vote at the Meeting. Each Fund is organized as a Delaware statutory
trust. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Common Shares of each of the Funds are listed on the New York Stock Exchange (the &#147;<U>NYSE</U>&#148;).
Below is each Fund&#146;s NYSE ticker symbol and the amount of Common Shares and Preferred Shares outstanding as of the Record Date. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="21%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="21%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="21%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Fund</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>NYSE&nbsp;Ticker&nbsp;Symbol</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Common&nbsp;Shares<BR>Outstanding<BR>as&nbsp;of&nbsp;Record&nbsp;Date</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Preferred&nbsp;Shares</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Outstanding</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as&nbsp;of&nbsp;Record&nbsp;Date</B></P></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Invesco&nbsp;Municipal&nbsp;Income<BR>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Opportunities Trust</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">OIA</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">47,425,493.64</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">None</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Invesco Quality Municipal<BR>Income Trust</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">IQI</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">52,883,797.34</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">2,139</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Invesco Value Municipal<BR>Income Trust</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">IIM</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">47,027,953.32</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1,431</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Meeting is scheduled as a joint meeting because the shareholders of the Funds are expected
to consider and vote on similar matters. The Board has determined that the use of a joint proxy statement for the Meeting is in the best interests of the shareholders of each Fund. In the event that a shareholder of any Fund present at the Meeting
objects to the holding of a joint meeting and moves for an adjournment of the meeting of such Fund to a time immediately after the Meeting so that such Fund&#146;s meeting may be held separately, the persons named as proxies will vote in favor of
such adjournment. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you have any questions about the information set forth in this Joint Proxy Statement, please contact
us at the 24-hour Automated Investor Line at 1-800-341-2929, or online at <U>www.invesco.com/us</U>. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Important Notice Regarding the Availability of
Proxy Materials for the Meeting </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This Joint Proxy Statement, a copy of the most recent annual report of each Fund and
a copy of the Proxy Cards (together, the &#147;<U>Proxy Materials</U>&#148;) are available at <U>https://www.proxy-direct.com/inv-25716</U>. The Proxy Materials will be available on the internet through the day of the Meeting. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Each Fund will furnish, without charge, a copy of its most recent annual
report (and the most recent semiannual report succeeding the annual report, if any) to any shareholder upon request. </B>Any such request should be directed to the Secretary of the respective Fund by calling 1-800-341-2929, or by writing to the
Secretary of the respective Fund at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>The Proposal: Election of Trustees </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following table summarizes the proposal (the &#147;<U>Proposal</U>&#148;) to be presented at the Meeting and the
shareholders entitled to vote. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="35%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="33%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Funds</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Trustee&nbsp;Nominees&nbsp;for&nbsp;Election</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Shareholders</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Entitled to
Vote</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco&nbsp;Municipal&nbsp;Income&nbsp;Opportunities&nbsp;Trust</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">David&nbsp;C.&nbsp;Arch,&nbsp;Frank&nbsp;S.&nbsp;Bayley,*&nbsp;Larry&nbsp;Soll,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Philip&nbsp;A.&nbsp;Taylor and Wayne W. Whalen*</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">Common&nbsp;Shareholders</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco Quality Municipal Income Trust</P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco Value
Municipal Income Trust</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">David&nbsp;C.&nbsp;Arch,&nbsp;Larry&nbsp;Soll,&nbsp;Philip&nbsp;A.&nbsp;Taylor</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">and Wayne&nbsp;W.&nbsp;Whalen*</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">Common&nbsp;Shareholders&nbsp;and Preferred&nbsp;Shareholders,&nbsp;voting&nbsp;together</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco Quality Municipal Income Trust</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco Value Municipal Income Trust</P></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Frank S. Bayley*</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">Preferred&nbsp;Shareholders,&nbsp;voting&nbsp;separately</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">* Retiring effective December&nbsp;31, 2014. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Voting at the Meeting </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Shareholders of a Fund on the Record Date are entitled to one vote per Share, and a proportional vote for each fractional
Share, with respect to the nominees for whom they are entitled to vote under the Proposal, with no Share having cumulative voting rights. A majority of the outstanding Shares of a Fund entitled to vote must be present in person or by proxy to have a
quorum for such Fund to conduct business at the Meeting. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you intend to attend the Meeting in person and you are a
record holder of a Fund&#146;s Shares, in order to gain admission you must show photographic identification, such as your driver&#146;s license. If you intend to attend the Meeting in person and you hold your Shares through a bank, broker or other
custodian (<I>i.e.</I>, in &#147;<U>street name</U>&#148;), in order to gain admission you must show photographic identification, such as your driver&#146;s license, and satisfactory proof of ownership of Shares of a Fund, such as your voting
instruction form (or a copy thereof) or broker&#146;s statement indicating ownership as of a recent date. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you hold
your Shares in &#147;<U>street name</U>,&#148; you will not be able to vote your Shares in person at the Meeting unless you have previously requested and obtained a &#147;<U>legal proxy</U>&#148; from your broker, bank or other nominee and present
it at the Meeting. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">You may contact the Funds at 1-800-341-2929 to obtain directions to the site of the Meeting. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Funds do not know of any business other than the Proposal that will, or is proposed to, be presented for consideration at
the Meeting. If any other matters are properly presented, the persons named on the enclosed proxy cards shall vote proxies in accordance with their best judgment. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Required Vote </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Provided a quorum is present, the affirmative vote of a majority of the outstanding Shares of a Fund present in person or by
proxy and entitled to vote at the Meeting is required to elect each nominee for Trustee of such Fund designated to be elected by the holders of the outstanding Shares of such Fund. Provided a quorum is present, the affirmative vote of a majority of
the outstanding Preferred Shares of a Fund present at the Meeting in person or by proxy and entitled to vote at the Meeting, voting as a separate class, is required to elect a nominee for Trustee of such Fund designated to be elected by the holders
of the Preferred Shares of each such Fund (a &#147;<U>Preferred Shares Trustee</U>&#148;). A quorum, which is required for each Fund, is a majority of the outstanding Shares of a Fund, present in person or by proxy, entitled to vote at the Meeting.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All Shares represented by properly executed proxies received prior to the Meeting
will be voted at the Meeting in accordance with the instructions marked thereon. Proxies on which no vote is indicated will be voted &#147;<U>FOR</U>&#148; each nominee as to whom they are entitled to be voted. Proxies marked
&#147;<U>WITHHOLD</U>&#148; will not be voted &#147;<U>FOR</U>&#148; the indicated nominee, but will be counted for purposes of determining whether a quorum is present, and will therefore have the same effect as a vote &#147;<U>against</U>&#148; a
nominee. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Abstentions and Broker Non-Votes </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Abstentions and broker non-votes will not count as votes in favor of the Proposal, but will be deemed to be present at the
Meeting for purposes of determining a quorum. Broker non-votes arise when shares are held in &#147;<U>street name</U>&#148; by brokers who have discretion to vote on one proposal, but who have not received instructions with respect to a
non-discretionary proposal from the beneficial owners or other persons entitled to vote. Under the rules of the NYSE, brokers may vote in their discretion on the election of trustees of a closed-end fund. As a result, beneficial owners who do not
provide proxy instructions or who do not return a proxy card may have their Shares voted by their brokers in favor of the Proposal. Because the only proposal is for the election of Trustees, the Funds do not expect to receive any abstentions or
broker non-votes. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Revoking a Proxy </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Shareholders who execute proxies may revoke them at any time before they are voted by filing a written notice of revocation
with the respective Fund, by delivering a duly executed proxy bearing a later date, or by attending the Meeting and voting in person. Shareholders who wish to vote at the Meeting and who hold their shares in &#147;<U>street name</U>&#148; through a
brokerage or similar account should obtain a &#147;<U>legal proxy</U>&#148; from their broker in order to vote at the Meeting. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Adjourning the Meeting </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If a quorum is not present at the Meeting, or a quorum is present at the Meeting but sufficient votes to approve any proposal
described in the original notice of the Meeting is not obtained, 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 Chairman of the
Board in his or her discretion, will have the power to adjourn the Meeting without notice other than announcement at the Meeting. Provided a quorum is present, any business may be transacted at such adjourned meeting that might have been transacted
at the Meeting as originally notified. A meeting 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. In voting for the adjournment, the persons named as proxies
may vote their proxies in favor of one or more adjournments of the meeting, or the Chairman of the Board may call an adjournment, provided such persons determine that such adjournment is reasonable and in the best interests of shareholders and the
Funds, based on a consideration of such factors as they may deem relevant, including, without limitation, by voting proxies for or against adjournment consistent with the votes for and against the proposal for which the required vote has not been
obtained. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOARD OF EACH FUND&nbsp;RECOMMENDS THAT YOU CAST YOUR VOTE FOR ALL OF THE NOMINEES. </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Investment Adviser of the Funds </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The investment adviser for each Fund is Invesco Advisers, Inc. (the &#147;<U>Adviser</U>&#148;). The Adviser is a wholly owned
subsidiary of Invesco Ltd. The Adviser is located at 1555 Peachtree Street, N.E., Atlanta, GA 30309. The Adviser and its predecessors have been investment advisers since 1976. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Sub-Advisers of the Funds </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Adviser has entered into a sub-advisory agreement with certain affiliates to serve as sub-advisers to each Fund, pursuant
to which these affiliated sub-advisers may be appointed by the Adviser from time to time to provide discretionary investment management services, investment advice, and/or order execution services to the Funds. The affiliated sub-advisers, each of
which is a registered investment adviser under the Investment Advisers Act of 1940, are Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Hong
Kong Limited, Invesco Senior Secured Management, Inc., and Invesco Canada Ltd. (each a &#147;<U>Sub-Adviser</U>&#148; and, collectively, the &#147;<U>Sub-Advisers</U>&#148;). Each Sub-Adviser is an indirect wholly owned subsidiary of Invesco Ltd.
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other Service Providers of the Funds </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Administration Services </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Fund has entered into a master administrative services agreement with the Adviser, pursuant to which the Adviser performs
or arranges for the provision of accounting and other administrative services to each Fund which are not required to be performed by the Adviser under its investment advisory agreement with each Fund. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Custodian and Transfer Agent </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The custodian for each Fund is State Street Bank and Trust&nbsp;Company located at One Lincoln Street, Boston, Massachusetts
02111. The transfer agent for each Fund is Computershare Trust&nbsp;Company, N.A. located at P.O.&nbsp;Box&nbsp;43078, Providence, Rhode Island 02940-3078. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE PROPOSAL: </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ELECTION OF TRUSTEES </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Five Trustees are to be elected by the shareholders of each Fund at the Meeting. All nominees have consented to being named in
this Joint Proxy Statement and have agreed to serve if elected. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">With respect to Invesco Municipal Income Opportunities
Trust, holders of Common Shares will vote with respect to the election of David C. Arch, Frank S. Bayley, Larry Soll, Philip A. Taylor and Wayne W. Whalen. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">With respect to each of Invesco Quality Municipal Income Trust and Invesco Value Municipal Income Trust, holders of Preferred
Shares, voting as a separate class, will vote with respect to the election of Frank S. Bayley, while holders of Common Shares and holders of Preferred Shares will vote together with respect to David C. Arch, Larry Soll, Philip A. Taylor and Wayne W.
Whalen. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If elected, each Trustee will serve until the later of such Fund&#146;s Annual Meeting of Shareholders in 2017 or
until his or her successor has been duly elected and qualified. As in the past, only one class of Trustees is being submitted to shareholders of each Fund for election at the Meeting. Each Fund&#146;s Declaration of Trust provides that the Board
shall be divided into three classes, which must be as nearly equal in number as possible. For each Fund, only one class of Trustees is elected at each annual meeting, so that the regular term of only one class of Trustees will expire annually and
any particular Trustee stands for election only once in each three-year period. This type of classification may prevent replacement of a majority of Trustees of a Fund for up to a two-year period. The foregoing is subject to the provisions of the
Investment Company Act of 1940, as amended (the &#147;<U>1940 Act</U>&#148;), applicable state law based on the state of organization of each Fund, each Fund&#146;s Declaration of Trust and each Fund&#146;s Bylaws. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In the case of any vacancy on the Board, each Fund&#146;s Declaration of Trust provides that the remaining Trustees may fill
such vacancy by appointing a replacement to serve for the remainder of the term or reduce the size of the Board. In the case of a vacancy of a &#147;Preferred Shares Trustee,&#148; the remaining Trustees may designate a Trustee to serve as a
&#147;Preferred Shares Trustee&#148; for the remainder of the term. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The group of Trustees up for election in any given
year is the same for each Fund. The following table indicates the Trustees in each such group and the period for which each group currently serves: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD WIDTH="31%"></TD>
<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Group I*</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Group II**</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"><B>Group III***</B></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Albert R. Dowden</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">David C. Arch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">James&nbsp;T.&nbsp;Bunch</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Prema Mathai-Davis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Frank S. Bayley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Bruce&nbsp;L.&nbsp;Crockett</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Hugo F. Sonnenschein</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Larry Soll</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Rodney&nbsp;F.&nbsp;Dammeyer</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Raymond Stickel, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Philip A. Taylor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Jack&nbsp;M.&nbsp;Fields</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Wayne W. Whalen</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Martin&nbsp;L.&nbsp;Flanagan</P></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;*</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Currently serving until the year 2016 Annual Meeting or until their successors have been duly elected and qualified. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;**</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Currently up for election at the Meeting. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">Currently serving until the year 2015 Annual Meeting or until their successors have been duly elected and qualified. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Although each Fund votes on the same Trustees at the same time, the classification by which each Fund refers to such groups is
different. IIM classifies Group I above as Class I, Group II above as Class II, and Group III above as Class III. IQI and OIA classify Group I above as Class III, Group II above as Class I, and Group III above as Class II. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Information Regarding the Trustees </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The business and affairs of the Funds are managed under the direction of the Board. Trustees of the Funds generally serve
three-year terms or until their successors are duly elected and qualified. The tables below list the incumbent Trustees and nominees for Trustee, their principal occupations, other directorships held by them during the past five years, and any
affiliations with the Adviser or its affiliates. The Board will be composed of fourteen Trustees, including eleven Trustees who are not &#147;interested persons&#148; of the Funds, as that term is defined in the 1940 Act (collectively, the
&#147;<U>Independent Trustees</U>&#148; and each an &#147;<U>Independent Trustee</U>&#148;). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The term &#147;<U>Invesco
Fund&nbsp;Complex</U>&#148; includes each of the open-end and closed-end registered investment companies advised primarily by the Adviser as of the Record Date. As of the date of this Joint Proxy Statement, there are 139 funds in the Invesco
Fund&nbsp;Complex. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The mailing address of each Trustee is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Interested Trustees </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="16%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Birth
and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trustee</B><br><B>Since</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>During Past 5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Funds&nbsp;in&nbsp;Invesco</B><br><B>Fund Complex</B><br><B>Overseen by</B><br><B>Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trusteeship(s)/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Directorship(s)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Held
by</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Martin&nbsp;L.&nbsp;Flanagan<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;&#151;&nbsp;1960</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Adviser to the Board, Invesco Advisers, Inc. (formerly known as Invesco Institutional
(N.A.), Inc.); Trustee, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">None</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Formerly: Chairman and Chief Executive Officer, Invesco Advisers, Inc. (registered investment adviser); Director, Chairman, Chief Executive Officer and President, IVZ Inc. (holding company), INVESCO Group Services, Inc. (service
provider) and Invesco North American Holdings, Inc. (holding company); Director, Chief Executive Officer and President, Invesco Holding Company Limited (parent of Invesco and a global investment management firm); Director, Invesco Ltd.; Chairman,
Investment Company Institute and President, Co-Chief Executive Officer, Co-President, Chief Operating Officer and Chief Financial Officer, Franklin Resources, Inc. (global investment management organization)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Philip A. Taylor<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP> &#151;&nbsp;1954</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee,&nbsp;President&nbsp;and&nbsp;Principal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Executive Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered
investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and President, INVESCO Funds Group,
Inc. (registered</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">None</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="38%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="16%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Birth
and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trustee</B><br><B>Since</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>During Past 5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Funds&nbsp;in&nbsp;Invesco</B><br><B>Fund Complex</B><br><B>Overseen by</B><br><B>Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trusteeship(s)/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Directorship(s)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Held
by</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">investment adviser and registered transfer agent); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) and IVZ Distributors, Inc. (formerly
known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company) and Invesco Canada Holdings Inc. (holding company); Chief Executive Officer, Invesco Corporate Class Inc. (corporate
mutual fund company) and Invesco Canada Fund Inc. (corporate mutual fund company); Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Lt&egrave;e) (registered investment
adviser and registered transfer agent); Trustee, President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer&#146;s Series Trust (Invesco Treasurer&#146;s Series Trust) and Short-Term Investments Trust); Trustee and
Executive Vice President, The Invesco Funds (AIM Treasurer&#146;s Series Trust (Invesco Treasurer&#146;s Series Trust) and Short-Term Investments Trust only); Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management);
Director, Chief Executive Officer and President, Van Kampen Exchange Corp.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Formerly: Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc.
(general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors,
Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital
Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Lt&egrave;e; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding
Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer&#146;s Series Trust (Invesco Treasurer&#146;s</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="16%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Birth
and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trustee</B><br><B>Since</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>During Past 5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Funds&nbsp;in&nbsp;Invesco</B><br><B>Fund Complex</B><br><B>Overseen by</B><br><B>Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trusteeship(s)/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Directorship(s)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Held
by</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Series Trust), Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Wayne&nbsp;W.&nbsp;Whalen<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;&#151;&nbsp;1939</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Of Counsel, and prior to 2010, partner in the law firm of Skadden, Arps, Slate, Meagher &amp; Flom LLP, legal counsel to certain funds in the Fund Complex</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">139</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director of the Mutual Fund Directors Forum, a nonprofit membership organization for investment directors; Chairman&nbsp;and&nbsp;Director of the Abraham Lincoln Presidential Library Foundation; and Director of the Stevenson Center
for Democracy</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt"><B>Independent Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Bruce L. Crockett&nbsp;&#151;&nbsp;1944</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee and Chair</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Chairman, Crockett Technologies Associates (technology consulting company)</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Director, Captaris (unified messaging provider); Director, President and Chief
Executive Officer COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company) and Investment Company Institute</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">ALPS (Attorneys Liability Protection Society) (insurance company)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">David C. Arch&nbsp;&#151;&nbsp;1945</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of Blistex Inc., a consumer health care products manufacturer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">139</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Board member of the Illinois Manufacturers&#146; Association; Member of the Board of Visitors, Institute for the Humanities, University of Michigan; Member of the Audit Committee of the Edward-Elmhurst Hospital</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Frank S. Bayley &#151;&nbsp;1939</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Retired.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Director, Badgley Funds, Inc. (registered investment company) (2 portfolios) and General Partner and Of Counsel, law firm of Baker &amp; McKenzie,
LLP</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director and Chairman, C.D. Stimson Company (a real estate investment company); Trustee, The Curtis Institute of Music</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">James T. Bunch &#151;&nbsp;1942</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Managing Member, Grumman Hill Group LLC (family office private equity investments)</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Founder, Green Manning &amp; Bunch Ltd. (investment banking firm)(1988-2010);
Executive Committee, United States Golf Association; and Director, Policy Studies, Inc. and Van Gilder Insurance Corporation</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman, Board of Governors, Western Golf Association; Chairman, Evans Scholars Foundation; and Director, Denver Film Society</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Rodney&nbsp;F.&nbsp;Dammeyer&nbsp;&#151;&nbsp;1940</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chairman of CAC, LLC, (private company offering capital investment and management advisory services)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director of Quidel Corporation and Stericycle, Inc.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="16%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Birth
and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trustee</B><br><B>Since</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>During Past 5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Funds&nbsp;in&nbsp;Invesco</B><br><B>Fund Complex</B><br><B>Overseen by</B><br><B>Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trusteeship(s)/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Directorship(s)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Held
by</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Formerly: Prior to 2001, Managing Partner at Equity Group Corporate Investments. Prior to 1995, Chief Executive Officer of Itel Corporation (formerly Anixter International). Prior to 1985, experience includes Senior Vice President
and Chief Financial Officer of Household International, Inc, Executive Vice President and Chief Financial Officer of Northwest Industries, Inc. and Partner of Arthur Andersen &amp; Co.; From 1987 to 2010, Director/Trustee of investment companies in
the Van Kampen Funds Complex</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Albert R. Dowden&nbsp;&#151;&nbsp;1941</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Director of a number of public and private business corporations, including the Boss Group, Ltd. (private investment and management),
Nature&#146;s Sunshine Products, Inc. and Reich &amp; Tang Funds (5 portfolios) (registered investment company)</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Director, Homeowners of America Holding Corporation/Homeowners of America Insurance Company (property casualty company); Director, Continental Energy
Services, LLC (oil and gas pipeline service); Director, CompuDyne Corporation (provider of product and services to the public security market) and Director, Annuity and Life Re (Holdings), Ltd. (reinsurance company); Director, President and Chief
Executive Officer, Volvo Group North America, Inc.; Senior Vice President, AB Volvo; Director of various public and private corporations; Chairman, DHJ Media, Inc.; Director, Magellan Insurance Company; and Director, The Hertz Corporation, Genmar
Corporation (boat manufacturer), National Media Corporation; Advisory Board of Rotary Power International (designer, manufacturer, and seller of rotary power engines); and Chairman, Cortland Trust, Inc. (registered investment company)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director of Nature&#146;s Sunshine Products, Inc., Reich &amp; Tang Funds, Homeowners of America Holding Corporation/ Homeowners of America Insurance Company, the Boss Group</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Jack&nbsp;M.&nbsp;Fields&nbsp;&#151;&nbsp;1952</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); Owner and Chief Executive Officer, Dos Angeles Ranch,
L.P. (cattle, hunting, corporate entertainment); and Discovery Global Education Fund (non-profit)</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch (nonprofit); and member of
the U.S. House of Representatives</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Insperity, Inc. (formerly known as Administaff)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="white-space:nowrap">Prema&nbsp;Mathai-Davis&nbsp;&#151;&nbsp;1950</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Retired</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Chief Executive Officer, YWCA of the U.S.A.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD WIDTH="16%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Birth
and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Position(s)&nbsp;Held</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:51.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Trustee</B><br><B>Since</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>During Past 5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Number of</B><br><B>Funds&nbsp;in&nbsp;Invesco</B><br><B>Fund Complex</B><br><B>Overseen by</B><br><B>Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trusteeship(s)/</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Directorship(s)</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Held
by</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trustee</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Larry Soll&nbsp;&#151;&nbsp;1942</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Retired</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Chairman, Chief Executive Officer and President, Synergen Corp. (a biotechnology company)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">None</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Hugo&nbsp;F.&nbsp;Sonnenschein&nbsp;&#151;&nbsp;1940</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">President Emeritus and Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of
Economics at the University of Chicago.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: President of the University of
Chicago</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">139</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee of the University of Rochester and a member of its investment committee; Member of the National Academy of Sciences and the American Philosophical Society; Fellow of the American Academy of Arts and Sciences</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Raymond&nbsp;Stickel,&nbsp;Jr.&nbsp;&#151;&nbsp;1944</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="justify">Trustee</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">2010</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Retired</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios) and Partner, Deloitte &amp; Touche</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">126</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:8pt">None</P></TD></TR>
</TABLE> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:15%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Mr.&nbsp;Flanagan is considered an interested person of the Funds because he is an officer of the Adviser to the Funds, and an officer and a
director of Invesco Ltd., the ultimate parent of the Adviser. </P></TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Mr.&nbsp;Taylor is considered an interested person of the Funds because he is an officer and a director of the Adviser to the Funds and a director
of the principal underwriter of the Funds. </P></TD></TR></TABLE> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Mr.&nbsp;Whalen has been deemed to be an interested person of the Funds because of his prior service as counsel to the predecessor funds of certain
Invesco open-end funds and his affiliation with the law firm that served as counsel to such predecessor funds and continues to serve as counsel to the Invesco (Chicago) closed-end funds. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Meetings </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In
addition to regularly scheduled meetings each year, the Board holds special meetings and/or conference calls to discuss specific matters that may require action prior to the next regular meeting. The Board met nine times during the twelve months
ended February&nbsp;28, 2014 and each independent Trustee attended at least 75% of the aggregate of: (i)&nbsp;all regular meetings of the Board and (ii)&nbsp;all meetings of the committees of the Board on which the Trustee served. Trustees are
encouraged to attend regular shareholder meetings, but the Board has no set policy requiring Board member attendance at such meetings. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board
Leadership Structure </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board has appointed an Independent Trustee to serve in the role of Chairman of the Board.
The Chairman&#146;s primary role is to participate in the preparation of the agenda for meetings of the Board and the identification of information to be presented to the Board and matters to be acted upon by the Board. The Chairman also presides at
all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. The Chairman may perform such other functions as may be requested by the Board from time to time. Except for
any duties specified herein or pursuant to a Fund&#146;s charter documents, the designation of Chairman does not impose on such Independent Trustee any duties, obligations or liability that is greater than the duties, obligations or liability
otherwise imposed on such person as </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
a member of the Board, generally. As discussed below, the Board has established committees to assist the Board in performing its oversight responsibilities. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Qualifications and Experience </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Interested Trustees. </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Martin L. Flanagan, Trustee.</I> Martin Flanagan has been a member of the Board since 2010. Mr.&nbsp;Flanagan is president
and chief executive officer of Invesco Ltd., a position he has held since August 2005. He is also a member of the Board of Directors of Invesco Ltd. Mr.&nbsp;Flanagan joined Invesco Ltd. from Franklin Resources, Inc., where he was president and
co-chief executive officer from January 2004 to July 2005. Previously he had been Franklin&#146;s co-president from May 2003 to January 2004, chief operating officer and chief financial officer from November 1999 to May 2003, and senior vice
president and chief financial officer from 1993 until November 1999. Mr.&nbsp;Flanagan served as director, executive vice president and chief operating officer of Templeton, Galbraith&nbsp;&amp; Hansberger, Ltd. before its acquisition by Franklin in
1992. Before joining Templeton in 1983, he worked with Arthur Andersen&nbsp;&amp; Co. Mr.&nbsp;Flanagan is a chartered financial analyst and a certified public accountant. He serves as vice chairman of the Investment Company Institute and is a
member of the executive board at the SMU Cox School of Business. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Flanagan&#146;s long
experience as an executive in the investment management area benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Philip A. Taylor, Trustee.</I> Philip
Taylor has been a member of the Board since 2010. Mr.&nbsp;Taylor has headed Invesco&#146;s North American retail business as Senior Managing Director since April 2006. He previously served as chief executive officer of Invesco Trimark Investments
since January 2002. Mr.&nbsp;Taylor joined Invesco in 1999 as senior vice president of operations and client services and later became executive vice president and chief operating officer. Mr.&nbsp;Taylor was president of Canadian retail broker
Investors Group Securities from 1994 to 1997 and managing partner of Meridian Securities, an execution and clearing broker, from 1989 to 1994. He held various management positions with Royal Trust, now part of Royal Bank of Canada, from 1982 to
1989. He began his career in consumer brand management in the U.S.&nbsp;and Canada with Richardson-Vicks, now part of Procter&nbsp;&amp; Gamble. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Taylor&#146;s long experience in the investment management business benefits the Funds. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Wayne W. Whalen, Trustee.</I> Wayne Whalen has been a member of the Board since 2010. Mr.&nbsp;Whalen is Of Counsel and,
prior to 2010, Partner in the law firm of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP. Mr.&nbsp;Whalen is Chairman and Director of the Abraham Lincoln Presidential Library Foundation. From 1995 to 2010, Mr.&nbsp;Whalen served as Director or
Trustee of investment companies in the Van Kampen Funds complex. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Whalen&#146;s
experience as a law firm partner and his experience as a director of investment companies benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Independent Trustees.
</I></B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Bruce L. Crockett, Trustee and Chair.</I> Bruce Crockett has been a member of the Board since 2010, and has
served as Independent Chair of the Board since 2004. Mr.&nbsp;Crockett has more than 30&nbsp;years of experience in finance and general management in the banking, aerospace and telecommunications industries. From 1992 to 1996, he served as
president, chief executive officer and a director of COMSAT Corporation, an international satellite and wireless telecommunications company. Mr.&nbsp;Crockett has also served, since 1996, as chairman of Crockett Technologies Associates, a strategic
consulting firm that provides services to the information technology and communications industries. Mr.&nbsp;Crockett also serves on the Board of Directors of ALPS (Attorneys Liability Protection Society) and is a life trustee of the University of
Rochester Board of Directors. </P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board elected Mr.&nbsp;Crockett to serve as its Independent Chair because of
his extensive experience in managing public companies and familiarity with investment companies. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>David C. Arch,
Trustee.</I>&nbsp;David Arch has been a member of the Board since 2010. Mr.&nbsp;Arch is the Chairman of Blistex Inc., a consumer health care products manufacturer. Mr.&nbsp;Arch is a member of the Board of the Illinois Manufacturers&#146;
Association, Board of Visitors, Institute for the Humanities, University of Michigan and the Audit Committee of Edward-Elmhurst Hospital. From 1984 to 2010, Mr.&nbsp;Arch served as Director or Trustee of investment companies in the Van Kampen Funds
complex. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Arch&#146;s experience as the CEO of a public company and his experience with
investment companies benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Frank S. Bayley, Trustee.</I>&nbsp;Frank Bayley has been a member of the
Board since 2010. Mr.&nbsp;Bayley is a retired business consultant in San Francisco. He is Chairman and a Director of the C. D. Stimson Company, a private investment company in Seattle. Mr.&nbsp;Bayley serves as a Trustee of the Seattle Art Museum,
a Trustee of San&nbsp;Francisco Performances, and a Trustee of The Curtis Institute of Music in Philadelphia. He also serves on the East Asian Art Committee of the Philadelphia Museum of Art and the Visiting Committee for Art of Asia, Oceania and
Africa of the Museum of Fine Arts, Boston. Mr.&nbsp;Bayley is a retired general partner and Of Counsel of the international law firm of Baker&nbsp;&amp; McKenzie LLP, where his practice focused on business acquisitions and venture capital
transactions. Prior to joining Baker&nbsp;&amp; McKenzie LLP in 1986, he was a partner of the San&nbsp;Francisco law firm of Chickering&nbsp;&amp; Gregory. He received his A.B. from Harvard College in 1961, his LL.B. from Harvard Law School in 1964,
and his LL.M. from Boalt Hall at the University of California, Berkeley, in 1965. Mr.&nbsp;Bayley served as a Trustee of the Badgley Funds from inception in 1998 until dissolution in 2007. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Bayley&#146;s experience as a business consultant and a lawyer benefits the Funds. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>James T. Bunch, Trustee.</I>&nbsp;James Bunch has been a member of the Board since 2010. From 1988 to 2010 Mr.&nbsp;Bunch
was Founding Partner of Green Manning&nbsp;&amp; Bunch, Ltd., a leading investment banking firm located in Denver, Colorado. Green Manning&nbsp;&amp; Bunch is a FINRA-registered investment bank specializing in mergers and acquisitions, private
financing of middle-market companies and corporate finance advisory services. Immediately prior to forming Green Manning&nbsp;&amp; Bunch, Mr.&nbsp;Bunch was Executive Vice President, General Counsel, and a Director of Boettcher&nbsp;&amp; Company,
then the leading investment banking firm in the Rocky Mountain region. Mr.&nbsp;Bunch began his professional career as a practicing attorney. He joined the prominent Denver-based law firm of Davis Graham&nbsp;&amp; Stubbs in 1970 and later rose to
the position of Chairman and Managing Partner of the firm. At various other times during his career, Mr.&nbsp;Bunch has served as Chair of the NASD Business District Conduct Committee, and Chair of the Colorado Bar Association Ethics Committee. In
June 2010, Mr.&nbsp;Bunch became the Managing Member of Grumman Hill Group LLC, a family office private equity investment manager. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Bunch&#146;s experience as an investment banker and investment management lawyer benefits the
Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Rodney F. Dammeyer, Trustee.</I>&nbsp;Rodney Dammeyer has been a member of the Board since 2010.
Mr.&nbsp;Dammeyer is chairman of CAC, LLC, a private company offering capital investment and management advisory services. Prior to this, Mr.&nbsp;Dammeyer was responsible for managing all of Sam Zell&#146;s non-real estate investment activity as
managing partner of Equity Group Corporate Investments. From 1985 to 1995, Mr.&nbsp;Dammeyer was chief executive officer of Itel Corporation, which later changed its name to Anixter International. From 1983 to 1985, Mr.&nbsp;Dammeyer was senior vice
president and chief financial officer of Household International, Inc. He was executive vice president and chief financial officer of Northwest Industries, Inc. from 1979 to 1983. After graduating from Kent State University in 1962,
Mr.&nbsp;Dammeyer began his business career with Arthur Andersen&nbsp;&amp; Co. and was admitted to partnership in 1970. He served as chairman of the firm&#146;s advisory council and a member of the board of director&#146;s nominating committee.
Mr.&nbsp;Dammeyer is a member of the boards of directors of Stericycle, Inc. and Quidel Corporation, in addition to several private companies. He also serves on the School of Leadership and Education Sciences (SOLES) Advisory Board of the University
of </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
San&nbsp;Diego, the board of directors of High Tech charter schools, and the California Charter Schools Association. From 1987 to 2010, Mr.&nbsp;Dammeyer served as Director or Trustee of
investment companies in the Van Kampen Funds complex. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Dammeyer&#146;s experience in
executive positions at a number of public companies, his accounting experience and his experience serving as a director of investment companies benefits the Funds. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Albert R. Dowden, Trustee.</I>&nbsp;Albert Dowden has been a member of the Board since 2010. Mr.&nbsp;Dowden retired at the
end of 1998 after a 24-year career with Volvo Group North America, Inc. and Volvo Cars of North America, Inc. Mr.&nbsp;Dowden joined Volvo as general counsel in 1974 and was promoted to increasingly senior positions until 1991 when he was appointed
president, chief executive officer and director of Volvo Group North America and senior vice president of Swedish parent company AB Volvo. Since retiring, Mr.&nbsp;Dowden continues to serve on the boards of the Reich&nbsp;&amp; Tang Funds,
Nature&#146;s Sunshine Products, Inc. and The Boss Group. Mr.&nbsp;Dowden&#146;s charitable endeavors currently focus on Boys&nbsp;&amp; Girls Clubs where he has been active for many years, as well as several other not-for-profit organizations.
Mr.&nbsp;Dowden began his career as an attorney with a major international law firm, Rogers&nbsp;&amp; Wells (1967-1976), which is now Clifford Chance. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Dowden&#146;s extensive experience as a corporate executive benefits the Funds. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Jack M. Fields, Trustee.</I> Jack Fields has been a member of the Board since 2010. Mr.&nbsp;Fields served as a member of
Congress, representing the 8th&nbsp;Congressional District of Texas from 1980 to 1997. As a member of Congress, Mr.&nbsp;Fields served as Chairman of the House Telecommunications and Finance Subcommittee, which has jurisdiction and oversight of the
Federal Communications Commission and the Securities and Exchange Commission. Mr.&nbsp;Fields co-sponsored the National Securities Markets Improvements Act of 1996, and played a leadership role in enactment of the Securities Litigation Reform Act.
Mr.&nbsp;Fields currently serves as Chief Executive Officer of the Twenty-First Century Group, Inc. in Washington,&nbsp;D.C., a bipartisan Washington consulting firm specializing in Federal government affairs. Mr.&nbsp;Fields also serves as a
Director of Insperity, Inc. (formerly known as Administaff), a premier professional employer organization with clients nationwide. In addition, Mr.&nbsp;Fields sits on the Board of the Discovery Channel Global Education Fund, a nonprofit
organization dedicated to providing educational resources to people in need around the world through the use of technology. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Fields&#146; experience in the House of Representatives, especially concerning regulation of
the securities markets, benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Dr.&nbsp;Prema Mathai-Davis, Trustee.</I> Dr.&nbsp;Prema Mathai-Davis has
been a member of the Board since 2010. Prior to her retirement in 2000, Dr.&nbsp;Mathai-Davis served as Chief Executive Officer of the YWCA of the USA. Prior to joining the YWCA, Dr.&nbsp;Mathai-Davis served as the Commissioner of the New York City
Department for the Aging. She was a Commissioner of the Metropolitan Transportation Authority of New York, the largest regional transportation network in the U.S.&nbsp;Dr.&nbsp;Mathai-Davis also serves as a Trustee of the YWCA Retirement Fund, the
first and oldest pension fund for women, and on the advisory board of the Johns Hopkins Bioethics Institute. Dr.&nbsp;Mathai-Davis was the president and chief executive officer of the Community Agency for Senior Citizens, a non-profit social service
agency that she established in 1981. She also directed the Mt. Sinai School of Medicine-Hunter College Long-Term Care Gerontology Center, one of the first of its kind. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Dr.&nbsp;Mathai-Davis extensive experience in running public and charitable institutions benefits the
Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Dr.&nbsp;Larry Soll, Trustee.</I> Dr.&nbsp;Larry Soll has been a member of the Board since 2010. Formerly,
Dr.&nbsp;Soll was chairman of the board (1987 to 1994), chief executive officer (1982 to 1989; 1993 to 1994), and president (1982 to 1989)&nbsp;of Synergen Corp., a public company, and in such capacities supervised the activities of the Chief
Financial Officer. Dr.&nbsp;Soll also has served as a director of three other public companies and as a treasurer of a non-profit corporation. Dr.&nbsp;Soll currently serves as a Trustee and a member of the Audit Committee of each of the funds
within the Invesco Funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Dr.&nbsp;Soll&#146;s experience as a chairman of a public
company benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Hugo F. Sonnenschein, Trustee.</I> Hugo Sonnenschein has been a member of the Board since
2010. Mr.&nbsp;Sonnenschein is the President Emeritus and an Honorary Trustee of the University of Chicago and the Adam Smith Distinguished Service Professor in the Department of Economics at the University of Chicago. Prior to 2000,
Mr.&nbsp;Sonnenschein served as President of the University of Chicago. Mr.&nbsp;Sonnenschein is a Trustee of the University of Rochester and a member of its investment committee. He is also a member of the National Academy of Sciences and the
American Philosophical Society, and a Fellow of the American Academy of Arts and Sciences. From 1994 to 2010, Mr.&nbsp;Sonnenschein served as director or trustee of investment companies in the Van Kampen Funds complex. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Sonnenschein&#146;s experiences in academia and in running a university, and his experience
as a director of investment companies benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Raymond Stickel,&nbsp;Jr., Trustee.</I> Raymond
Stickel,&nbsp;Jr. has been a member of the Board since 2010. Mr.&nbsp;Stickel retired after a 35-year career with Deloitte&nbsp;&amp; Touche (the Firm). For the last five years of his career, he was the managing partner of the Investment Management
practice for the New York, New Jersey and Connecticut region. In addition to his management role, he directed audit and tax services for several mutual fund clients. Mr.&nbsp;Stickel began his career with Touche Ross&nbsp;&amp; Co. in Dayton, Ohio,
became a partner in 1976 and managing partner of the office in 1985. He also started and developed an investment management practice in the Dayton office that grew to become a significant source of investment management talent for the Firm. In Ohio,
he served as the audit partner on numerous mutual funds and on public and privately held companies in other industries. Mr.&nbsp;Stickel has also served on the firm&#146;s Accounting and Auditing Executive Committee. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board believes that Mr.&nbsp;Stickel&#146;s experience as a partner in a large accounting firm working with investment
managers and investment companies, and his status as an Audit Committee Financial Expert, benefits the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Role in Risk Oversight </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Board considers risk management issues as part of its general oversight responsibilities throughout the year at regular
meetings of each of the Investments, Audit, Compliance and Valuation, Distribution and Proxy Oversight committees (as further described below) (the &#147;<U>Committees</U>&#148;). These Committees in turn report to the full Board and recommend
actions and approvals for the full Board to take. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Adviser, or its affiliates, prepares regular reports that address
certain investment, valuation and compliance matters, and the Board as a whole or the Committees may also receive special written reports or presentations on a variety of risk issues at the request of the Board, a Committee or the Senior Officer. In
addition, the Audit Committee of the Board meets regularly with Invesco Ltd.&#146;s internal audit group to review reports on their examinations of functions and processes within the Adviser that affect the Funds. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Investments Committee and its sub-committees receive regular written reports describing and analyzing the investment
performance of the Funds. In addition, the portfolio managers of the Funds meet regularly with the sub-committees of the Investment Committee to discuss portfolio performance, including investment risk, such as the impact on the Funds of the
investment in particular securities or instruments, such as derivatives. To the extent that a Fund changes a particular investment strategy that could have a material impact on the Fund&#146;s risk profile, the Board generally is consulted in
advance with respect to such change. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Adviser provides regular written reports to the Valuation, Distribution and
Proxy Oversight Committee that enable the Committee to monitor the valuation of securities in a particular portfolio, the reasons for the fair valuation and the methodology used to arrive at the fair value. Such reports also include information
concerning illiquid securities within a Fund&#146;s portfolio. </P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Audit Committee reviews valuation procedures and pricing results with the
Fund&#146;s independent auditors in connection with such Committee&#146;s review of the results of the audit of the Fund&#146;s year-end financial statements. In addition, the Audit Committee meets regularly with Invesco Ltd.&#146;s internal audit
group to review reports on their examinations of functions and processes within the Adviser that affect the Funds. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The
Compliance Committee receives regular compliance reports prepared by the Adviser&#146;s compliance group and meets regularly with each Fund&#146;s Chief Compliance Officer (the &#147;<U>CCO</U>&#148;) to discuss compliance issues, including
compliance risks. The Compliance Committee recommends and the Board adopts compliance policies and procedures for the Fund and approves such procedures for the Fund&#146;s service providers. The compliance policies and procedures are specifically
designed to detect, prevent and correct violations of the federal securities laws. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Compensation of Trustees </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Each Trustee who is not an employee or officer of the Adviser is compensated for his or her services according to a fee
schedule that recognizes the fact that such trustee also serves as a trustee of other Invesco Funds. Each such trustee receives a fee, allocated among the Invesco Funds,&nbsp;for which he or she serves as a trustee, that consists of an annual
retainer component and a meeting fee component. The Chair of the Board and Chairs and Vice Chairs of certain Committees receive additional compensation for their services. Compensation received by the trustees of the Funds as of fiscal year ended
February&nbsp;28, 2014 is shown on <U>Annex&nbsp;A</U> hereto. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Pre-Amendment Retirement Plan for Trustees.</I> The
Trustees have adopted a retirement plan for the Trustees who are not affiliated with the Adviser. The Trustees also have adopted a retirement policy that permits each non-Invesco-affiliated Trustee to serve until December&nbsp;31 of the year in
which the Trustee turns 75. A majority of the Trustees may extend from time to time the retirement date of a Trustee. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Annual retirement benefits are available from the Funds and/or the other funds in the Invesco Funds, for which a Trustee
serves (each, a &#147;<U>Covered Fund</U>&#148;), for each Trustee who is not an employee or officer of the Adviser, who became a Trustee prior to December&nbsp;1, 2008, and who has at least five years of credited service as a Trustee (including
service to a predecessor fund) of a Covered Fund. Effective January&nbsp;1, 2006, for retirements after December&nbsp;31, 2005, the retirement benefits will equal 75% of the Trustee&#146;s annual retainer paid to or accrued by any Covered Fund with
respect to such Trustee during the twelve-month period prior to retirement, including the amount of any retainer deferred under a separate deferred compensation agreement between the Covered Fund and the Trustee. The amount of the annual retirement
benefit does not include additional compensation paid for Board meeting fees or compensation paid to the Chair of the Board and the Chairs and Vice Chairs of certain Committees, whether such amounts are paid directly to the Trustee or deferred. The
annual retirement benefit is payable in quarterly installments for a number of years equal to the lesser of (i)&nbsp;sixteen years or (ii)&nbsp;the number of such Trustee&#146;s credited years of service. If a Trustee dies prior to receiving the
full amount of retirement benefits, the remaining payments will be made to the deceased Trustee&#146;s designated beneficiary for the same length of time that the Trustee would have received the payments based on his or her service or, if the
Trustee has elected, in a discounted lump sum payment. A Trustee must have attained the age of 65 (60 in the event of disability) to receive any retirement benefit. A Trustee may make an irrevocable election to commence payment of retirement
benefits upon retirement from the Board before age&nbsp;72; in such a case, the annual retirement benefit is subject to a reduction for early payment. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Amendment of Retirement Plan and Conversion to Defined Contribution Plan. </I>The Trustees approved an amendment to the
Retirement Plan to convert it to a defined contribution plan for active Trustees (the &#147;Amended Plan&#148;). Under the Amended Plan, the benefit amount was amended for each active Trustee to the present value of the Trustee&#146;s existing
retirement plan benefit as of December&nbsp;31, 2013 (the &#147;Existing Plan Benefit&#148;) plus the present value of retirement benefits expected to be earned under the Retirement Plan through the end of the calendar year in which the Trustee
attained age 75 (the &#147;Expected Future Benefit&#148; and, together with the Existing Plan Benefit, the &#147;Accrued Benefit&#148;). On the conversion date, the Covered Funds established bookkeeping accounts in the amount of their pro rata share
of the Accrued Benefit, which is deemed to be invested in one or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
more Invesco Funds selected by the participating Trustees. Such accounts will be adjusted from time to time to reflect deemed investment earnings and losses. Each Trustee&#146;s Accrued Benefit
is not funded and, with respect to the payments of amounts held in the accounts, the participating Trustees have the status of unsecured creditors of the Covered Funds. Trustees will be paid the adjusted account balance under the Amended Plan in
quarterly installments for the same period as described above. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>Deferred Compensation Agreements.</I>&nbsp;Edward K.
Dunn and Carl Frischling (former Trustees of funds in the Invesco Funds&nbsp;complex), Messrs.&nbsp;Crockett, Fields, and Drs.&nbsp;Mathai-Davis and Soll (for purposes of this paragraph only, the &#147;<U>Deferring Trustees</U>&#148;) have each
executed a Deferred Compensation Agreement (collectively, the &#147;<U>Compensation Agreements</U>&#148;). Pursuant to the Compensation Agreements, the Deferring Trustees have the option to elect to defer receipt of up to 100% of their compensation
payable by the Funds, and such amounts are placed into a deferral account and deemed to be invested in one or more Invesco Funds&nbsp;selected by the Deferring Trustees. Distributions from these deferral accounts will be paid in cash, generally in
equal quarterly installments over a period of up to ten (10)&nbsp;years (depending on the Compensation Agreement) beginning on the date selected under the Compensation Agreement. If a Deferring Trustee dies prior to the distribution of amounts in
his or her deferral account, the balance of the deferral account will be distributed to his or her designated beneficiary. The Compensation Agreements are not funded and, with respect to the payments of amounts held in the deferral accounts, the
Deferring Trustees have the status of unsecured creditors of the Funds and of each other fund in the Invesco Fund&nbsp;Complex from which they are deferring compensation. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Board Committees </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The
standing committees of the Board are the Audit Committee, the Compliance Committee, the Governance Committee, the Investments Committee and the Valuation, Distribution and Proxy Voting Oversight Committee (the &#147;<U>Committees</U>&#148;). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Audit Committee </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The members of the Audit Committee are David C. Arch, Frank S. Bayley, James T. Bunch, Bruce L. Crockett, Rodney Dammeyer
(Vice-Chair), Raymond Stickel,&nbsp;Jr. (Chair) and Dr.&nbsp;Larry Soll. The Audit Committee held seven meetings during the twelve months ended February&nbsp;28, 2014. The Audit Committee&#146;s charter is available at <U>www.invesco.com/us</U>.
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Audit Committee&#146;s primary purposes are to: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Oversee qualifications, independence and performance of the independent registered public accountants; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Appoint independent registered public accountants for the Funds; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Pre-approve all permissible audit and non-audit services that are provided to the Funds by their independent registered public accountants to the
extent required by Section&nbsp;10A(h) and (i)&nbsp;of the Exchange Act; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Pre-approve, in accordance with Rule&nbsp;2-01(c)(7)(ii) of Regulation S-X, certain non-audit services provided by the Funds&#146; independent
registered public accountants to the Adviser and certain other affiliated entities; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review the audit and tax plans prepared by the independent registered public accountants; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review the Funds&#146; audited financial statements; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review the process that management uses to evaluate and certify disclosure controls and procedures in Form&nbsp;N-CSR; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review the process for preparation and review of the Funds&#146; shareholder reports; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review certain tax procedures maintained by the Funds; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review modified or omitted officer certifications and disclosures; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Review any internal audits of the Funds; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Establish procedures regarding questionable accounting or auditing matters and other alleged violations; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Set hiring policies for employees and proposed employees of the Funds who are employees or former employees of the independent registered public
accountants; and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Remain informed of (a)&nbsp;the Funds&#146; accounting systems and controls; (b)&nbsp;regulatory changes and new accounting pronouncements that
affect the Funds&#146; net asset value calculations and financial statement reporting requirements; and (c)&nbsp;communications with regulators regarding accounting and financial reporting matters that pertain to the Funds. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Compliance Committee </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The members of the Compliance Committee are Messrs.&nbsp;Bayley, Bunch, Dammeyer (Vice-Chair), Stickel and Dr.&nbsp;Soll
(Chair). The Compliance Committee held six meetings during the twelve months ended February&nbsp;28, 2014. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Compliance
Committee is responsible for: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Recommending to the Board and the independent trustees the appointment, compensation and removal of the Funds&#146; CCO; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Recommending to the independent trustees the appointment, compensation and removal of the Funds&#146; Senior Officer appointed pursuant to the
terms of the Assurances of Discontinuance entered into by the New York Attorney General, Invesco and INVESCO Funds Group, Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing any compliance review report prepared for the Funds by a third party who is not an interested person of the Adviser;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing all reports on compliance matters from the Funds&#146; CCO, Advisers&#146; CCO, and the Funds&#146; Senior Officer;
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing all recommendations made by the Senior Officer regarding the Adviser&#146;s compliance procedures; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Overseeing all of the compliance policies and procedures of the Funds and their service providers adopted pursuant to Rule&nbsp;38a-1 of the 1940
Act; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing and recommending to the independent trustees whether to approve procedures to investigate matters brought to the attention of the
Adviser&#146;s ombudsman; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Risk management oversight with respect to the Funds and, in connection therewith, receiving and overseeing risk management reports from Invesco
Ltd. that are applicable to the Funds or their service providers;&nbsp;and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Overseeing potential conflicts of interest that are reported to the Compliance Committee by the Adviser, the CCO and/or the Senior Officer.
</P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Governance Committee </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The members of the Governance Committee are Messrs.&nbsp;Arch, Crockett, Albert R. Dowden (Chair), Jack M. Fields
(Vice-Chair), Hugo F. Sonnenschein and Dr.&nbsp;Prema Mathai-Davis. The Governance Committee held six </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
meetings during the twelve months ended February&nbsp;28, 2014. The Governance Committee&#146;s charter is available at www.invesco.com/us. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Governance Committee is responsible for: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Nominating persons who will qualify as independent trustees for (a)&nbsp;election as trustees in connection with meetings of shareholders of the
Funds that are called to vote on the election of trustees and (b)&nbsp;appointment by the Board as trustees in connection with filling vacancies that arise in between meetings of shareholders; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Nominating the Chair of the Board; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Monitoring the composition of the Board and each committee of the Board, including reviewing the size of the Board, and recommending to the Board
whether the size of the Board shall be increased or decreased; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Recommending persons to serve as members of each committee of the Board (other than the Compliance Committee), as well as persons who shall serve
as the chair and vice chair of each committee; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing and recommending the amount of compensation payable to the independent trustees; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Overseeing the selection of and compensation paid to independent legal counsel to the independent trustees; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing and approving the compensation paid to counsel and other advisers, if any, to the Committees of the Board;&nbsp;and
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing as they deem appropriate administrative and/or logistical matters pertaining to the operations of the Board. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Governance Committee will consider nominees recommended by a shareholder to serve as trustees, provided: (i)&nbsp;that
such person is a shareholder of record at the time he or she submits such names and is entitled to vote at the meeting of shareholders at which trustees will be elected; and (ii)&nbsp;that the Governance Committee or the Board, as applicable, shall
make the final determination of persons to be nominated. Notice procedures set forth in each Fund&#146;s Bylaws require that any shareholder of a Fund desiring to nominate a trustee for election at a shareholder meeting must submit to the
Fund&#146;s Secretary the nomination in writing not later than the close of business on the later of the 60th&nbsp;day prior to such shareholder meeting or the tenth day following the day on which public announcement is made of the shareholder
meeting and not earlier than the close of business on the 90th&nbsp;day prior to the shareholder meeting. The Governance Committee has not adopted any specific policy on the issue of diversity, but will take this into account, among other factors,
in its consideration of new candidates to the Board. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Investments Committee </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The members of the Investments Committee are Messrs.&nbsp;Arch, Bayley (Chair), Bunch (Vice-Chair), Crockett, Dammeyer,
Dowden, Fields (Vice-Chair), Martin L. Flanagan, Sonnenschein (Vice-Chair), Stickel, Philip A. Taylor, Wayne W. Whalen, and Drs.&nbsp;Mathai-Davis and Soll. The Investments Committee held six meetings during the twelve months ended February&nbsp;28,
2014. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Investments Committee&#146;s primary purposes are to assist the Board in its oversight of the investment
management services provided by the Adviser and the Sub-Advisers and to review all proposed and existing advisory and sub-advisory arrangements for the Funds and recommend what action the full Boards and the independent trustees take regarding the
approval of all such proposed arrangements and the continuance of all such existing arrangements. </P> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Investments Committee has established three Sub-Committees. The
Sub-Committees are responsible for: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing the performance, fees and expenses of the Funds that have been assigned to a particular Sub-Committee (for each Sub-Committee, the
&#147;<U>Designated Funds</U>&#148;), unless the Investments Committee takes such action directly; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing with the applicable portfolio managers from time to time the investment objective(s), policies, strategies and limitations of the
Designated Funds; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Evaluating the investment advisory, sub-advisory and distribution arrangements in effect or proposed for the Designated Funds, unless the
Investments Committee takes such action directly; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Being familiar with the registration statements and periodic shareholder reports applicable to their Designated Funds;&nbsp;and
</P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Such other investment-related matters as the Investments Committee may delegate to the Sub-Committee from time to time. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><B><I>Valuation, Distribution and Proxy Oversight Committee </I></B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The members of the Valuation, Distribution and Proxy Oversight Committee are Messrs.&nbsp;Dowden, Fields, Sonnenschein
(Vice-Chair), Whalen and Dr.&nbsp;Mathai-Davis (Chair). The Valuation, Distribution and Proxy Oversight Committee held six meetings during the twelve months ended February&nbsp;28, 2014. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The primary purposes of the Valuation, Distribution and Proxy Oversight Committee are (a)&nbsp;to address issues requiring
action or oversight by the Board of the Funds (i)&nbsp;in the valuation of the Funds&#146; portfolio securities consistent with the Pricing Procedures, (ii)&nbsp;in oversight of the creation and maintenance by the principal underwriters of the Funds
of an effective distribution and marketing system to build and maintain an adequate asset base and to create and maintain economies of scale for the Funds, (iii)&nbsp;in the review of existing distribution arrangements for the Funds under
Rule&nbsp;12b-1 and Section&nbsp;15 of the 1940 Act, and (iv)&nbsp;in the oversight of proxy voting on portfolio securities of the Funds; and (b)&nbsp;to make regular reports to the full Boards of each Fund. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Valuation, Distribution and Proxy Oversight Committee is responsible for: </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>With regard to valuation: </I></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Developing an understanding of the valuation process and the Funds&#146; Pricing Procedures; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing the Pricing Procedures and making recommendations to the full Board with respect thereto; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing the reports described in the Pricing Procedures and other information from the Adviser regarding fair value determinations made pursuant
to the Pricing Procedures by the Adviser&#146;s internal valuation committee and making reports and recommendations to the full Board with respect thereto; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Receiving the reports of the Adviser&#146;s internal valuation committee requesting approval of any changes to pricing vendors or pricing
methodologies as required by the Pricing Procedures and the annual report of the Adviser evaluating the pricing vendors, approving changes to pricing vendors and pricing methodologies as provided in the Pricing Procedures, and recommending annually
the pricing vendors for approval by the full Board; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Upon request of the Adviser, assisting the Adviser&#146;s internal valuation committee or the full Board in resolving particular fair valuation
issues; </P></TD></TR></TABLE> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing the reports described in the Procedures for Determining the Liquidity of Securities (the &#147;<U>Liquidity Procedures</U>&#148;) and
other information from the Adviser regarding liquidity determinations made pursuant to the Liquidity Procedures by the Adviser and making reports and recommendations to the full Board with respect thereto; and </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Overseeing actual or potential conflicts of interest by investment personnel or others that could affect their input or recommendations regarding
pricing or liquidity issues. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>With regard to distribution and marketing: </I></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Developing an understanding of mutual fund distribution and marketing channels and legal, regulatory and market developments regarding
distribution; </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing periodic distribution and marketing determinations and annual approval of distribution arrangements and making reports and
recommendations to the full Board with respect thereto; and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing other information from the principal underwriters to the Funds regarding distribution and marketing of the Funds and making
recommendations to the full Board with respect thereto. </P></TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>With regard to proxy voting: </I></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Overseeing the implementation of the Proxy Voting Guidelines (the &#147;<U>Guidelines</U>&#148;) and the Proxy Policies and Procedures (the
&#147;<U>Proxy Procedures</U>&#148;) by the Adviser and the Sub-Advisers, reviewing the Quarterly Proxy Voting Report and making recommendations to the full Board with respect thereto; </P></TD></TR></TABLE>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Reviewing the Guidelines and the Proxy Procedures and information provided by the Adviser and the Sub-Advisers regarding industry developments and
best practices in connection with proxy voting and making recommendations to the full Board with respect thereto;&nbsp;and </P></TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">In implementing its responsibilities in this area, assisting the Adviser in resolving particular proxy voting issues. </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Communications </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Shareholders may send communications to each Fund&#146;s Board. Shareholders should send communications intended for the Board
or for a Trustee by addressing the communication directly to the Board or individual Trustee and/or otherwise clearly indicating that the communication is for the Board or individual Trustee and by sending the communication to either the office of
the Secretary of the applicable Fund or directly to such Trustee at the address specified for such Trustee above. Other shareholder communications received by any Fund not directly addressed and sent to the Board will be reviewed and generally
responded to by management, and will be forwarded to the Board only at management&#146;s discretion based on the matters contained therein. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOARD RECOMMENDS A VOTE &#147;FOR ALL&#148; OF THE NOMINEES. </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OTHER INFORMATION </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Executive Officers of the Funds </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The following information relates to the executive officers of the Funds. Each officer also serves in the same capacity for
all or a number of the other investment companies advised by the Adviser or affiliates of the Adviser. The officers of the Funds are appointed annually by the Trustees and serve for one year or until their respective successors are chosen and
qualified. The Funds&#146; officers do not receive compensation from the Funds. The Funds&#146; officers may also be officers or employees of the Adviser or of affiliates of the Adviser and may receive compensation in such capacities. The address of
each officer is 1555 Peachtree Street, N.E., Atlanta, Georgia 30309. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of&nbsp;Birth<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>and&nbsp;Position(s)&nbsp;Held<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:71.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Officer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Since&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s) During Past
5&nbsp;Years</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Russell&nbsp;C.&nbsp;Burk&nbsp;&#151;&nbsp;1958</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Senior Vice President and Senior Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President and Senior Officer, Invesco Funds</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">John M. Zerr&nbsp;&#151; 1962</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Senior Vice
President, Chief Legal Officer and Secretary</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Director, Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President, Invesco Advisers, Inc.
(formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Vice President and Secretary,
Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) and IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Senior Vice President,
Chief Legal Officer and Secretary, The Invesco Funds; Manager, Invesco PowerShares Capital Management LLC; Director, Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and
General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); and Chief Legal Officer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and
PowerShares Actively Managed Exchange-Traded Fund Trust.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Formerly: Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director, Invesco Distributors, Inc. (formerly known as Invesco Aim
Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco Aim Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President,
Secretary, General Counsel and Vice President, Invesco Aim Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser); Vice President and Secretary, PBHG Funds (an investment company)
and PBHG Insurance Series Fund (an investment company); Chief Operating Officer, General Counsel and Secretary, Old Mutual Investment Partners (a broker-dealer); General Counsel and Secretary, Old Mutual Fund Services (an administrator) and Old
Mutual Shareholder Services (a shareholder servicing center); Executive Vice President, General Counsel and Secretary, Old Mutual Capital, Inc. (an investment adviser); and Vice President and Secretary, Old Mutual Advisors Funds (an investment
company)</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of&nbsp;Birth<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>and&nbsp;Position(s)&nbsp;Held<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:71.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Officer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Since&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s) During Past
5&nbsp;Years</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Sheri Morris&nbsp;&#151;&nbsp;1964</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Vice
President, Treasurer and Principal Financial Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Vice President, Treasurer and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President,
PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Fund Trust</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Formerly: Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice
President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India
Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Fund Trust</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Karen&nbsp;Dunn&nbsp;Kelley&nbsp;&#151;&nbsp;1960</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Vice President</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Senior Managing Director, Investments; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly
known as Invesco Institutional (N.A.), Inc.)(registered investment adviser); Chairman, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive
Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc and Invesco Management Company Limited.; Director and President, INVESCO Asset Management (Bermuda) Ltd.; Vice
President, The Invesco Funds (other than AIM Treasurer&#146;s Series Trust (Invesco Treasurer&#146;s Series Trust) and Short-Term Investments Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer&#146;s Series Trust
(Invesco Treasurer&#146;s Series Trust) and Short-Term Investments Trust only)</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Formerly: Director, INVESCO Global Asset Management Limited and INVESCO
Management S.A,;Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.)(registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco
Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; President and Principal Executive Officer, Tax-Free Investments Trust; Director and President, Fund
Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco
Advisers, Inc. and The Invesco Funds (AIM Treasurer&#146;s Series Trust (Invesco Treasurer&#146;s Series Trust), and Short-Term Investments Trust only, and Tax-Free Investments Trust)</P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Crissie Wisdom&nbsp;&#151;1969</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Anti-Money
Laundering Compliance Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2013</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.)(registered investment adviser), Invesco Capital ,Markets, Inc. (formerly known as Van Kampen Funds, Inc.),
Invesco Distributors, Inc., Invesco Investment Services, Inc., Invesco Management Group, Inc., Van Kampen Exchange Corp., The Invesco Funds, Invesco (Chicago) Funds, and PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust
II, PowerShares India Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Fund Trust; and Fraud Prevention Manager and Controls and Risk Analysis Manager, Invesco Investment Services,
Inc.</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">22 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="41%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="51%"></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Name,&nbsp;Year&nbsp;of&nbsp;Birth<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>and&nbsp;Position(s)&nbsp;Held<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:71.10pt; font-size:8pt; font-family:Times New Roman"><B>with&nbsp;the&nbsp;Funds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><B>Officer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1.00pt solid #000000; width:26.20pt; font-size:8pt; font-family:Times New Roman"><B>&nbsp;&nbsp;Since&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s) During Past
5&nbsp;Years</B></P></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman">Todd L. Spillane&nbsp;&#151;&nbsp;1958</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">Chief
Compliance Officer</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2010</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) and Van Kampen Exchange Corp.; Senior Vice President and Chief Compliance Officer, Invesco Advisers, Inc. (registered
investment adviser) (formerly known as Invesco Institutional (N.A.), Inc.); Chief Compliance Officer, The Invesco Funds; Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.) and Invesco Investment Services,
Inc. (formerly known as Invesco Aim Investment Services, Inc.)</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Formerly: Chief Compliance Officer, Invesco (Chicago) Funds; Senior Vice President, Van Kampen Investments Inc.; Senior Vice President and Chief Compliance Officer, Invesco Aim Advisers, Inc. and Invesco Aim Capital Management,
Inc.; Chief Compliance Officer, INVESCO Private Capital Investments, Inc. (holding company), Invesco Private Capital, Inc. (registered investment adviser), Invesco Global Asset Management (N.A.), Inc., Invesco Senior Secured Management, Inc.
(registered investment adviser), Van Kampen Investor Services Inc., PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded
Fund Trust; and Vice President, Invesco Aim Capital Management, Inc. and Fund Management Company</TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Principal Shareholders of the Funds </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The persons who as of the Record Date, according to publicly available filings made with the SEC, held of record more than 5%
of the Common Shares or Preferred Shares of a Fund are set forth in <U>Annex&nbsp;B</U>. To the knowledge of each Fund, no other person owns, directly or beneficially, 5% or more of the Common Shares or Preferred Shares of any Fund. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Trustee Ownership of Fund&nbsp;Shares </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of December 31, 2013, Trustee(s) owned, directly or beneficially, Common Shares or Preferred Shares of a Fund and
beneficially owned equity securities of other funds in the Invesco Fund Complex overseen by the Trustees in the dollar range amounts as specified in Annex C. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;30(f) of the 1940 Act and Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended, require each of
the Funds&#146; Trustees, officers, and investment advisers, affiliated persons of the investment advisers, and persons who own more than 10% of a registered class of a Fund&#146;s equity securities to file forms with the SEC and the NYSE (on which
the Common Shares are listed), reporting their affiliation with the Fund and reports of ownership and changes in ownership of Shares. Based on a review of these forms furnished to each Fund, each Fund believes, to the best of its knowledge, that
during its last fiscal year, its Trustees, its officers, the Adviser and affiliated persons of the Adviser complied with the applicable filing requirements. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Independent Registered Public Accounting Firm </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">PricewaterhouseCoopers, LLP (&#147;<U>PwC</U>&#148;) has been selected as each Fund&#146;s independent registered public
accounting firm by the Audit Committee and ratified by unanimous approval of each Fund&#146;s Board, including a majority of the Independent Trustees, to audit the accounts of the Funds for and during the fiscal year ending February&nbsp;28, 2014.
The Funds do not know of any direct or indirect financial interest of PwC in the Funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">23 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">It is not expected that representatives of PwC will attend the Meeting. In the
event representatives of PwC do attend the Meeting, they will have the opportunity to make a statement if they desire to do so and will be available to answer appropriate questions. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In accordance with the adopted pre-approval policies and procedures, the Audit Committee has pre-approved all audit and
non-audit services provided to each Fund by its independent registered public accounting firm. Pre-approval by the Audit Committee of any permissible non-audit services is not, however, required so long as: (i)&nbsp;the aggregate amount of all such
permissible non-audit services provided to a Fund constitutes not more than 5% of the total amount of revenues paid by the Fund to its independent registered public accounting firm during the fiscal year in which the permissible non-audit services
are provided; (ii)&nbsp;the permissible non-audit services were not recognized by a Fund at the time of the engagement to be non-audit services; and (iii)&nbsp;such services are promptly brought to the attention of the Audit Committee and approved
prior to the completion of the audit by the Audit Committee. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Audit Committee of each Fund reviewed and discussed the
last audited financial statements of each Fund with management and with PwC. In the course of its discussions, the Audit Committee discussed with PwC any relevant matters required to be discussed under Statement on Auditing Standards No.&nbsp;16
(Communications with Audit Committees). Based on this review, the Audit Committee recommended to the Board of each Fund that each Fund&#146;s audited financial statements be included in each Fund&#146;s Annual Report to Shareholders for the most
recent fiscal year for filing with the SEC. The Audit Committee received the written disclosures and the letter from PwC required under Public Company Accounting Oversight Board&#146;s Ethics&nbsp;&amp; Independence Rule&nbsp;3526 and has discussed
with PwC its independence with respect to each Fund. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Audit Fees </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each Fund&#146;s two most recently completed fiscal years, the aggregate fees billed to each Fund by PwC for professional
services rendered for the audit of such Fund&#146;s annual financial statements are set forth on <U>Annex&nbsp;D</U>. All of the audit services for the fiscal years ended February&nbsp;28, 2014 and February&nbsp;28, 2013 were approved by the Audit
Committee in accordance with its pre-approval policies and procedures. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Audit-Related Fees </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each Fund&#146;s two most recently completed fiscal years, the aggregate fees billed to each Fund by PwC for professional
services rendered for audit-related services are set forth on <U>Annex&nbsp;D</U>. All of the audit-related services, which include assurance and related services reasonably related to the performance of the audit of a Fund, for the fiscal years
ended February&nbsp;28, 2014 and February&nbsp;28, 2013 were approved by the Audit Committee in accordance with its pre-approval policies and procedures. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Tax Fees </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each Fund&#146;s two most recently completed fiscal years, the aggregate fees billed by PwC and approved by the Audit
Committee of each Fund for professional services rendered for tax compliance, tax advice, and tax planning are set forth on <U>Annex&nbsp;D</U>. All of the tax services for the fiscal years ended February&nbsp;28, 2014 and February&nbsp;28, 2013
were approved by the Audit Committee in accordance with its pre-approval policies and procedures. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>All Other Fees </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">There were no fees billed by PwC for the fiscal years ended February&nbsp;28, 2014 and February&nbsp;28, 2013 for services
rendered to the Funds other than audit, audit-related and tax services. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"><I>Covered Entities </I></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For each Fund&#146;s two most recently completed fiscal years, the aggregate non-audit fees billed to the Adviser or any
entity controlling, controlled by or under common control with the Adviser that provides ongoing services </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">24 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">
to the Funds (the &#147;<U>Covered Entities</U>&#148;) are set forth on Annex D. The Audit Committee is required to pre-approve services to Covered Entities to the extent that the services are
determined to have a direct impact on the operations or financial reporting of the Funds. The Audit Committee also has considered whether the provision of non-audit services, if any, performed by PwC to the Funds and Covered Entities is compatible
with maintaining PwC&#146;s independence in performing audit services. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Proxy Solicitation Expenses </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The expenses of preparing, printing and mailing these proxy solicitation materials and all other costs in connection with the
solicitation of proxies will be borne by the Funds. To the extent the expenses are not billed by a Fund, they will be allocated among the Funds. The Funds will also reimburse banks, brokers and others for their reasonable expenses in forwarding
proxy solicitation material to the beneficial owners of the shares of the Funds. In order to obtain the necessary quorum at the Meeting, additional solicitations may be made by mail, telephone, telegraph, facsimile or personal interview by
representatives of the Funds, the Adviser or its affiliates, by the transfer agent of the Funds and by dealers or their representatives. The Funds have also retained Computershare Fund&nbsp;Services (&#147;<U>Computershare</U>&#148;), a professional
proxy solicitation firm, to assist in any additional proxy solicitation. As the date of the Meeting approaches, certain shareholders may receive a telephone call from a representative of Computershare if their votes have not yet been received. The
estimated cost of solicitation by Computershare is approximately $1,200 per Fund. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Shareholder Proposals </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Shareholder proposals intended to be presented at the year 2015 annual meeting of shareholders for a Fund pursuant to
Rule&nbsp;14a-8 under the Exchange Act of 1934, as amended, must be received by the Fund&#146;s Secretary at the Fund&#146;s principal executive offices by March&nbsp;2, 2015, in order to be considered for inclusion in the Fund&#146;s proxy
statement and proxy card relating to that meeting. Timely submission of a proposal does not necessarily mean that such proposal will be included in the Fund&#146;s proxy statement. If a shareholder wishes to make a proposal at the year 2015 annual
meeting of shareholders without having the proposal included in a Fund&#146;s proxy statement, then such proposal must be received by the Fund&#146;s Secretary at the Fund&#146;s principal executive offices not earlier than April&nbsp;29, 2015 and
not later than May&nbsp;29, 2015. Notwithstanding the foregoing, if notice of a shareholder proposal is received on or after May&nbsp;16, 2015, the persons named as proxies may vote proxies held by them in their discretion on such proposal. Any
shareholder who wishes to submit a proposal for consideration at a meeting of such shareholder&#146;s Fund should send such proposal to the respective Fund&#146;s Secretary at 1555 Peachtree Street, N.E., Atlanta, Georgia 30309, Attn: Secretary.
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>General </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Management
of each Fund does not intend to present, and does not have reason to believe that others will present, any other items of business at the Meeting. However, if other matters are properly presented to the Meeting for a vote, the proxies will be voted
upon such matters in accordance with the best judgment of the persons acting under the proxies. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Failure of a quorum to be
present at the Meeting for any Fund may necessitate adjournment and may subject such Fund to additional expense. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>If
you cannot be present in person, you are requested to fill in, sign and return the enclosed proxy card(s), for which no postage is required if mailed in the United States, or record your voting instructions by telephone or via the internet promptly.
</B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:49%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><U>/s/ John M.
Zerr&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:49%; text-indent:-2%; font-size:10pt; font-family:Times New Roman"><I>Senior Vice President, Chief Legal Officer and Secretary</I> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">June&nbsp;30, 2014 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">25 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX&nbsp;A </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRUSTEE COMPENSATION </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Set forth below is information regarding compensation paid or accrued for each Trustee who was not affiliated with the Adviser
during the calendar year ended December&nbsp;31, 2013, unless otherwise noted. The term &#147;<U>Invesco Fund&nbsp;Complex</U>&#148; includes each of the open-end and closed-end registered investment companies advised by the Adviser. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="border-bottom:1.00pt solid #000000; width:56.85pt; font-size:8pt; font-family:Times New Roman"><B>Name of Trustee</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Aggregate</B><br><B>Compensation</B><br><B>from the</B><br><B>Funds<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Retirement</B><br><B>Benefits</B><br><B>Accrued&nbsp;by</B><br><B>All&nbsp;Funds&nbsp;in</B><br><B>the&nbsp;Invesco</B><br><B>Fund</B><br><B>Complex<SUP
STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Estimated</B><br><B>Annual</B><br><B>Benefits&nbsp;from</B><br><B>Invesco&nbsp;Fund</B><br><B>Complex</B><br><B>Upon</B><br><B>Retirement<SUP
STYLE="font-size:85%; vertical-align:top">(4)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B><br><B>Compensation</B><br><B>Before</B><br><B>Deferral&nbsp;from</B><br><B>Invesco&nbsp;Fund</B><br><B>Complex<SUP
STYLE="font-size:85%; vertical-align:top">(5)</SUP></B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Interested Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">See&nbsp;Note&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">(3)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Wayne W. Whalen</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,217</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;402,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Independent Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">David C. Arch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,301</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">407,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Frank S. Bayley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,251</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">376,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">James T. Bunch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,749</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">348,200</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Bruce L. Crockett</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">&nbsp;&nbsp;&nbsp;&nbsp;10,955</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">664,250</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Rodney F. Dammeyer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,313</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">321,750</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Albert R. Dowden</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">370,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Jack M. Fields</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">345,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Prema Mathai-Davis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">370,400</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Larry Soll</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,209</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">226,779</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">376,150</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Hugo F. Sonnenschein</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,707</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">428,700</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Raymond Stickel, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,517</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">400,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:13%">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Amounts shown are based on the fiscal year ended February&nbsp;28, 2014. The total amount of compensation deferred by all Trustees of the Trust during the fiscal year ended February&nbsp;28, 2014, including earnings,
was $18,437. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">During the fiscal year ended February&nbsp;28, 2014, the total amount of expenses allocated to the Trust in respect of pre-amendment retirement benefits was $60,109. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On December&nbsp;31, 2013 the Trustees approved an amendment to the Invesco Funds Retirement Plan to convert it to a defined contribution plan for active Trustees. In order to effectuate the amendment, in addition to
the pre-amendment accrual of $4.6M, a one-time benefits settlement accrual was made in the amount of $2.5M. Of the $7.1M accrual during the year ended December&nbsp;31, 2013, $60,109 was allocated to the Trust. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">These amounts represent the estimated annual benefits payable by the Invesco Funds upon the trustees&#146; retirement and assumes each trustee serves until his or her normal retirement date. These amounts are not
adjusted to reflect deemed investment earnings or losses. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">All trustees except Arch, Sonnenschein and Whalen currently serve as trustee of 16 registered investment companies advised by Invesco. Messrs. Arch, Sonnenschein and Whalen currently serve as trustee of 29 registered
investment companies advised by Invesco. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX&nbsp;B </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHARE OWNERSHIP OF CERTAIN BENEFICIAL OWNERS </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of the Record Date, according to disclosure publicly filed with the SEC, the following record owners of Common Shares or
Preferred Shares of each Fund held, directly or beneficially, more than 5% of the voting securities of the one class of securities of each Fund. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;
</P><DIV STYLE="position:relative;float:left; margin-right:1%; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMOUNT OF<BR>SHARES</B><br><B>OWNED BY<BR>BENEFICIAL</B><br><B>OWNER</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>PERCENTAGE<BR>OF</B><br><B>SHARES<BR>OUTSTANDING</B><br><B>AS OF<BR>RECORD&nbsp;DATE</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top" COLSPAN="8"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>Invesco Municipal Income Opportunities Trust</B></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B></P></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B><I>Common Shares</I></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Morgan Stanley Smith Barney LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,980,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16.8</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">1300 Thames St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Baltimore, MD 21231</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">First Clearing, LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,455,509</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.4</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2801 Market St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">H0006-09B</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">St.&nbsp;Louis, MO 63103</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">National Financial Services</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,424,354</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">499 Washington Blvd.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Jersey City, NJ 07310</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">The Bank of New York Mellon</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,911,848</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">525 William Penn Pl.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Suite 153-0400</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Pittsburgh, PA 15259</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Charles Schwab&nbsp;&amp; Co., Inc</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,303,604</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.0</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2423 E Lincoln&nbsp;Dr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Phoenix, AZ 85016</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Edward D. Jones&nbsp;&amp; Company</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,973,450</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">12555 Manchester Rd.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">St. Louis, MO 63131</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">TD Ameritrade</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,599,191</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">1005 N Ameritrade Place</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Bellevue, NE 68005</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5" COLSPAN="9"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top" COLSPAN="8"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>Invesco Quality Municipal Income Trust</B></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B></P></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B><I>Common Shares</I></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Morgan Stanley Smith Barney LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,984,778</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22.7</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">1300 Thames St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Baltimore, MD 21231</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">The Bank of New York Mellon</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,895,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">525 William Penn Pl.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Suite 153-0400</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Pittsburgh, PA 15259</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">First Clearing, LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,869,046</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2801 Market St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">H0006-09B</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">St.&nbsp;Louis, MO 63103</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Charles Schwab&nbsp;&amp; Co., Inc.</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,650,756</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2423 E Lincoln&nbsp;Dr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Phoenix, AZ 85016</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">National Financial Services</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,460,272</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">499 Washington Blvd.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Jersey City, NJ 07310</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Merrill Lynch, Pierce Fenner&nbsp;&amp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Smith</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,120,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">c/o Merrill Lynch Corporate Actions</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">4804 Deer Lake Dr.&nbsp;E.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Jacksonville, FL 32246</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:right; width:48%;padding-right:9pt;padding-bottom:8pt;overflow:hidden;padding-top:3pt">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7pt" ALIGN="center">


<TR>
<TD WIDTH="59%"></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="13%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:6pt">
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMOUNT OF<BR>SHARES</B><br><B>OWNED BY<BR>BENEFICIAL</B><br><B>OWNER</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>PERCENTAGE<BR>OF</B><br><B>SHARES<BR>OUTSTANDING</B><br><B>AS OF<BR>RECORD&nbsp;DATE</B></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="35"></TD>
<TD HEIGHT="35" COLSPAN="4"></TD>
<TD HEIGHT="35" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B><I>Preferred Shares</I></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">The Bank of NY Mellon/</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Wells Fargo</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,139</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">One Wall St.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">New York, NY 10286</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5" COLSPAN="9"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top" COLSPAN="8"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>Invesco Value Municipal Income Trust</B></P></TD>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B>&nbsp;&nbsp;</B></P></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B><I>Common Shares</I></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Morgan Stanley Smith</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Barney LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8,870,941</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18.9</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">1300 Thames St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Floor</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Baltimore, MD 21231</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">National Financial Services</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,472,305</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">499 Washington Blvd.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Jersey City, NJ 07310</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">First Clearing, LLC</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,471,867</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.5</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2801 Market St.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">H0006-09B</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">St.&nbsp;Louis, MO 63103</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Charles Schwab&nbsp;&amp; Co., Inc</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,318,990</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9.2</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">2423 E Lincoln&nbsp;Dr.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Phoenix,&nbsp;AZ&nbsp;85016</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Merrill Lynch, Pierce Fenner&nbsp;&amp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Smith</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,084,589</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.6</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">c/o Merrill Lynch Corporate Actions</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">4804 Deer Lake Dr.&nbsp;E.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Jacksonville, FL 32246</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">TD Ameritrade</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,940,898</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6.3</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">1005 N Ameritrade Place</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Bellevue, NE 68005</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman"><B><I>Preferred Shares</I></B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">JP Morgan Chase/</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Municipal Dealer</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,431</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:7pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">500 Stanton</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Christiana Rd.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Ops 4 Floor 3</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:3.00em; text-indent:-1.00em; font-size:7pt; font-family:Times New Roman">Newark, DE 19713-2107</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> </DIV><div style="clear:both; height:0pt; font-size:0pt">&nbsp;</div>

 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX&nbsp;C </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRUSTEE BENEFICIAL OWNERSHIP OF FUND&nbsp;SECURITIES </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The table below indicates the aggregate dollar range of equity securities of the Funds and of all funds in the Invesco
Fund&nbsp;Complex owned by each Trustee as of the calendar year ended December&nbsp;31, 2013. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="49%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="25%"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:56.85pt; font-size:8pt; font-family:Times New Roman"><B>Name of Trustee</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate dollar range of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Equity&nbsp;Securities&nbsp;of&nbsp;the&nbsp;Funds</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>owned by Trustee</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Securities in all Registered</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Investment Companies Overseen</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>by Trustee in the</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Invesco
Fund Complex</B></P></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Interested Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Martin L. Flanagan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Philip A. Taylor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Wayne W. Whalen</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Independent Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">David C. Arch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Frank S. Bayley</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">James T. Bunch</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Bruce L. Crockett</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over&nbsp;$100,000<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Rodney F. Dammeyer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Invesco&nbsp;Municipal&nbsp;Income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Opportunities Trust over</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">$100,000</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Albert R. Dowden</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Jack M. Fields</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Prema Mathai-Davis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Larry Soll</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Hugo F. Sonnenschein</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Raymond Stickel, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
</TABLE> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:13%">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE="font-family:Times New Roman; font-size:10pt">Includes the total amount of compensation deferred by the Trustee at his or her election pursuant to a deferred compensation plan. Such deferred
compensation is placed in a deferral account and deemed to be invested in one or more of the funds in the Invesco Funds. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">C-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>ANNEX&nbsp;D </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FEES BILLED BY INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">During each Fund&#146;s prior two fiscal years, the Funds were billed the amounts listed below by PricewaterhouseCoopers LLP
(&#147;<U>PwC</U>&#148;), the Funds&#146; independent registered public accounting firm, for audit and non-audit services rendered to the Funds. During each Fund&#146;s prior two fiscal years, all audit or non-audit services provided to the Funds by
PwC were approved by each Fund&#146;s Audit Committee in accordance with its pre-approval policies and procedures. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt">


<TR>
<TD WIDTH="55%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fees&nbsp;Billed&nbsp;for</B><br><B>Services Rendered to</B><br><B>the Fund for
fiscal</B><br><B>year&nbsp;end&nbsp;February&nbsp;28,</B><br><B>2014</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fees Billed for</B><br><B>Services&nbsp;Rendered&nbsp;to</B><br><B>the Fund</B><br><B>for fiscal year
end</B><br><B>February&nbsp;28,</B><br><B>2013</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Invesco Value Municipal Income Trust</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">59,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Non-Audit Fees Audit-Related Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Tax Fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,565</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">14,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">All Other Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Non-Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">35,565</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">46,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">74,665</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">106,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Invesco Quality Municipal Income Trust</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">59,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Non-Audit Fees Audit-Related Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,635</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Tax Fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">All Other Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Non-Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">28,765</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">42,185</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">67,865</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">102,060</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman"><B>Invesco Municipal Income Opportunities Trust</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">39,100</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">59,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Non-Audit Fees Audit-Related Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Tax Fees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">All Other Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Non-Audit Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">16,550</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman">Total Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">65,265</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">76,425</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:4.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:13%">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Tax fees for the fiscal year end February&nbsp;28, 2014 and fiscal year end February&nbsp;28, 2013 include fees billed for reviewing tax returns. </TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">PwC billed for non-audit services rendered that were required to be pre-approved by the registrant&#146;s Audit Committee in
the amount of $574,000 for the fiscal year ended February 28, 2014, and $0 for fiscal year ended February 28, 2013, to the Adviser or any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to
the Funds (the &#147;<U>Covered Entities</U>&#148;). Including the fees for services not required to be pre-approved by the registrant&#146;s audit committee, PwC billed aggregate non-audit fees of $1,645,309 for the fiscal year ended February 28,
2014, and $0 for the fiscal year ended February 28, 2013, for non-audit services rendered to the Covered Entities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">D-1 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g37g95.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the on-screen
instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g10t18.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY TELEPHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Call 1-800-337-3503</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Follow the recorded instructions</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">available 24 hours</P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g74t32.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Vote, sign and date your</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Proxy Card and return it in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">postage-paid envelope</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Please detach at perforation before mailing. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734469g57r83.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST (the &#147;Fund&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 27, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>COMMON SHARES </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT
STYLE="font-family:ARIAL; font-size:8pt"><B></B></FONT><FONT STYLE="font-family:ARIAL; font-size:9pt">The undersigned holder of Common Shares of the Fund hereby appoints John M. Zerr, Sheri S. Morris, Peter A. Davidson and Seba P. Kurian, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on August 27, 2014, at 10:00
a.m., Eastern Daylight Time, and at any adjournment or postponement thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE
INDICATED, THE SHARES WILL BE VOTED &#147;FOR ALL&#148; OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH
THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you
vote by telephone or on the Internet, please do NOT return your proxy card. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#dddddd">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><B></B><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS YOUR NAME
APPEARS ON THIS PROXY CARD</B>. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership, please sign in full
entity name and indicate the signer&#146;s position with the entity.</P></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:8pt">Signature</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">OIA-25716_062514</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>THE ENCLOSED ENVELOPE. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Important
Notice Regarding the Availability of Proxy Materials for the Joint Annual </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Meeting of Shareholders to Be Held on August 27, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>The Proxy Statement for this meeting is available at: <U>https://www.proxy-direct.com/inv-25716</U> </B></P>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><B></B>Please detach at perforation before mailing. </P> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>This
proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR ALL&#148; of the nominees. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example:&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt">1.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt">Election of Trustees - The Board recommends a vote &#147;<U>FOR ALL</U>&#148; of the nominees listed:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">EXCEPT</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">01. David C. Arch</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">02. Frank S. Bayley</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">03. Larry Soll</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">04. Philip A. Taylor</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">05.&nbsp;Wayne&nbsp;W.&nbsp;Whalen</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided
below.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>25716-5D_062514 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g37g95.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the on-screen
instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g10t18.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY TELEPHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Call 1-800-337-3503</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Follow the recorded instructions</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">available 24 hours</P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g74t32.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Vote, sign and date your</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Proxy Card and return it in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">postage-paid envelope</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Please detach at perforation before mailing. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734469g57r83.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST (the &#147;Fund&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 27, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>COMMON SHARES </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT
STYLE="font-family:ARIAL; font-size:8pt"><B></B></FONT><FONT STYLE="font-family:ARIAL; font-size:9pt">The undersigned holder of Common Shares of the Fund hereby appoints John M. Zerr, Sheri S. Morris, Peter A. Davidson and Seba P. Kurian, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on August 27, 2014, at 10:00
a.m., Eastern Daylight Time, and at any adjournment or postponement thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE
INDICATED, THE SHARES WILL BE VOTED &#147;FOR ALL&#148; OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH
THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you
vote by telephone or on the Internet, please do NOT return your proxy card. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#dddddd">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><B></B><B></B><B>NOTE</B>: <B>PLEASE SIGN EXACTLY AS
YOUR NAME APPEARS ON THIS PROXY CARD</B>. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership, please sign in
full entity name and indicate the signer&#146;s position with the entity.</P></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:8pt">Signature</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">IQI-25716_062514</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>THE ENCLOSED ENVELOPE. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Important
Notice Regarding the Availability of Proxy Materials for the Joint Annual </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Meeting of Shareholders to Be Held on August 27, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>The Proxy Statement for this meeting is available at: <U>https://www.proxy-direct.com/inv-25716</U> </B></P>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><B></B>Please detach at perforation before mailing. </P> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>This
proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR ALL&#148; of the nominees. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example:&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt">1.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt">Election of Trustees - The Board recommends a vote &#147;<U>FOR ALL</U>&#148; of the nominees listed:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">EXCEPT</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">01. David C. Arch</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">02. Larry Soll</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">03.&nbsp;Philip&nbsp;A.&nbsp;Taylor</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">04.&nbsp;Wayne&nbsp;W.&nbsp;Whalen</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided
below.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>25716-4D_062514 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g37g95.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the on-screen
instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g10t18.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY TELEPHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Call 1-800-337-3503</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Follow the recorded instructions</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">available 24 hours</P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g74t32.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Vote, sign and date your</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Proxy Card and return it in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">postage-paid envelope</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Please detach at perforation before mailing. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734469g57r83.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST (the &#147;Fund&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 27, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>PREFERRED SHARES </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT
STYLE="font-family:ARIAL; font-size:8pt"><B></B></FONT><FONT STYLE="font-family:ARIAL; font-size:9pt">The undersigned holder of Preferred Shares of the Fund hereby appoints John M. Zerr, Sheri S. Morris, Peter A. Davidson and Seba P. Kurian, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on August 27, 2014, at 10:00
a.m., Eastern Daylight Time, and at any adjournment or postponement thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE
INDICATED, THE SHARES WILL BE VOTED &#147;FOR ALL&#148; OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH
THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you
vote by telephone or on the Internet, please do NOT return your proxy card. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#dddddd">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><B></B><B></B><B></B><B>NOTE</B>: <B>PLEASE SIGN
EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership,
please sign in full entity name and indicate the signer&#146;s position with the entity.</P></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:8pt">Signature</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Pref_IQI-25716_062514</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>THE ENCLOSED ENVELOPE. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Important
Notice Regarding the Availability of Proxy Materials for the Joint Annual </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Meeting of Shareholders to Be Held on August 27, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>The Proxy Statement for this meeting is available at: <U>https://www.proxy-direct.com/inv-25716</U> </B></P>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><B></B>Please detach at perforation before mailing. </P> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>This
proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR ALL&#148; of the nominees. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example:&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt">1.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt">Election of Trustees - The Board recommends a vote &#147;<U>FOR ALL</U>&#148; of the nominees listed:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">EXCEPT</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">01. David C. Arch</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">02. Larry Soll</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">03.&nbsp;Philip&nbsp;A.&nbsp;Taylor</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">04.&nbsp;Wayne&nbsp;W.&nbsp;Whalen</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">05.&nbsp;Frank&nbsp;S.&nbsp;Bayley</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided
below.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Pref_25716-4D_062514 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g37g95.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the on-screen
instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g10t18.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY TELEPHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Call 1-800-337-3503</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Follow the recorded instructions</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">available 24 hours</P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g74t32.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Vote, sign and date your</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Proxy Card and return it in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">postage-paid envelope</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Please detach at perforation before mailing. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734469g57r83.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INVESCO VALUE MUNICIPAL INCOME TRUST (the &#147;Fund&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 27, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>COMMON SHARES </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT
STYLE="font-family:ARIAL; font-size:8pt"><B></B></FONT><FONT STYLE="font-family:ARIAL; font-size:9pt">The undersigned holder of Common Shares of the Fund hereby appoints John M. Zerr, Sheri S. Morris, Peter A. Davidson and Seba P. Kurian, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on August 27, 2014, at 10:00
a.m., Eastern Daylight Time, and at any adjournment or postponement thereof, all of the Common Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE
INDICATED, THE SHARES WILL BE VOTED &#147;FOR ALL&#148; OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH
THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you
vote by telephone or on the Internet, please do NOT return your proxy card. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#dddddd">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><B></B><B></B><B></B><B>NOTE</B>: <B>PLEASE SIGN
EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership,
please sign in full entity name and indicate the signer&#146;s position with the entity.</P></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:8pt">Signature</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">IIM-25716_062514</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>THE ENCLOSED ENVELOPE. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Important
Notice Regarding the Availability of Proxy Materials for the Joint Annual </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Meeting of Shareholders to Be Held on August 27, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>The Proxy Statement for this meeting is available at: <U>https://www.proxy-direct.com/inv-25716</U> </B></P>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><B></B>Please detach at perforation before mailing. </P> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>This
proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR ALL&#148; of the nominees. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example:&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt">1.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt">Election of Trustees - The Board recommends a vote &#147;<U>FOR ALL</U>&#148; of the nominees listed:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">EXCEPT</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">01. David C. Arch</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">02. Larry Soll</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">03.&nbsp;Philip&nbsp;A.&nbsp;Taylor</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">04.&nbsp;Wayne&nbsp;W.&nbsp;Whalen</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided
below.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>25716-4D_062514 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:14pt"><B>EASY VOTING OPTIONS:</B></FONT></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g37g95.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE ON THE INTERNET</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Log on to:</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B><U>www.proxy-direct.com</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>or scan the QR code</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Follow the on-screen
instructions</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B></B><B><I>available 24 hours</I></B><B></B></P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g10t18.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY TELEPHONE</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Call 1-800-337-3503</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Follow the recorded instructions</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">available 24 hours</P></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:9pt">
<TD VALIGN="top">


<IMG SRC="g734469g74t32.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>VOTE BY MAIL</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Vote, sign and date your</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Proxy Card and return it in
the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center">postage-paid envelope</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:100pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Please detach at perforation before mailing. </P>
<P STYLE="font-size:40pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="1%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g734469g57r83.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>INVESCO VALUE MUNICIPAL INCOME TRUST (the &#147;Fund&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY SOLICITED ON BEHALF OF THE BOARD OF TRUSTEES (the &#147;Board&#148;)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>PROXY FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD AUGUST 27, 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>PREFERRED SHARES </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="justify"><FONT
STYLE="font-family:ARIAL; font-size:8pt"><B></B></FONT><FONT STYLE="font-family:ARIAL; font-size:9pt">The undersigned holder of Preferred Shares of the Fund hereby appoints John M. Zerr, Sheri S. Morris, Peter A. Davidson and Seba P. Kurian, and any
one of them separately, proxies with full power of substitution in each, and hereby authorizes them to represent and to vote, as designated on the reverse of this proxy card, at the Joint Annual Meeting of Shareholders on August 27, 2014, at 10:00
a.m., Eastern Daylight Time, and at any adjournment or postponement thereof, all of the Preferred Shares of the Fund which the undersigned would be entitled to vote if personally present. <B>IF THIS PROXY IS SIGNED AND RETURNED WITH NO CHOICE
INDICATED, THE SHARES WILL BE VOTED &#147;FOR ALL&#148; OF THE NOMINEES AT THE DISCRETION OF THE PROXIES. PROXIES ARE AUTHORIZED TO VOTE, IN THEIR DISCRETION, UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING AND IN ACCORDANCE WITH
THE VOTING STANDARDS SET FORTH IN THE PROXY STATEMENT WITH RESPECT TO ANY ADJOURNMENT OR POSTPONEMENT OF THE MEETING.</B> </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you
vote by telephone or on the Internet, please do NOT return your proxy card. </B></P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE INTERNET: www.proxy-direct.com</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B>VOTE VIA THE TELEPHONE: 1-800-337-3503</B></P></TD></TR>
<TR STYLE="font-size:1px; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#dddddd">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:8pt">&nbsp;</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="justify"><B></B><B></B><B></B><B></B><B>NOTE</B>: <B>PLEASE SIGN
EXACTLY AS YOUR NAME APPEARS ON THIS PROXY CARD</B>. When signing as executor, administrator, attorney, trustee or guardian or as custodian for a minor, please give full title as such. If a corporation, limited liability company, or partnership,
please sign in full entity name and indicate the signer&#146;s position with the entity.</P></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:8pt">Signature</FONT></TD></TR>
<TR>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="right">Pref_IIM-25716_062514</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE VOTE VIA INTERNET OR TELEPHONE OR MARK, SIGN, DATE AND RETURN THIS PROXY PROMPTLY USING </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>THE ENCLOSED ENVELOPE. </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT! </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:ARIAL" ALIGN="center"><B>VOTE THIS PROXY CARD TODAY! </B></P> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Important
Notice Regarding the Availability of Proxy Materials for the Joint Annual </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>Meeting of Shareholders to Be Held on August 27, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL" ALIGN="center"><B>The Proxy Statement for this meeting is available at: <U>https://www.proxy-direct.com/inv-25716</U> </B></P>
<P STYLE="margin-top:200pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B></B><B></B>Please detach at perforation before mailing. </P> <P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>This
proxy is solicited on behalf of the Board. The Board recommends voting &#147;FOR ALL&#148; of the nominees. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>TO VOTE, MARK A BOX BELOW IN BLUE OR BLACK INK.
Example:&nbsp;&nbsp;</B><FONT STYLE="font-family:Times New Roman; font-size:14pt"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#110;</FONT></FONT><FONT STYLE="font-family:ARIAL"><B></B></FONT><B> </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="6%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"><FONT STYLE="font-size:9pt">1.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt">Election of Trustees - The Board recommends a vote &#147;<U>FOR ALL</U>&#148; of the nominees listed:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">WITHHOLD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">FOR&nbsp;ALL</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:8pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">ALL</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">EXCEPT</TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">01. David C. Arch</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">02. Larry Soll</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><FONT STYLE="font-family:Times New Roman"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">03.&nbsp;Philip&nbsp;A.&nbsp;Taylor</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">04.&nbsp;Wayne&nbsp;W.&nbsp;Whalen</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP><FONT STYLE="font-size:9pt">05.&nbsp;Frank&nbsp;S.&nbsp;Bayley</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="8"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD>
<TD HEIGHT="13" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"><FONT STYLE="font-size:9pt"><B><U>INSTRUCTIONS:</U></B> To withhold authority to vote for any individual nominee(s), mark the box &#147;FOR ALL EXCEPT&#148; and write the nominee&#146;s number on the line provided
below.</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:80pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>PLEASE SIGN AND DATE ON THE REVERSE SIDE </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Pref_25716-4D_062514 </B></P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g734469g10t18.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734469g10t18.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``]`#`#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBF2RQP
M0O-*P2.-2S,>@`Y)I`8NLZY<V]^-.TY(#.L7G333D[(5)(7@<DG!XR.!5*W\
M2ZG&V)K:UU!.[6<FQQ_P!S@_@U<_=:ABT:]N`XN-7F\T1JI9]F,1H`.>%`/Y
MUES:E`(W5))%F'&P1'S4]]AY-`'HUMXJT>=O+EN?L<V,F*[4PM_X]P?P)KD]
M5,GB&1+U@ZM>SI:Z7@E6@C)RTPQT8J&;Z!1ZU4MKNZ:R6*\>.\0CE98?E8?[
MISBMC0;*VBUO3IK57C1TE8VN\F.,@8\Q0>G7;QQ\]`';USWBV?SH+?1D;#7[
MGSL=H%Y?\^%_X%70UP&H:BMS<ZAJ[.!&Y^R6S$X`B0G<WXMN_`"@"K:75M<>
M+I)KF:.'R80MHCMMW[CAB,]<``8]S6_=V-K?1^7>6T4Z]A(@./IZ5YX)+B"W
MN+G4VBO+1B/+5=K`DG@CT%30ZS%I]M!/9W]U9I,"5B(\V,`'!)4YP/H13`V+
MS38;'6[2QT^2;$Z,TL+N76->`I&>1SGC/8UU'A6V%Q?7>IX_=1_Z':_[JGYV
M_%^/^`"N8MUNT%SJ+2B?4;LI;6[;-JASPH`[`9+'\:]$TVPBTS3;>Q@_U<$8
M0$]3CN?<]:0%+Q/?RV6CNELV+N[86]O[.W&[_@(RWX5YQXJN(;6W@TR*UDEM
MHU$2[#C&W'L>2?Y5T^J:DU]KEU=%<6NE!H+=NSS,`';_`(#C;^)KB;>8WNJ3
M7]K=S2)$NXP;2"PP<`=L$C/K0`'S[2:#3].6.6(<S)(0S9)YW#MP?2IT:2\U
M4VT^G1O;1$^5(5SC'3GISZ5GQ2P+#<ZI+931R,QCP'(7YAR1D<5L^&;>VT[3
MI-2)E:%$\XJX`.1PJ@#N3^=`'6Z!9?:==7(S#I,>/8W$@Y_[Y0_^/UV%9?AS
M3I--T:*.?!NI29K@^LC'+?ET'L!6I0!YRR?V=IL6E:GNLY[=R//F4B&X)))<
M/TRV<X."":RM0T"4V16S5;=9'#F2$963ZE:]99%=2CJ&4C!!&0:QI_">EN[2
MVBRZ=*W)>S?RP?JOW3^(H`\TFL=2)M5BO\I$H60L?O'/)([\<8-=7IEC]LU.
MQT\K^[C(OKH>RG$2GZMS_P``-4_$=S/X7N8EN%MM2,OW7:'RF7ZX.#^0KKO#
B>G&VM'OII1-<WY661PFT*,85`,G@#WZDGO0!LT444`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g734469g37g95.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734469g37g95.jpg
M_]C_X``02D9)1@`!`0$`E@"6``#_X0!:17AI9@``24DJ``@````%``$#!0`!
M````2@````,#`0`!`````````!!1`0`!`````0```!%1!``!````$1<``!)1
M!``!````$1<```````"@A@$`C[$``/_;`$,`"`8&!P8%"`<'!PD)"`H,%`T,
M"PL,&1(3#Q0=&A\>'1H<'"`D+B<@(BPC'!PH-RDL,#$T-#0?)SD].#(\+C,T
M,O_;`$,!"0D)#`L,&`T-&#(A'"$R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,O_``!$(`#@`.@,!(@`"$0$#$0'_
MQ``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#
M!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*"
M"0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS
M='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$
MQ<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!
M`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<`
M`0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9
M&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"
M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2
MT]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$``A$#$0`_`.>\7S:)
MH,+ZA<>&;#4KR^UK5$EEN995*K',`H`1A_?_`$K5LM#TFY;58++39K2VU'PQ
M9W<EMIT;3N':96.U6;)Z#OT!K9UFSO?#XN+B3Q//9Z9<ZG=.JW'AE9EMW>8;
MBTCDX4LPPQP&QQTJK_:%WH6J7]ZOB9Y]8O;=-/L;RXTE;*RPCAR5E),3+M#8
M(ZY&#0`EQXJE;P'X;T5-,M-*\.:["]K<WGSF.S+2.O#,V.BEL,?7M5'5KN;X
MG^)]-C_LN*#PXJ/86>I7H>/>SE%+(0=K2AE;:N<''-=W?7^I#Q%H^F6,NG7F
M@WUXEREP8H5MXH1\K6R'!5Y&)+`@AN#@8KF-0N8O"O@;3=$CN=0DM;J*]$B-
MI3));J9#F[P<LHB#<#(W!LY%`%;P?X5@OX?$NFG1FT/5-)@6)+RVB=KBXB=7
M5CY;MMRZIVQ][CM38?L_B6T\':'J=BQL-/UFXTSR;A#$[QQP*09`#\K<\@'M
M4&G:I<>%O#^JZ[X1_M/4(+Y;40W36[S,QM\_:3)N#>6#N.,]B<=*N1VTEQI>
MD:Y?ZS#X9NM5UNXU33Y'C6X15EA7`=B55<`'K[<4`<-I5YX?\2:9XCA'A'3;
M&:STJ:[@GMYIBRNK*!PSD'[WZ5]868Q96X_Z9K_*O!=?66"RUC3KWQU$PC9[
M2_AM/#<7FJFU69CL.X1_,HW\#/'6O>[4`6D(4[E$:X..O%`'A$7B.[\3^+==
M\$+>6UGITEU<"-=4M&O?.=&9I"&)4(J[-R@].!6;XBBT_6AH_ABTU&W-M%$F
ME2:G=2@Q(\,98O%"Q!3.`/-!PP;&3S52[GEL_$<^K:;?Q22Z9J>K&]CU#<]K
M:)*Y1/D4`_O,E>">=N<"M_P9I<7B>_MGU+2=(,'V1+B:UU",R7"0E/E^S$?*
MD&2`J'+#!SVH`I>'M,OKR?PQX=>[M],U#1U-S;78OTN[6=A(2$,*,!O/F<'=
MG"GCFMVZLK:S\.WFG:EXBMO$6L6-I<W]BT419MJ9:2&9MS;HV9D!C.`0,<XK
MC=`TQ],\.KJVFV&J?8=1UF*#3[5[A-^THW[Z,X`6<,A"L>`">#UJ7P_J4WA'
M7-1.F>$KU-2M2-/LS-)&7,UP-ZBY((\P[E&W;C"Y!]:`-^_TK5-4^'^@:8;<
MZ;XAO3++:Z;I<HM()K<E&DW[?E!V$<$]2>*Y34/[*D\+^*-%&EZA!J&F"*&V
MBOM1%WL<3HK+`-HVG;UVYX]JZ:/1/&L6OZ=/>ZHW]NBWN)(X[NX9DE61`7CM
MP!\CH."6.,[<9`K%N!>:AXHL]0:#6-#\.Z3.8=2O'N%\R.[Y5YG*@YD;=&I;
M!STH`TV\&#^R)=.O;"XM]4UC6VM$NH[\7$UM&T*';.Z\R+E22C;>QXKZ`@C\
MJWCCSG8H7/K@5X#\/O$^JVFN7^NZQ>(9-;C>:RT*%F4W<C%%61`<J,^6R<G/
M![8KZ`1BT:L5*D@$J>HH`\3L/$.M6NN:SH>E>&[Z_P##UQ>WJ2WPM&+K.[/N
M&0VW8LAQGKCGK6)H7A565/"'B33M1TV>:?[/936UL3:-+&H+7`=V#,[K&PP!
MMQ@X].N7Q?<6&L:GK$6F:!9">[FL?-O];:`S>0Y7(0H5!YY(]1FL;Q+?ZCXF
M3Q#;)HD/]M/H]M-;7&FWSW0EB,Z[=B[0.Y.0,X]J`-J]L;S6/$/B#0M*NO#4
M:.QN);2.>0W%TR@+LN%_@0[N2F",+BKP/B":[DTW5K/2[3Q/+IER-&N]/>0Q
MQ*`@;>7Y!W&,C"GI[<^-3?#OQSJ7B_49M8M]0$D8,MU?V]NS><!C(B`"B1N1
MA1C.#7I%CX&@U?Q-I?CO4/%-O;227T*PVL$@EA=D(58EDW#+-Y?(QP<C!Q0!
M'XE^U75O!JEA_9EV;."--8N+V1EMM1N44!%B9.6=75QM^7E@.<U9\37NM65L
M/%$\5YI+S:5:IJTD5ODVX,I^6#<<&3<V&#=%(.<UY'K6NR:?X;UG2%T.6)-3
MU&1O[2:9]LOE3$A44C:-N[!P>XS6W\/M/\(ZMX<1O$UU8M.][(DXO-8>W=(`
MBE"J!L-\Q/7'UXH`LZ_XF32;V[>"UUNVTFQB>#2H;JU5!IVHC!4`[CP$)/)/
MWSQTKZ7MF+VL+L<LR*2??%>$?#WQW'ING^&_#%Y;75_=:G<JRM>6RQ1PPM\H
M,;<^:,J?F.,Y(SQ7O@Z4`?-'B?3M(UU)=-U*_P!1TZXL=9U*3$>E2W"R++,"
MI!&!T7]:T8%MKY=8BL[S4[>RM?#EI9?;UL)4DWQS+]V/@Y/'0]"?2BB@!/A]
MJ_B^'0[G6;FUNGBT.%E5IF;-Q%D.T&P\[F)R)>2H7&#3[WX@ZMIFE2^&-?\`
M`9N94+,TED1$B%\LK1[(R%<!_O`YSD]:**`-ZR3P]J.AWAC\+R1&]TIQ9?:(
MC+B6*%O-`5E_=L&(R_\`RT//45QR>$-2F^'EAI-MX9ALKS4C'+%<2!9Y;M\*
MS`N0#;`*I;DD'D=Z**`/0M-M-"UGP^ZV_A9DUG4+$ZA%;%3'Y`)V"..XV8BY
9&0HQC<3CFO4H05AC!&"%`(SG'XT44`?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g734469g37m21.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734469g37m21.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0!:17AI9@``24DJ``@````%``$#!0`!
M````2@````,#`0`!`````````!!1`0`!`````0```!%1!``!````PPX``!)1
M!``!````Q`X```````"@A@$`C[$``/_;`$,`!@0%!@4$!@8%!@<'!@@*$`H*
M"0D*%`X/#!`7%!@8%Q06%AH=)1\:&R,<%A8@+"`C)B<I*BD9'RTP+2@P)2@I
M*/_;`$,!!P<'"@@*$PH*$R@:%AHH*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*/_``!$(`%L`;`,!(@`"$0$#$0'_
MQ``?```!!0$!`0$!`0```````````0(#!`4&!P@)"@O_Q`"U$``"`0,#`@0#
M!04$!````7T!`@,`!!$%$B$Q008346$'(G$4,H&1H0@C0K'!%5+1\"0S8G*"
M"0H6%Q@9&B4F)R@I*C0U-C<X.3I#1$5&1TA)2E-455976%E:8V1E9F=H:6IS
M='5V=WAY>H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$
MQ<;'R,G*TM/4U=;7V-G:X>+CY.7FY^CIZO'R\_3U]O?X^?K_Q``?`0`#`0$!
M`0$!`0$!`````````0(#!`4&!P@)"@O_Q`"U$0`"`0($!`,$!P4$!``!`G<`
M`0(#$00%(3$&$D%1!V%Q$R(R@0@40I&AL<$)(S-2\!5B<M$*%B0TX27Q%Q@9
M&B8G*"DJ-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J"
M@X2%AH>(B8J2DY25EI>8F9JBHZ2EIJ>HJ:JRL[2UMK>XN;K"P\3%QL?(R<K2
MT]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@`,`P$``A$#$0`_`/J>BBB@
M`HHHH`*\/_:*^*5YX0^Q:/X9NEAUF8>?/+Y:R>3%R`,,",L<_0+[@UZUXLUV
MT\,^'-0UG4&Q;6<1D89`+'HJC/=B0H]R*_/[Q+K=YXCUZ^U?4Y-]W=RF5\$X
M'HHST4#``[`"O1R[#*M/GFM$<^(J<BLMS2UOQWXJUSS1JGB#4IXY<[X?M#+$
M?;8N%Q[8KUO]D_Q;I>D:GJ>A:C-]GNM3>)K5WX1V4,/+SV8Y&/7IUP#X):Q>
M?<PPYV^8X3/IDXK[+U7X&^&[CP%%H-D@@O[?,L.I;1YIF(Y9_53@97L`,8(!
MKT<=*C3I^RDK*7;IYF%!3E+F70U?BIX,U/Q5<6$NDO:1R00S0F2YEX42;0<)
MY39)`(W!D(S_`!#*F3X8^#=8\+WU]+K.JIJ*36=K:0<G,*0&8*G09&UT.[J6
M+DCUH?`?Q%KFK:1JVD>*'2;4]!NS8/<JVXR[<CYCW(P1N[\9YR3ZA7BU)3II
MT7M_3.R*4O>04445SEA1110`4444`%(:6O#?VI?&6J>'="TS2](D^SKJPF6>
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M=RQ!Z/W+=0>YR.&X/T77E_Q\^'W_``FOA7[1IL0.O:=F6U8'!D7^*+/OU'^T
M!T!-<E\`_C%_;/D>&O%LX75UQ':W<AQ]I]$<_P#/3T/\7^]][GJP^L1=>&_5
M?KZ&L9<CY'\CWVBBBN$V"BBB@`K-U[7-,\/Z>]]K5];V5HG629PH)QG`[D\<
M`<FO`/B!^T?&JRV?@FS+MROV^[7"CKRD?4]B"V/=37SUXB\0:MXDU%K[7;^X
MOKIOXY6R%&<X4=%'/0`"O3H994GK4T7XG-/$QCI'4^J)_P!HWPFE_>Q16NH2
M6T,3-#/L`%Q(#PH7JH/&&;'N!W^:?B!XSU7QQK\NIZO+QRL%NI^2!/[J_P!3
MU)KF:*]:A@Z5!\T5J<LZTIJS"BBBNHR#K7W5\#X?"\7@&R;P:V^S<9G>3'G&
M;'S"4#H_3CIC&.,&OA7\17:_"7QIJO@SQ9:S:8X>VNY8X;NU<G9,A;'X,,DA
MNWN"0>/'8>5>G:+U1O0J*$M3[TZU\W_&OX':CJ.NW?B'P8L+M<?OKBP+[',N
M?F>,GY>?O$$CG)&<@#Z,G:002-`BO*%)16;:&/8$X.![X->:?"/XM0?$#4=2
MTZ?2SI.H6:B00//YID3.&/W5P5.T$?[0]Z\'#3JTKU*?3<[:BC+W9'DWPZ^-
M^M^%+Q="^(=M?3PQL$\^:,K=6XQ_&K8+CH>?FZ\MP*^F=#UC3M>TR'4-'O(;
MRRF&4EB;(^A]".X/([URGQ8^'.G?$#1/(GVP:I`";2\`Y0_W6]4/<?B*^-[G
M_A)_AUXDN;);F]TG4H6`D\B5D$BY^4\<.IZCJ*[(T:6-7-3]V75=#)SE1TEJ
MC]`Z*X+X)>+9O&7P^L-0OY5EU*-GM[LJH7,BG@D#`!*E&XX^:N]KS)P=.3C+
M='1%\RNC\[K_`,+Z[8:\-%NM)ODU5B0EJ(6:1^O*@?>'!Y&1P:]-TG]G;QG?
M:<MQ<2:9I\S'BWN9F+@>I**P';C/UQ7V%L7<&*C<!@''./\`(IU>E/-:LDN5
M)'/'"Q6Y\+^-/A!XN\(:9<:EJEI;R:;;[?,N8+A65=S!1\IPQY([=Z\]K[M^
M.>D7^N_"S6].TBU>[O91"R0IC<P69&.,^RDX[]J^0?"OP]\1>(O%2Z%'IUS:
M72X>X-U$T8MX_P"^P(!^@[]J]#!XSVM-RJ-)HPJT>6243D:2OT"^'_@O2_`_
MA^/3-)3/\4\[@;YG[LV/T'85\6?%O7+7Q'\1]>U33SNM)I]L3YX=44(&'L=N
M1]:K#8U8B;C%:+J34H^SBFV?0W[+FA%?A9J<\B!'U2YE"28SF-4"`_@WF5XK
M\0O@[XF\#V,NIW)M;S3(G`-U;28*98!2RM@@DD=,@9ZU]`?LMZS#J/PN@L44
M)-IEQ+`XR,L&8R!L=OOD?537HWC#0H?$WA?5-%N2JQWL#1!V7=Y;$?*^.Y5L
M$>XKS'BYT,3.^S>IT^R4Z:.=^#/C+_A-?`5CJ-PP-_#FVO/^NJ`9;H/O`JW'
M`W8[5\T>+/%FC>&?C@_B/P/++<VL=P9;H%AY<TCEO.6,_P!P@G!(X8DC("UG
MZ-\'?%-]X\F\,W%M]E-OMDN+T@M"D))VR*>-V[!"C@D@@XVMCZ"\*?L_^#]%
M*3:BEQK-RN#FZ?;$&'I&N,@^C%JV_P!GPLI2YKJ71=F3^\J)*UK'HO@[Q/I?
MB_0;?5M$G\ZUEX(/#QN.J..S#T^A&00:R_B!\//#_CNUBCURW?SH01#<P-LE
MC!Z@'!!'L0172Z;I]EI=HEKIMI;V=LGW8;>,1HOT`XJU7DJ?)+FIZ'5:ZM(^
M+_'>GZK\%/'\5KX1UR\Q<VR7*AE'S`NZ!'7E9,;<YP.O`'6OJSP!>^(-0\+6
M=UXML;>RU64;FAMRV%4_=W`_=;U&3C]!T9`/445O7Q/MHI26JZ]61"GR-V>A
MYYX$^*VD>./%U[H^@P3R6UK;&<WDHV"0AU7"H><?-G)P>.E>B5\F?LA?\CWK
M'_8-/_HV.J^A?%CXI^(]6N=)T"5+V\<,4\NTB!A56&6R0%'IEN/F]<5T5L#^
M\E&F[)6W,X5O=3EU/KNDQ7SK\)?BKXK_`.%A?\(AX_7?<S.T:O)"D4D$H7<%
M(0!2K`<$#G<#G%6_`/Q&\40_&F[\'^+[Q;B#?-;0-]GCA^=?GCD.!G#(IP/]
ML5A+!5(MK317]5Y%JK%V/H"O&D_9\\*2>*;W5+Q[B6QFE\V+38SY44>1RI*_
M,5SR`"N!@<UC?%GXC>)[;XK:?X1\&7D,#2+##-OMUDQ-(<Y)(.%"%#Q[T_XJ
M_%?7X_&">"_A[;B?5P1'+<E%D?S,;BJ*?E&T?>9N!STVYJZ-&O"W([<RO\O,
M4IP?Q=#VO1=&TW0[)+/1[&VL;9>D=O&$&?4XZGWZUH5\V:%\4O'/@GQ?::3\
M5(%>SO2O^D%(E,`)QO#1?(R@_>'4?H>C^./Q1UOP]XBL/"OA&&$:K>+&?M,H
M4[3(Q5%4-\H.1R6R.?QJ'@ZCFHWO?6]]!^UC:Y[?CG-+7@/A#5/C79>+--L_
M$MC'=Z?=R!9998X=D*#EFWP?=.,XW9!.!BND^./Q8_X0&&VT_2H([G7;M/-0
M2@^7!'DC<P&"Q)#``'L2>@!EX6?.J<6G?LQ^T5N9Z'K5%?*3^/OC1X=BM-7U
MNRN)M-E8`17%A&JG<0`K>6H="20!G&3ZUZK\1/BTWA'P-I6HW&D2VWB#5(R8
M=-NF_P!20!N:0CL,CCACD`A3G%2P=1-1C9W[,2JQ:;>ECUBBODYOB!\9[734
M\2W%O,=$8^;M?3X_*V'D9`'F!,?Q9Z8YYKV7X>_%[0?$_AN*^U*ZM=*OE<Q3
M6\\RCY@`=R9Y*G(_4=LTJN#J4US:->6HXU8R=MCQC]D+_D>]8_[!I_\`1L=2
M?LG@'XE:Z>XL)/\`T='47[(/_(]ZQ_V#3_Z-CJ7]D[_DI.O?]>$G_HZ.O2Q+
MUK>B.>FM(?,=XRX_:UL\?\_UE_Z*CJ]^TUI<OAGQ_P"'O&FG1KO=T+G;QY\#
M!E+'_:7`QZ(:H^,_^3M;/_K^LO\`T5'7J?[4%K#/\);Z69`SVUQ!+$<_=8N$
MS_WR[#\:S53EJ4?.*7WE<MXR]3SGX`6\OC7XP>(?&EVC^5;-))$'8Y1Y251?
M<+&'7V^6N%U_3I+7X\:Y::EKLWAAKC4;AUU%`3Y2RL70DJRX5@RY.<#//&:]
MT_90@CB^%\DB*`\M_*SGU(5!_("J7[5FA:;-X,CUN2T0ZK;RI!'<@D,(R22I
MP<$9SC.<9.,9-.->V*<.C]U>0G#]VI?,X&^^'NC>(=;L=(N_C#%JU](&-LLD
M1N$!)`*A_/*AC@?+G)P..E>@_'3P9X0U_4])76O$L&@Z^\!BAFFP8YHTYPX)
M`7DG!W#.2/FP,>4?LP:#IFM^.;B35;1+EK&`7%N')PD@88;&<''OFO2OVJO#
MVE/X7BU]K1?[762.W%P'8'R^3@KG:>IYQFBI*4<3&ESO3R74().#E8\KU:Z\
M3_"#5=/_`+'\966IVLFYTMK:Z,T6T$9\V$\+NSP1SP<$$5M_&F:31OC?X>\2
MZM!,=.F%E?+'@DJD97?&,X!8$9QG^(9ZUSO[.>@Z9X@^(2P:S9QWD$$#7"1R
M$[=ZD8)`."/8Y!]*^I?BQX?TK7O!&I+J]E'<_9;>2>!FR&C=5)!!!!'3D=#W
MJJU:-&M&,E=VLWMN*$'.#:*>L?%SP-INE6]])KUI=13.@6*U;S95#$?,T8^9
M0HY.0",8P3@'P[]J(QWWB#PSXFL7AO\`0[FT$4<D;[D=DD9F7(Z9#@?@WI7E
MWPOTJSUOQ_H>FZG#Y]E<W`26/<R[A@\94@C\#7V[XA\,:+JGA:31;[3;>32X
MH@([<+L6/:/EV[<%<=L8K*<*>`JQ:N_\F4I2K1=SF=9^+7@<^"KC4CJEE>1S
M6[`:<9!Y\I((\IH^2,G@DC'?..:^1?#/@/Q+XGL'O="TJ:\M4D,+2(0`'`!(
MY]F'YU1TBS@N/%UG931[K:2]6%DR1E"^,9Z]*^_]%TJQT+2[?3=(MDM;&W79
<%%'T`_F2>I)Y).36E24<N5J>KEW%&]=WET/_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g734469g57r83.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734469g57r83.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``P`#D#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V:BBHKFYB
ML[66YG;9%"A=V]`!DT@,;QEXB7PWH$MTI!N9/W=NI[N>_P!!UKQC2K?6/%6N
MV]H+V2:X=MX>XD+!`.2<'^0JSXS\62>*M4614,5I!E8(SUP>K'W-:GPK_LY?
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M+RU^U00R!FBW8)QW'N.M7AX/UC_A'7UZ2%(K-5W#S&P[+D`$#TYKJ/!?@RQ\
M2>"[DRNL5S)=$).J!FC"@<?0Y-;2G%+4#T2>\T;6O#;7%S/$=,NXL,\K!5P>
M.2>AS^M<@UMKOPZ@%S93G6-!!R\#_P"L@4]P1V_3VK,M-;&E:'J7@?4=/N=0
MNHF>&W2!/]8IY!]1SSGFNS\$#61X<CL]=L3"T*^6A=@QD3MN'8@<5R-<B?89
M<\.>*=-\46\DNGM(&A($D<B[67/3Z]#6S7%R>";C1]:@O_"EP+)9I,7D4K;H
MMGLOY]ZZWR[G_GNG_?O_`.O64E&]XL#%T/Q?9:GH<>JWKPZ?'-*\<:S2@9P3
MW/?BI;N\\+ZS9)<7<^G7=LLH1))&5@K^@)Z'BO.[.R-QX-\,V\]LSHVKL)$9
M#]TL>H]*TY?#L=YJ?C#2K2V$,1BAEMT1,*)%7<,=NN1^-:NG%/>W_#@=AXCL
M-*UZR?0;N^6WD91,$20!U53UQZ?I4?A*V\-Z=:36>@7D4X5MTQ6?S&)Z9/\`
M];BN'M+'5_$?AO7=;,$@O9X8K6*/!#,B;2^/KC^='A6RM=1U3S([NY_T>PDB
MN(X=,\C"E2"A8'EAU&1DXI\EHM7`]#M-1\/WNKR-9W=C-J`3RV,;J9-HYQZD
M5/\`VYI)U#^S_P"TK;[7G'D^:-V?3'K[5YGX7DFM]:@T[1BMZGE21O)-IWD3
MV60<%G[\XJ;PT^@V8L]'U3PY<RZ['<[I6^SEFW;CB3=W7I[4G20'H\NM:7!?
MI82ZA;I=O]V%I`&/X5>KQNZMX8+/5=%O](N)_$EW=E[:<1%C(-P(97[`#-6?
2^$5\>_\`/V__`']I>QCW`__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>g734469g74t32.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g734469g74t32.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T-
M#AT5%A$8(Q\E)"(?(B$F*S<O)BDT*2$B,$$Q-#D[/CX^)2Y$24,\2#<]/CO_
MVP!#`0H+"PX-#AP0$!P[*"(H.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SL[
M.SL[.SL[.SL[.SL[.SL[.SL[.SL[.SO_P``1"``]`"0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#OO%^JND8T
MNU<B25=TY1L,$R`J`]B[$#/IN-<O;Z<4>9$@L$,4ICS'"T6<8_N,*DU#5K2S
MUEM3O6=EN;F5D"+G/E?NT'H.I-4;;Q+`#*6M92))7?*,C<$DCOUQ2&:227<%
MS%$9YXE;)9H=0F&Q%&68ALC`X_,5FV7C/7;6Z:YBNI+NT+92UN@"S)V^<`$,
M>OIS1J%^MSHUW<QAT^URI9('&"%'S/\`GS^59-,1[-IFH0ZKIMO?V^?*N(PZ
M@]1GL?<=#]**X'P9XEBT?2KBRN`[[+IVCQV5@K8_,M12`9%K9T[2-,1X8I%N
M(%=C(3]YSGT/')R:3^T=)N[?[1/HEJ\>#EE,><9(S@@'L>:GL]$AU30=+DDE
M92MDB8V*RD;1U!J.3PC\Y=)+>0XQ\RNG'X$C]*`*'B(6B6>D)80""VD,DZQ@
M8ZJ/U^:L>MCQ);/:1Z/!(5+QQ2JQ7IGY>E8],#!U359;#4)(D8@,%;CZ`?TH
MK-\4HS:QE0<>4M%(#VSP_P#\B]I_M`HK0JAH(QH5F/2/'Y$U?I@<KXU_U^FG
M_KJ/T6N=KHO&W^MTP_[<H_\`'17.T".>UNW2742S$Y"J./I15C4H]]\YR>`!
M^@HH&>F:9>3_`&:RL[&V2[FD69V43!-@5\'\?F%7WN[J#BZT?4(O4I$)5_-"
M?Y5TL6FV-O=-=0V5O%.X(:5(@&8'DY(YJS2`\K\67MM>)I\L$FX1S2*X92I4
M[,X((!%4+#1-8U6+S;'3I#"5W"><^4A'J,\G\!6YXJT2>_\`$@LUO$C6ZF,H
M8PEBF8PF/O#/3->@65J+.PM[0-O6")8]Q'WL#&?TI@>*Z9I%SK4#7L%M)(C,
>!N121G:N0#WZT5[>D:11K'&BHBC"JHP`/I10!__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
